Assume the following data of CCDC Corporation for the month of November, 2020.Department 1Department 2Units:Work in process inventory, beginning:Materials 100% complete, conversion cost 40% completeMaterials 100% complete, conversion cost 20% complete4,0006,000Started in process during the periodUnits completed and transferred to the next departmentUnits completed and transferred to finished goods inventoryWork in process inventory, end:40,00034,00038,000Materials 100% complete, conversion cost 60% completeMaterials 100% complete, conversion cost 30% complete10,0002,000Costs:40,000Costs of beginning work in process inventory transferred inCosts of beginning work in process inventory from this dept.14,00015,84029,840MaterialsConversion costsTotal12,00013,52025,520Cost added during the period:MaterialsConversion costs140,000140,160280,16080,000110,000190,000TotalRequirement:Prepare cost of production report using FIFO and Average Method (Dept. I) & (Department II)

Computation of Cost Per equivalent Unit Dept 1 Dept 2 Equivalent unit of material (Dept1) =…

Answered: Assume the following data of CCDC…

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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Running Company had the following information for the month of June Work in process beginning inventory, June 1 Units transferred in Work in process ending inventory, June 30 3,600 units 14,200 units 3,400 units Beginning work-in-process inventory is 30 percent complete as to conversion. Ending work-in-process inventory is 50 percent complete as to conversion Materials are added at the end of the process. How many units were completed in June?
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Required information Skip to question [The following information applies to the questions displayed below.]The first production department of Stone Incorporated reports the following for April. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 60,000 60% 40% Units started this period 322,000 Completed and transferred out 300,000 Ending work in process inventory 82,000 80% 30% The production department had the cost information below. Beginning work in process inventory Direct materials $ 118,472 Conversion 48,594 $ 167,066 Costs added this period Direct materials 850,368 Conversion 649,296 1,499,664 Total costs to account for $ 1,666,730 (a) Calculate the costs per…
Data for May Units: Beginning Work in Process Inventory Shaping Department Insertion Department 30,000 units Production started 100,000 units Transferred in From Previous 80,000 units Department Completed Goods Inv. 80,000 units 100,000 units Ending WIP Inv. 20,000 units 10,000 units Completed as to Direct Material % 40 Completed as to Convers. Work Costs: % 30 % 90 % 50 Beginning Work in Process Inventory Transferred in from Previous Department Direct Materials Added Conversion Costs Added $352,000 $258,000 What is the cost of finished goods inventory in Insertion Department? a. $1,150,000 $100,000 $560,000 $218,000 $ 367,500 b. $600,000 c. $550,000 d. $1,000,000
Department B of SimTech Manufacturing Company presents the following production data for the month of October 2019: Beginning inventory (3/8 completed) 8,000 units Started in process 26,000 units Transferred out 18,000 units Ending inventory: (1/2 completed) 8,000 units (3/4 completed) 8,000 units What are the equivalent units of production for the month of October 2019 using Average Method? A. 28,000 units B. 25,000 units C. 26,000 units D. 30,000 units
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[The following information applies to the questions displayed below.]The first production department of Stone Incorporated reports the following for April. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 82,000 70% 30% Units started this period 432,000 Completed and transferred out 410,000 Ending work in process inventory 104,000 85% 35% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Equivalent units of production: Weighted average method Units Direct Materials Conversion Percent Complete EUP Percent Complete EUP Beginning work in process inventory Ending work in process Total
5. Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 Stage of completion Started in process Received from prior dept. 16,000 4/5 10,000 40% 64,000 70,000 12,000 In process, February 28 Stage of completion ? 2/5 2/3 Costs data: In process, February 1 Current costs P 21,020 P20,300 Materials 28,350 15,300 9,180 46,800 25,200 14,400 Labor Manufacturing Overhead In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is described as follows: 20% when the process is '1/4 completed; 30% when the process is '1/2 completed and the balance, at the end of…
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 292,000 385,000 Total cost $ 302,000 $ 400,000 Using the weighted-average method, the total cost of the units completed during the period and transferred out to the next department with respect to materials is closest to:
Current Attempt in Progress The Assembly Department of Concord Company has the following production and cost data at the end of May, 2022, its first period of operations. Production: Manufacturing Costs: Prepare a production cost report for the month of May using weighted-average process costing. (Do not leave any answer field blank. Enter O for amounts.) (Round unit costs answers to 2 decimal places, e.g. 52.75.) QUANTITIES Units to be accounted for Work in process inventory, May 1 Started into production 34,200 units started into production; 28,500 units completed and transferred out and 5,700 units 100% completed as to materials and 40 % completed as to conversion costs. Materials added at beginning of process, $112,860; labor, $85,500; overhead $77,634. Total units to be accounted for Units accounted for Completed and transferred out Work in process inventory, May 31 Total units accounted for Q Search Physical Units CONCORD COMPANY Assembly Department-Production Cost Report For the…
Assume the following data of ABC Corporation for the month of January, 2017 Requirement: Prepare cost of production report using FIFO and Average Method for Department 1 and Department 2.
Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior dept. 70,000 In process, February 28 ? 12,000 Stage of completion 2/5…
Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Drawing Department Winding Department 7,200 units, 45% completed 2,800 units, 80% completed Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 5,500 units, 75% completed Production begins in the Drawing Department and finishes in the Winding Department. 98,600 units Inventory in process, June 1 Started and completed in June Transferred to Winding Department in June Inventory in process, June 30 Total a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0". 97,600 units Drawing Department Direct Materials and Conversion Equivalent Units of Production For June Whole Units 3,800 units, 30% completed 7,200 Direct…

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