Assume the following information: Milling Department Beginning work in process inventory Units started into production during March Units completed during the period and transferred to the next department Ending work in process inventory Multiple Choice O O Milling Department Cost of beginning work in process inventory costs added during the period Total cost Using the weighted-average method, what is the equivalent units of production for conversion? 5.900 units 6,040 units 6,220 units Units 6,160 units 200 6,200 5,800 600 Percent Complete Materials 40% 100% 70% Materials $ 10,000 290,000 $ 300,000 Conversion 30% 100% 60% Conversion $ 15,000 385,000 $ 400,000

Assume the following information: Milling Department Beginning work in process inventory Units started into production during March Units completed during the period and transferred to the next department Ending work in process inventory Multiple Choice O O Milling Department Cost of beginning work in process inventory costs added during the period Total cost Using the weighted-average method, what is the equivalent units of production for conversion? 5.900 units 6,040 units 6,220 units Units 6,160 units 200 6,200 5,800 600 Percent Complete Materials 40% 100% 70% Materials $ 10,000 290,000 $ 300,000 Conversion 30% 100% 60% Conversion $ 15,000 385,000 $ 400,000

Name: Assume the following Information:Milling DepartmentBeginning work in
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Description: Assume the following Information:Milling DepartmentBeginning work in process inventoryUnits started into production during MarchUnits completed during the period and transferred to thenext departmentEnding work in process inventoryMilling Department

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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1.
Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory
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A process manufacturer that uses the weighted-average method reports the following. Beginning work in process inventory Units completed and transferred out Ending work in process inventory Equivalent units of production for conversion are: Multiple Choice O 125,200. Units 38,000 108,000 43,000 Conversion Percent Complete 80% 40%
Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to 5599,780 in total. The ending work in process inventory in January consisted of 3,000 units, which were 80% complete with respect to materials and 60% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and…
Part B: Compute the cost per equivalent unit fir direct materials and conversion costs Please avoid solutions image based solutions thanku
Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 242,055 9,676 Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. $ 903,625 103,140 The ending inventory has 14,500 units, which are 90 percent complete with respect to Refining Department costs.
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A paint producer reports the following information: Units Conversion Percent Complete Beginning work in process inventory 404,000 30% Units started this period 788,000 Units completed and transferred out 848,000 Ending work in process inventory 344,000 65% A company uses the weighted-average method. What are total equivalent units of production for conversion costs?
Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Equivalent units in ending work in process inventory Cost per equivalent unit Materials 2,140 $ 13.96 Conversion 900 $ 5.03 A total of 21,200 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) 1. Cost of ending work in process inventory 2. Cost of units transferred out Materials Conversion Total
Units in beginning WIP Inventory completed this period Units Started and completed this period Units in ending WIP Inventory Total units accounted for Total equivalent units of work done this period Costs in beginning WIP Inventory (from last period) Costs added to WIP Inventory this period Total costs to account for Total cost of units completed $ Step 3: Account for costs Total number of units completed Physical Units What is The Skysong Company's total cost units completed? Actual unit cost for units completed $ 1,500 15,100 How many total units did the company complete this period? Total cost per equivalent unit this period $ The actual cost for the units completed this period is 500 17,100 Total Costs The Skysong Company uses the FIFO method of process costing. $1,155 26,895 $28,050 % Added This Period DM 100% 100% $755 0% 8.580 $9,335 DM Equivalent Units Equiv. Units 15,100 500 15,600 Conversion Costs $400 What was the actual per-unit cost for those units completed? (Round answer…