Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process. If required, round your answers to two decimal places. Direct materials cost per equivalent unit $ Conversion cost per equivalent unit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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e. The November increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month. If required, round your answers to two decimal places.
Increase or
Amount
Decrease
Change in direct materials cost per equivalent
$
unit
$
Change in conversion cost per equivalent unit
Transcribed Image Text:e. The November increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month. If required, round your answers to two decimal places. Increase or Amount Decrease Change in direct materials cost per equivalent $ unit $ Change in conversion cost per equivalent unit
Costs per Equivalent Unit and Production Costs
The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The
beginning inventory consists of $47,160 of direct materials.
ACCOUNT Work in Process-Forging Department
ACCOUNT No.
Balance
Date
Item
Debit
Credit
Debit
Credit
Nov.
1 Bal., 3,600 units, 60% completed
52,128
30 Direct materials, 33,000 units
422,400
474,528
30 Direct labor
34,420
508,948
30 Factory overhead
47,540
?
556,488
30 Goods finished, ? units
?
30 Bal., 2,900 units, 90% completed
?
Based on the above data, determine each of the following amounts.
If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar.
a. Cost of beginning work in process inventory completed in November.
b. Cost of units transferred to the next department during November.
c. Cost of ending work in process inventory on November 30.
d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process. If required, round your answers to two decimal places.
Direct materials cost per eguivalent unit
Conversion cost per equivalent unit
$4
Transcribed Image Text:Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $47,160 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT No. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 3,600 units, 60% completed 52,128 30 Direct materials, 33,000 units 422,400 474,528 30 Direct labor 34,420 508,948 30 Factory overhead 47,540 ? 556,488 30 Goods finished, ? units ? 30 Bal., 2,900 units, 90% completed ? Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process. If required, round your answers to two decimal places. Direct materials cost per eguivalent unit Conversion cost per equivalent unit $4
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