At the end of November, work in process inventory consists of 181,000 units that are 80% complete with respect to conversion. Beginning work in process inventory had $559,260 of direct materials and $206,955 of conversion cost. The direct material cost added in November is $3,742,740, and the conversion cost added is $3,932,145. Beginning work in process consisted of 63,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 63,000 were from beginning work in process and 712,000 units were started and completed during the period. . Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in rocess inventory. (Round "Cost per EUP" to 2 decimal places.) Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials Conversion Total costs of ending work in process Total costs accounted for

At the end of November, work in process inventory consists of 181,000 units that are 80% complete with respect to conversion. Beginning work in process inventory had $559,260 of direct materials and $206,955 of conversion cost. The direct material cost added in November is $3,742,740, and the conversion cost added is $3,932,145. Beginning work in process consisted of 63,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 63,000 were from beginning work in process and 712,000 units were started and completed during the period. . Compute the direct material cost and the conversion cost assigned to units completed and transferred out and ending work in rocess inventory. (Round "Cost per EUP" to 2 decimal places.) Cost of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred out Costs of ending work in process EUP Cost per EUP Total cost Direct materials Conversion Total costs of ending work in process Total costs accounted for

Name: Victory Company uses weighted-average process costing to account for
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is addedevenly throughout the process. Direct materials are added at the beginning of the first process. During November, the firstprocess tra

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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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.
Lights Incorporated calculates cost for an equivalent unit of production using the weighted - average method. Data for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (95% completed) $ 122, 650 Conversion (55% completed) 77, 100 Balance in work in process inventory, July 1 $ 199, 750 Units started during July 92, 500 Units completed and transferred 106, 500 Work - in - process inventory, July 31: Direct materials (95% completed ) 24, 500 Conversion (55% completed) Cost incurred during July: Direct materials $ 182, 500 Conversion costs 290, 500 The cost of goods completed and transferred out under the weighted average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Multiple Choice $ 586,860. $96,800. $586, 070. $615,320. $576,165.
Haze Company had 6,400 units of work-in-process inventory in department A on October 1, 2022. These units were 60% complete as to conversion. Direct materials are added at the beginning of the process. During the month of October, 27,200 units were started and 28,800 units were completed. Waling-Waling had 4,800 units of work-in-process inventory on October 31, 2022. These units were 20% incomplete as to conversion cost.By how much did the direct materials EUP for the month of October using average method exceed the direct materials EUP for the same month using FIFO method? By how much did the conversion cost EUP for the month of October using average method exceed the conversion EUP for the same month using FIFO method?
Waling-waling Company had 6,400 units of work-in-process inventory in department A on October 1, 2022. These units were 60% complete as to conversion. Direct materials are added at the beginning of the process. During the month of October, 27,200 units were started and 28,800 units were completed. Waling-Waling had 4,800 units of work-in-process inventory on October 31, 2022. These units were 20% incomplete as to conversion cost. 1.) By how much did the conversion cost EUP for the month of October using average method exceed the conversion EUP for the same month using FIFO method? 2.) By how much did the direct materials EUP for the month of October using average method exceed the direct materials EUP for the same month using FIFO method?
The first processing department of ATIC CO., the Welding Department, started the month with 18,000 units in its beginning work in process inventory that were 60% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was P64,800. An additional 84,000 units were started into production during the month and 78,000 units were completed and transferred to the next processing department. At the end of the month there were 24,000 units in the ending work in process inventory that were 30% complete with respect to conversion costs. A total of P431,520 in conversion costs were incurred in the department during the month. What would be the cost per equivalent unit for conversion costs for the month if the department uses Average?
Vista Vacuum Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process. Units • Beginning inventory of 3,500 units that are 100 percent complete for materials and 23 percent complete for conversion. • 15,400 units started during the period. • Ending inventory of 3,400 units that are 14 percent complete for conversion. Manufacturing Costs • Beginning inventory was $20,200 ($8,900 materials and $11,300 conversion costs). • Costs added during the month were $29,600 for materials and $54,300 for conversion ($28,200 labor and $26,100 applied overhead). Assume the company uses Weighted-Average Method. Required: 1. Calculate the number of equivalent units of production for materials and conversion for March. 2. Calculate the cost per equivalent unit for materials and conversion for March. 3. Determine the costs to be assigned to the units transferred out and the units still in process. Complete this question…
By how much did the conversion cost EUP for the month of October using average method exceed the conversion EUP for the same month using FIFO method?