Mara uses the weighted-average process costing. It had the following data in August: Process Costing SystemBeginning inventory, 60% completeUnits completedUnits in ending inventory, 40% completeCost of beginning inventoryCurrent period production costs10,000 units50,000 units5,000 unitsP105,000P831,000a. Compute the equivalent unit production for August.b. Compute the unit cost for August.c. Compute the ending inventory of work in process.d. Compute the cost transferred to finished goods.

a). The beginning inventory was 60% complete. Therefore, in the month of August, the rest 40% will…

Answered: Beginning inventory, 60% complete Units…

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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Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the Baking Department, the cost of beginning work in process inventory was $4,830, the cost of ending work in process inventory was $1,110, and the cost added to production was $25,400. Required: Prepare a cost reconciliation report for the Baking Department for June. Baking Department Cost Reconciliation Costs to be accounted for: Total cost to be accounted for Costs accounted for as follows: Total cost accounted for
Richards Corporation uses the weighted-average method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 92,000 units, 80% complete as to materials and 25% complete as to conversion. Units started and completed: 274,000. Units completed and transferred out: 366,000. Ending Inventory: 36,000 units, 30% complete as to materials and 10% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $49,200. Costs in beginning Work in Process - Conversion: $91,700. Costs incurred in October - Direct Materials: $744,600. Costs incurred in October - Conversion: $931,300. Calculate the cost per equivalent unit of materials.
A company uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 2,500 $ 14,600 $ 6,700 75 % 20 % 11,200 10,100 $ 173,700 $ 243,700 3,600 90% 30% The cost per equivalent unit for materials for the month in the first processing department is closest to:
Equivalent Units and Cost per Equivalent Unit—Weighted-Average Method Pureform, Inc., uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: The beginning work in process inventory was 80% complete with respect to materials and 60% complete with respect to labor and overhead. The ending work in process inventory was 75% complete with respect to materials and 50% complete with respect to labor and overhead. Required: 1. Compute the first department’s equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department’s cost per equivalent unit for materials, labor, and overhead for the month.
Boston Company uses the weighted-average method in its process-costing system. Operating data for the first processing department for September appear below for the physical flow of units, and for direct materials (DM) and conversion costs (CC). % of % of completion: completion: Units DM СС Beginning WIP inventory Started into production during September Ending WIP inventory 700 60% 50% 11,760 2,000 90% 70% DM CC Beginning WIP inventory Cost added during September 7,425 $ 60,005 $S 13,409 81,471 24 2$ 19 Compute the equivalent units of production for the processing department Direct materials 12,260 units 12,960 units 12,460 units 10,460 units E. None of the above. Conversion 11,860 units. A. В. 12,760 units 13,760 units 10,460 units С. D. 20 Determine the cost of WIP inventory ending balance: A. $ B. $ 27,000 24,300 18,900 C. $ D. $ 21,100 E. None of the above.
When using the weighted-average method of process costing, total equivalent units produced for a given period equal: Which of the followubg below is correct and why 1. The number of units started and completed during the period plus the number of units in beginning work in process plus the number of units in ending work in process. 2. The number of units in beginning work in process plus the number of units started during the period plus the number of units remaining in ending work in process times the percentage of work necessary to complete the items. 3. The number of units in beginning work in process times the percentage of work necessary to complete the items plus the number of units started and completed during the period plus the number of units started this period and remaining in ending work in process times the percentage of work necessary to complete the items. 4. The number of units transferred out during the period plus the number of units remaining in ending work in…
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a. Determine the number of units transferred to the next department. b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places. Cost per equivalent unit of direct materials Cost per equivalent unit of direct materials c. Determine the cost of units started and completed in November.
3
1. For a company that uses process costing, Processing Department C had the following information for the most recent month: Beginning inventory for the month contained 12,000 units that were 30 percent complete with respect to materials. During the month, 80,000 units were completed and transferred out. Ending inventory was 6,000 units, 60 percent complete with respect to materials. What would be the weighted average equivalent units of production for materials for the month? 2. For a company that uses process costing, Processing Department F had the following information for the most recent month: Units Beginning Work-in-Process Inventory (40 percent complete) 5,000 Units started during the month 18,000 Ending Work-in-Process Inventory (10 percent complete) 4,000 Materials and conversion are incurred uniformly throughout the process. What would be the equivalent units of production for conversion when using the weighted average costing method? 3. New Method Company uses a process…
Weighted Average Method, Single-Department AnalysisRefer to the information for Millie Company above.Required:Prepare a production report for the assembly department for June using the weighted averagemethod of costing. The report should disclose the physical flow of units, equivalent units, andunit costs and should track the disposition of manufacturing costs.

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