Costs per Equivalent Unit and Production CostsThe following information concerns production in the Forging Department for June. 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 $18,000 of direct materials.ACCOUNT Work in Process-Forging DepartmentDate ItemJune 1 Bal., 1,800 units, 60% completed30 Direct materials, 25,800 units30 Direct labor30 Factory overhead30 Goods transferred, 2 unitsDebit Credit247,68043,30033,740b. Cost of units transferred to the next department during June24,800 Xc. Cost of ending work in process inventory on June 3024,800 X?ACCOUNT NO.Balance BalanceDebit CreditChange in direct materials cost per equivalent unitChange in conversion cost per equivalent unit21,13230 Bal., 2,800 units, 70% completedCost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs.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 June24,800 X268,812312,112345,852??d. Costs per equivalent unit of direct materials and conversion included in the June 1 beginning work in process (If required, round your answers to two decimal places.)Direct materials cost per equivalent unit $ 24,800 XConversion cost per equivalent unit $ 24,800 Xe. The June increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month (May) (If required, round your answers to two decimal places.)Increase or DecreaseAmountDecrease ▾Increase✓24,800 X24,800 X

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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 June 24,800 X b. Cost of units transferred to the next department during June 24.800 X c. Cost of ending work in process inventory on June 30 24,800 X

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 June 24,800 X b. Cost of units transferred to the next department during June 24.800 X c. Cost of ending work in process inventory on June 30 24,800 X

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. Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units ? ? ? ? ? ? ? ? ? ? ? ?
Running Company had the following information for the month of June: Work in process beginning inventory, June 1 2,000 units Units transferred in 16,000 units Work in process ending inventory, June 30 4,000 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?
I need help and an explanation to under the second part of the equation
How would I prepare a product cost report (with its supporting calculations) for Department 1. Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number.
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?
Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory 19,000 Started during the month 76,000 Total units to account for fill in the blank 1 Completed and transferred out 69,000 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 30% Materials Units Conversion Units Total Units Completed and transferred out 69,000 69,000 69,000 Ending work in process fill in the blank 4 fill in the blank 5 fill in the blank 6 Total units to account for fill in the blank 7 fill in the blank 8 fill in the blank 9 Costs to account for Materials Conversion Total Beginning work in process $3,000 $17,000 $20,000 Transferred in — — — Incurred during the period 16,000 44,440 60,440 Total costs to account for $fill in…
Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department Date July Item 1 Bal., 5,400 units, 2/5 completed 31 Direct materials, 243,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 243,000 units 31 Bal., ? units, 3/5 completed Required: Debit 388,800 78,100 19,532 Credit ? ACCOUNT NO. Debit Balance 9,180 397,980 476,080 495,612 ? Credit 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places.
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…
am. 111.
4. Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: There were 1,700 units in beginning inventory that were 40% complete with regard to conversion. During the month, 8,550 units were started and 9,000 were transferred to finished goods. The ending work in process was 60% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units ? ? ? ? ? ? Units Accounted For: Total…
Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in Process-Filling was as follows on January 1: Work in Process-Filling Department (3,000 units, 70% completed): Direct materials (3,000 x $10.20) Conversion (3,000 x 70% x $6.50) $30,600 13,650 $44,250 The following costs were charged to Work in Process-Filling during January: Direct materials transferred from Reaction Department: 38,700 units at $9.90 a unit Direct labor Factory overhead During January, 38,400 units of specialty chemicals were completed. Work in Process-Filling Department on January 31 was 3,300 units, 50% completed. Required: 1. Prepare a cost of production report for the Filling Department…
The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (30% completed)- 4,000 units Completed units during June- 65,000 units Ending Inventory (60% completed)- 7,000 units What is the number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories?