An equivalent unit of material or conversion cost is equal to: O The amount of material conversion cost necessary to complete one unit of production. O A unit of work-in-process inventory. O The amount of material or conversion cost necessary to start a unit of production into work in process inventory. O Fifty percent of material or conversion cost of a unit to finished goods inventory.

An equivalent unit of material or conversion cost is equal to: O The amount of material conversion cost necessary to complete one unit of production. O A unit of work-in-process inventory. O The amount of material or conversion cost necessary to start a unit of production into work in process inventory. O Fifty percent of material or conversion cost of a unit to finished goods inventory.

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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In a process cost system, the amount of work in process inventory Is valued by Oa. multiplying units in ending inventory by the direct materials cost per unit Ob. finding the sum of all completed jobs Oc. allocating departmental costs between completed and partially completed units Od. finding the sum of all open job costs
Required: 1. Compute the amount of (a) production costs transferred from Cutting to Stitching, (b) production costs transferred from Stitching to finished goods, and (c) cost of goods sold. Hint: Compute the total production costs in each department and then subtract the ending inventory to get the amount transferred out of each department. (a) Transferred to work in process-Stitching (b) Transferred to finished goods (c) Cost of goods sold
The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.
As production takes place, all material costs are added to the: Work-in-process Inventory account Manufacturing-Overhead inventory account Cost of goods sold account Finished goods inventory account
Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units
Materials are added at the beginning of the production process. Conversion costs are added uniformly throughout the production process. Assuming a FIFO flow of costs, what is this company's computed total production cost transferred out during the period?
a. Based on the above data, determine the different costs listed below. 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.
a. The equivalent units of production for conversion cost in Department Y is? b. The unit cost for materials in Department X is? c. The unit cost for conversion in Department X is?
When direct materials are used, which of the following accounts increases? Finished Goods Inventory Work in Process Inventory Raw Materials Inventory Manufacturing Overhead
1. Determine the equivalent units of production with respect to direct materials and conversion. 2.Compute both the direct material cost and the conversion cost per equivalent unit.
As production takes place, all manufacturing costs are added to the: A. Manufacturing Overhead Account B. Cost of Goods Sold Account O C. Finished Goods Inventory D. Work in Process Inventory Account
How would I start a Production Cost Report. Should I use the refined weighted average method to start or should I use this formula? Units completed / and transferred out + Equivalent units of ending work in process-Materials= Equivalent Units of Production Materials?