Assume the following information: Percent Complete Milling Department Units Materials Beginning work in process inventory 200 40% Conversion 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department Ending work in process inventory 5,800 600 100% 70% 100% 60% Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Materials $ 10,000 296,000 $ 306,000 Conversion $ 15,000 385,000 $ 400,000 Using the weighted-average method, the total cost of the ending work in process inventory with respect to materials is closest to: Multiple Choice о О $22,162. $21,162. $21,862.

Assume the following information: Percent Complete Milling Department Units Materials Beginning work in process inventory 200 40% Conversion 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department Ending work in process inventory 5,800 600 100% 70% 100% 60% Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Materials $ 10,000 296,000 $ 306,000 Conversion $ 15,000 385,000 $ 400,000 Using the weighted-average method, the total cost of the ending work in process inventory with respect to materials is closest to: Multiple Choice о О $22,162. $21,162. $21,862.

Name: Assume the following information:Milling DepartmentUnitsBeginning wor
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Assume the following information:Milling DepartmentUnitsBeginning work in process inventory20040%Percent CompleteMaterialsConversion30%Units started into production during March6,200Units completed during the period and transferred to thenext depart

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

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
V. Physical Units Data Beginning Work in Process Units Started to WIP 15,000 units 60,000 units Ending Work in Process (100% complete materials, 20% complete for conversion costs 26,000 units Manufacturing Cost Data Beginning work in Process Materials Conversion Costs $ $ 15,000 30,435 Costs added Materials $ $ 180,000 99,645 Conversion Costs Step 1&2. Account for the Physical units and Determine the Equivalent units completed for the month Step 3 Determine the material and conversion costs per unit Step 4 Prepare a cost reconciliation
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:
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…
Sunset Inc. Plastics Company uses process costing and provided the following information for 2020: Units Percent Complete Percent Complete Direct Materials Conversion Costs Work-in-process at January 1 18,000 30% 70% Units started during the year 190,000 Work-in-process at December 31 30,000 80% 30% The cost of the beginning work-in-process included $103,750 for direct materials used and $54,380 for direct labor. Production costs during year were $603,250 for direct materials and $110,180 for direct labor. The company applies manufacturing overhead using direct labor costs. The manufacturing overhead rate for all years is 50% of direct labor. The cost transferred to finished goods inventory is: Multiple Choice $ 775,260 $ 862,600 $ 1,089,000 $ 857,960 Please don't provide answer in image format thank you
Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75, 000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252,000 272, 000 $ 126,990 $ 250, 905, Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total f 4. Compute the first production department's cost of the units transferred to the next production department for materials, com and in total for May. Complete this question by entering your answers in…
Department G had 3,600 units 25% completed at the beginning of the period, 11,000 units were completed during the period, 3,000 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $40,000 Costs added during period: Direct materials (10,400 units at $8) Direct labor Factory overhead 83,200 63,000 25,000 All direct materials are placed in process at the beginning of production, and the first-in, first-out method of inventory costing is used. What is the total cost of the units started and completed during the period (round unit cost calculations to whole dollars)? a $211,200 b.$190,275 c.$20,934 d.$120,060
Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75,000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252, 000 272,000 $ 126, 990 $ 250, 905, Required: . Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for 4. Compute the first production department's cost of the units transferred to the next production department for materials, conve and in total for May. Complete this question by entering your answers…
17
Beginning work in process inventory: Units in beginning work in process inventory 700 Materials costs $ 11,500 Conversion costs $ 22,200 Percent complete with respect to materials 75% Percent complete with respect to conversion 65% Units started into production during the month 8,600 Units transferred to the next department during the month 7,800 Materials costs added during the month $ 159,300 Conversion costs added during the month $ 348,500 Ending work in process inventory: Units in ending work in process inventory 1,500 Percent complete with respect to materials 65% Percent complete with respect to conversion 50% What are the equivalent units for conversion costs for the month in the first processing department? 750 9,300 8,095 7,100
Cywila Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information: Costs UnitsMaterialsConversionWork in process, Jan. 1 80% complete with respect to conversion costs100,000$100,000$157,500Units started into production500,000 Costs added during the year: Materials $650,000 Conversion $997,500Units completed during the year450,000 Work in process, Dec. 31 60% complete with respect to conversion costs150,000 The company uses the weighted-average cost method in its process costing system. a) Computethe equivalent units of production for materials and for conversion costs. b) Compute the cost per equivalent units for materials and for conversion costs.c) Determine the cost of units completed during the year.d) Determine the cost of ending work-in-process inventory.
Following is a partial process cost summary for Mitchell Manufacturing's Canning Department. Equivalent Units of Production Direct Materials Conversion Units Completed and transferred out 80,000 80,000 Units in Ending Work in Process: Direct Materials (12,000 × 100%) 12,000 Conversion (12,000 × 70%) 8,400 Equivalent Units of Production 92,000 88,400 Cost per Equivalent Unit Costs of beginning work in process $ 41,600 $ 61,200 Costs incurred this period 139,400 187,600 Total costs $ 181,000 $ 248,800 Cost per equivalent unit $ 1.97 per EUP $ 2.81 per EUP The total materials costs transferred out of the Canning Department equals: