Nonuniform Inputs, Weighted AverageCarter Inc. had the following production and cost information for its fabrication department during April (with materials added at the beginning of the fabrication process):Production:Units in process, April 1, 50% complete with respect to conversion10,000Units completed65,200Units in process, April 30, 60% complete12,000Costs:Work in process, April 1:Materials$40,980Conversion costs14,100Total$55,080Current costs:Materials$125,000Conversion costs210,000Total$335,000Carter uses the weighted average method.Required:1. Prepare an equivalent units schedule. Carter uses the weighted average method.Required:1. Prepare an equivalent units schedule.Carter Inc.Schedule of Equivalent Units(Weighted Average Method)MaterialsConversionUnits completedAdd: Units in ending WIP x Percent complete%%Equivalent units of output2. Calculate the unit cost. Round all intermediate calculations and final answer to the nearest cent.$per unit3. Calculate the cost of units transferred out and the cost of EWIP. In your calculations round unit cost to the nearest cent and your final answers to the nearest dollar.Cost transferred outCost of ending work in process

Name: Nonuniform Inputs, Weighted AverageCarter Inc. had the following prod
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Nonuniform Inputs, Weighted AverageCarter Inc. had the following production and cost information for its fabrication department during April (with materials added at the beginning of the fabrication process):Production:Units in process, April 1, 50%

Solution:- Preparation of Equivalent units schedule as follows under:-

Business

Accounting

arter Inc. had the following production and cost information for its fabrication department during April (with materials added at the beginning of the fabrication proce roduction: nits in process, April 1, 50% complete with respect to conversion 10,000 nits completed 65,200 nits in process, April 30, 60% complete 12,000 osts: Work in process, April 1: Materials $40,980 Conversion costs 14,100 Total $55,080 Current costs: Materials $125,000 Conversion costs 210,000 Total $335,000 arter uses the weighted average method. equired: . Prepare an equivalent units schedule.

arter Inc. had the following production and cost information for its fabrication department during April (with materials added at the beginning of the fabrication proce roduction: nits in process, April 1, 50% complete with respect to conversion 10,000 nits completed 65,200 nits in process, April 30, 60% complete 12,000 osts: Work in process, April 1: Materials $40,980 Conversion costs 14,100 Total $55,080 Current costs: Materials $125,000 Conversion costs 210,000 Total $335,000 arter uses the weighted average method. equired: . Prepare an equivalent units schedule.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Hendrix, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July's activities: On July 1: During July: On July 31: Beginning inventories = 750 units, 60% complete Direct materials cost = $5,925 Conversion costs = $4,095 15,000 units started Direct materials added = $150,000 Conversion costs added = $83,520 Ending inventories = 1,500 units, 40% complete Using the FIFO method, the number of units started and completed in July was a) 14,250 b) 15,000 c) 13,500 d) 15,750
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory. Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 63,500 42,500 $ 106,000 $ 195,000 445,000 $640,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 47,500 partially complete gallons, 20 percent complete with respect to conversion costs. • Units started in July, 87,500 gallons. • Units transferred out in July, 97,500 gallons. • Ending inventory, 37,500 gallons, 45 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out Ending inventory
Data for June are as follows for Superior Corp., which uses FIFO process costing: Units Beginning work in process Units started in process 5,600 114,000 Costs Beginning work in process: $18,500 $3,700 Materials Conversion June's costs: Materials $444,300 Conversion 190,700 All materials are added at the beginning of the process. The beginning work in process was 20 percent complete for conversion costs. During June, 116,200 units were completed. The ending work in process was 30 percent complete as to conversion costs. Cost of ending work in process = $
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 57,000 36,000 $ 93,000 $ 130,000 380,000 $ 510,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 41,000 partially complete gallons, 35 percent complete with respect to conversion costs. • Units started in July, 81,000 gallons. • Units transferred out in July, 91,000 gallons. Ending inventory, 31,000 gallons, 50 percent complete with respect to conversion costs. Cost of goods transferred out Ending inventory Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
Badgersize Company has the following information for its Forming Department for the month of August. Work in Process Inventory, August 1: 20,000 units Direct materials: 100% complete Conversion: 20% complete Balance in work in process, August 1 Units started during August Units completed and transferred in August Work in process (70% complete), August 31 Costs charged to Work in Process in August Direct materials Conversion costs: Direct labor Overhead applied Total conversion a. b. Assume materials are added at the start of processing. Required: a. Calculate the equivalent units for the Forming Department for the month of August. b. Find the cost per equivalent unit of direct materials and conversion associated with the units transferred during the month. (Round your answers to 2 decimal places.) Equivalent units Cost per equivalent unit Direct Materials $ 80,000 24,000 $ 104,000 48,000 60,000 ? Conversion $ 130,000 $ 105,000 149,000 $ 254,000
Radford Products adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of January is available. Units started in January 892,000 Units completed in January 916,000 Work in process, January 1 (25% complete with respect to conversion) 97,000 Work in process, January 31 (40% complete with respect to conversion) 73,000. Compute the equivalent units for materials costs and for conversion costs using the FIFO method.
The debits to Work-In process for Dep# 2 for the month of March of the current year, together with the information concerning production, are presented below. All direct materials came from Dep# 1. The units completed include 1,200 in process during the beginning of the period. Dep# 2 uses WA costing
The Assembly Department of the Long-Distance Golf Club Super Driver Company, has the following production and cost data at the end of March, 2021. Production: 12,600 units started into production; 11,500 units transferred out and 1,100 units 100% completed as to materials and 70% completed as to conversion costs. Manufacturing Costs: Materials added at beginning of process, $49,750; Labor, $61,550; Overhead $32,440. Instructions Prepare a Production Cost Report for the Company for the month of March 2021.
The following information was taken from the books of Hunaiza Manufacturing Company for the month of January 2021 Cost of Units in process at beginning: January 1, 2021 Rs. 60,000 Cost of Raw Material used 177,600 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January (40% complete as to material and 60% complete as to conversion cost) 10,000 units Units placed in production during January 26,000 units Units in process at end of January 31 (60% complete as to material and 80% as to conversion cost)…
Required information [The following information applies to the questions displayed below.] The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion. Direct Conversion Equivalent Units of Production Units transferred out Materials 43,500 EUP 3,500 EUP 43,500 EUP 2,100 EUP Units of ending work in process Equivalent units of production 47,000 EUP 45,600 EUP Direct Costs per EUP Costs of beginning work in process Costs incurred this period Materials $33,700 563,200 $ 596,900 Conversion $ 4,440 333,000 Total costs $ 337,440 Units in beginning work in process (all completed during July) Units started this period Units completed and transferred out Units in ending work in process 3,000 44,000 43,500 3,500 Prepare…
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,268,894 as follows. Work in process, November 1 Materials Conversion costs Materials added Labor Overhead $78,800 48,800 $127,600 1,581,280 225,000 335,014 Production records show that 35,400 units were in beginning work in process 30% complete as to conversion costs, 656,300 units were started into production, and 25,400 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.
Brite Toothbrushes has gathered the following information to complete its Production Report for the month of April. Assume all materials are added at the beginning of the process. Required: Using the provided information, complete the report. (Round cost per Equivalent Units to 2 decimal places.) Brite Toothbrushes Process Costing Production Report (Welghted Average Method) Assembly Department For the Month Ended April 30, XXXX UNITS Physical Units Units to be accounted for Beginning work in process 50% complete as to conversion 9,000 Started into production 61,500 Total units 70,500 Equivalent Units Direct Materials Conversion Cost Units accounted for: Completed and transferred out 58,000 12,500 70,500 58,000 58,000 Ending work in process 30% complete as to conversion 12,500 3,750 Total units 70,500 61,750 COSTS Direct Materials Conversion Cost Total Cost Cost of beginning work in process 49,000 $ 14,000 $ 63,000 Current period costs