Costs per Equivalent UnitAmon Products Inc. completed and transferred 120,000 particle board units of production from the Pressing Department. There was no beginning inventory in process inthe department. The ending in-process inventory was 7,500 units, which were 3/5 complete as to conversion cost. All materials are added at the beginning of the process.Direct materials cost incurred was $61,200, direct labor cost incurred was $127,150, and factory overhead applied was $221,450.Determine the following for the Pressing Department. Round "cost per equivalent unit" answers to the nearest cent.a. Total conversion costb. Conversion cost per equivalent unitc. Direct materials cost per equivalent unit

Conversion cost can be referred to as the cost incurred to convert raw materials into finished goods…

Amon Pro he department. The ending in-process inventory was 7,500 units, which were 3/5 complete as to conversion cost. All materials are added at the beg Direct materials cost incurred was $61,200, direct labor cost incurred was $127,150, and factory overhead applied was $221,450. Determine the following for the Pressing Department. Round "cost per equivalent unit" answers to the nearest cent. a. Total conversion cost b. Conversion cost per equivalent unit c. Direct materials cost per equivalent unit $

Amon Pro he department. The ending in-process inventory was 7,500 units, which were 3/5 complete as to conversion cost. All materials are added at the beg Direct materials cost incurred was $61,200, direct labor cost incurred was $127,150, and factory overhead applied was $221,450. Determine the following for the Pressing Department. Round "cost per equivalent unit" answers to the nearest cent. a. Total conversion cost b. Conversion cost per equivalent unit c. Direct materials cost per equivalent unit $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $0.55 and $0.60, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 2,200 Started and completed during the period 55,000 55,000 Transferred out of Filling (completed) 55,000 57,200 Inventory in process, end of period 6,000 1,800 Total units to be assigned costs 61,000 59,000 The beginning work in process inventory had a cost of $1,390. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred out of production $ Inventory in process, ending $
The cost per equivalent unit of direct materials and conversion in the Bottling Department of Beverages on Jolt Company is $0.50 and $0.20, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, beginning of period Started and completed during the period Transferred out of Bottling (completed) Inventory in process, end of period Total units to be assigned costs Direct Materials 52,120 0 52,120 3,010 55,130 LA LA Conversion The beginning work in process inventory had a cost of $3,020. Determine the cost of completed and transferred-out production and the ending work in process inventory. When required, round your answers to the nearest dollar. Completed and transferred out production Inventory in process, ending 3,110 52,120 55,230 2,700 57,930
A production department within a company received materials of $8,000 and conversion costs of $11,000 from the prior department. It added material of $23,280 and conversion costs of $42,550. The equivalent units are 17,000 for material and 15,300 for conversion. What is the unit cost for materials and conversion? When required, round final answers to two decimal places. Unit Cost Materials $ Conversion $
Beginning Work-in-Process is 2,000 units; 44,000 units completed, and ending Work-in-Process is3,000 units, which are 100% complete for direct materials and 50% complete for conversion costs. Thebeginning WIP Inventory is 100% complete for direct materials and 50% complete for conversion.Required1. What are the equivalent units for materials and conversion using the weighted-average method2. What are the equivalent units for materials and conversion using the FIFO method?
Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (36,000 units): Direct materials (100% completed) Conversion (50% completed) $ 122,400 76,800 Balance in work in process inventory, July 1 $ 199, 200 Units started during July 90,000 Units completed and transferred Work-in-process inventory, July 31: Direct materials (100% completed) Conversion (50% completed) Cost incurred during July: 102,ө00 24, 000 Direct materials $ 180,000 Conversion costs 288,000 Total equivalent units for materials under the weighted-average method are calculated to be:
For each of the following independent cases (A through E), compute the missing values in the table: Case A B C D E Prime Cost 6,990 11,640 Conversion Cost 11,570 7,940 20,550 Direct Materials $ 2,110 $ 2,200 1,450 3,410 Direct Manufacturing Labor Overhead 1,130 $ 3,120 2,060 3,500 6,780 2,960 Total Manufacturing Cost 9,390 5,860
How to find: * Cost of beginning work in process inventory completed this period. *Cost of units transferred to finished goods during the period. * Cost of ending work in process inventory. * Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. Work in Process—Assembly Department Bal., 6,000 units, 55% completed 18,540 To Finished Goods, 138,000 units ? Direct materials, 141,000 units @ $2.1 296,100 Direct labor 192,900 Factory overhead 75,000 Bal. ? units, 70% completed ?
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In Mordica Company, total materials costs are $36,500, and total conversion costs are $53,520. Equivalent units of production are materials 10,000 and conversion costs 12,000. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 2.25.) Materials cost per unit $enter a dollar amount rounded to 2 decimal places Conversion cost per unit $enter a dollar amount rounded to 2 decimal places eTextbook and Media Compute total manufacturing costs. (Round answer to 2 decimal places, e.g. 2.25.) Total manufacturing cost per unit $enter a dollar amount of total manufacturing cost per unit rounded to 2 decimal places
Work in Process—Assembly Department Bal., 3,000 units, 35% completed 7,395 To Finished Goods, 69,000 units ? Direct materials, 71,000 units @ $1.8 127,800 Direct labor 100,700 Factory overhead 39,200 Bal., ? units, 40% completed ? Cost per equivalent units of $1.80 for Direct Materials and $2.00 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 1. Cost of beginning work in process inventory completed this period $ 2. Cost of units transferred to finished goods during the period $ 3. Cost of ending work in process inventory $ 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.) $ b. Did the production costs change from the preceding period?Yes c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit…
A production department reports the following conversion costs. Equivalent units of production for conversion total 501,000 for this period. Calculate the cost per equivalent unit of production for conversion. The company uses the weighted-average method. Cost of beginning work in process Costs added this period 251,000 851,200
The cost of the beginning work in process inventory was comprised of $\$ 3,000) of direct materials, \(\S 10, 000) of direct labor, and \(\$ 10,000) of factory overhead. Costs incurred during the period were comprised of \(\S 15,000) of direct materials costs, and \(\$ 100,000 $ of conversion costs. The equivalent units of production (EUP) for the period were 9, 000 for direct materials and \(6.000) for conversion. The costs per EUP were: $0.33 per EUP for direct materials and \(\5 3.34) per EUP for conversion. \(\S 1.67) per EUP for direct materials and \(\$ 9.43) per EUP for conversion. \(\$ 1.10) per EUP. \(\$ 2.00) per EUP for direct materials and \(\S 20.00) per EUP for conversion.