Beginning work in process (27% complete) Direct materials Conversion cost Units 37,000 Total cost of beginning work in process Number of units started 74,000 Number of units completed and transferred to finished goods Ending work in process (50% complete) ? 83,000 Current period costs Direct materials Conversion cost Total current period costs Costs $ 45,000 86,000 $ 131,000 $ 84,000 149,000 $233,000 Required: 1. Using the weighted-average method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 1D Using the weighted-average method of process costing, reconcile the total cost of work in process. Note: Use Cost per Equivalent Unit rounded to 5 decimal places and round your final answers to the nearest whole dollar amount. Direct Materials Conversion Total Cost Units Completed $ 32,540 $ Ending Inventory Total Cost Accounted for $ 94,969 127,509 $ 37,816 $ 140,343 236,801 364,037 X 178,159 $ 600,838 < Req 1C Req 10

Beginning work in process (27% complete) Direct materials Conversion cost Units 37,000 Total cost of beginning work in process Number of units started 74,000 Number of units completed and transferred to finished goods Ending work in process (50% complete) ? 83,000 Current period costs Direct materials Conversion cost Total current period costs Costs $ 45,000 86,000 $ 131,000 $ 84,000 149,000 $233,000 Required: 1. Using the weighted-average method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 1D Using the weighted-average method of process costing, reconcile the total cost of work in process. Note: Use Cost per Equivalent Unit rounded to 5 decimal places and round your final answers to the nearest whole dollar amount. Direct Materials Conversion Total Cost Units Completed $ 32,540 $ Ending Inventory Total Cost Accounted for $ 94,969 127,509 $ 37,816 $ 140,343 236,801 364,037 X 178,159 $ 600,838 < Req 1C Req 10

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14EA: A production department within a company received materials of $10,000 and conversion costs of...

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ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?
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Given the following information, assuming all materials are added at the beginning of the process, calculate the total cost to be assigned to ending work in process for the period. Direct Material Conversion Total Cost per equivalent unit $3.00 $2.50 Units completed and transferred out 48,000 Units in work in process, ending, 70% complete 20,000 Multiple choice question. $95,000 $359,000 $144,000 $264,000
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:
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 ending work in process inventory with respect to materials is closest
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 284,000 385,000 Total cost $ 294,000 $ 400,000 Using the weighted-average method, the cost per equivalent unit for materials is closest to
Assume the following information: Percent Complete Milling Department Units Materials Conversion Beginning work in process inventory Units started into production during March 200 40% 30% 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 287,000 385,000 Total cost $ 297,000 $ 400,e00 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: Multiple Cholce $276,950. $275,536. $276,386. $274.285.
Assume the following information: Materials $ 10,000 291,600 $301,600 Conversion $15,000 387,000 $ 402,000 Milling Department Total Cost of beginning work in process inventory Costs added during the period $ 25,000 678,600 $703,600 Total cost ts 00:13:14 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department? Multiple Choice $29,280 $59,280 $49.280
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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 20,000 Started during the month 74,000 Total units to account for Completed and transferred out 70,000 Ending work in process Total units to account for Work in process completion percent 100% 20% Materials Units Conversion Units Total Units Completed and transferred out 70,000 70,000 70,000 Ending work in process Total units to account for Materials Conversion Total Costs to account for $4,000 $17,000 $21,000 Beginning work in process Transferred in 35,360 59,560 24,200 Incurred during the period $4 $4 Total costs to account for Equivalent units Previous Next %24
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Assume the following information pertaining to Star Company: Prime costs $ 198,500 Conversion costs 228,000 Direct materials used 87,450 Beginning work in process 101,150 Ending work in process 82,400 Direct labor used is calculated to be: