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 800 $ 12,900 $5,000 75% 20% 9,500 8,400 $ 172,000 $ 240,200 1,900 90% 30%

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 800 $ 12,900 $5,000 75% 20% 9,500 8,400 $ 172,000 $ 240,200 1,900 90% 30%

Name: Inacio Corporation uses the weighted-average method in its process co
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the mostrecent month are listed below:Beginning work in process inventory:Units in beginning work in process inven

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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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?
Data for May Units: Beginning Work in Process Inventory Shaping Department Insertion Department 30,000 units Production started 100,000 units Transferred in From Previous 80,000 units Department Completed Goods Inv. 80,000 units 100,000 units Ending WIP Inv. 20,000 units 10,000 units Completed as to Direct Material % 40 Completed as to Convers. Work Costs: % 30 % 90 % 50 Beginning Work in Process Inventory Transferred in from Previous Department Direct Materials Added Conversion Costs Added $352,000 $258,000 What is the cost of finished goods inventory in Insertion Department? a. $1,150,000 $100,000 $560,000 $218,000 $ 367,500 b. $600,000 c. $550,000 d. $1,000,000
Total costs accounted for by the Mixing Department $80,150 Cost allocated to completed and partially completed units: Inventory in process, March 1-balance $2,725 To complete inventory in process, March 1 1,235 1,235 Cost of completed March 1 work in process $3,960 Started and completed in March 37,450 33,250 70,700 Transferred to Baking Department in March 74,660 Inventory in process, March 31 3,210 2,280 5,490 Total costs assigned by the Mixing Department 80,150 Feedback Check My Work Review the format and the steps to complete the Cost of Production Report. February Cost Analysis Determine the cost per unit of direct materials and for conversion for the month of February using the completed data on the Cost of Production. Round your per-unit computations to the nearest cent, if required. Cost Analysis for February - Mixing Department Amount Equivalent Units Cost per Unit Direct Materials in inventory in process, March 1 Conversion costs in inventory in process, March 1
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Work in Process Account Data for Two Months; Cost of Production Reports Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process-Rolling on September 1 and debits to the account during September were as follows: Bal., 1,200 units, 60% completed: Direct materials (1,200 x $3.6) $ 4,320 Conversion (1,200 x 60% x $1.5) 1,080 $ 5,400 From Smelting Department, 27,000 units $99,900 Direct labor 25,667 Factory overhead 13,821 During September, 1,200 units in process on September 1 were completed, and of the 27,000 units entering the department, all were completed except 3,500 units that were 20% completed. Charges to Work in Process-Rolling for October were as follows: From Smelting Department, 31,000 units $120,900 Direct labor 35,450 Factory overhead 19,086 During October, the…
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…
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Process costing system: Use weighted average method to prepare cost of production report for April (must show calculations or no credit; round off unit costs to 3 decimal places) April 1 beginning inventory/WIP 800 units During April units started: 10,000 units April 30, ending inventory/WIP 1,800 units Completion rates: April 1 direct materials: 75%; conversion costs: 40% April 30 direct materials: 30%; conversion costs: 20% Work-in-Process account cost information: Beginning inventory – direct materials $ 22,000 Beginning inventory – conversion costs 35,000 April direct materials used 50,000 April conversion costs…
Azule Company manufactures in two sequential processes, Cutting and Binding. The two processes r recent month. Beginning work in process inventory costs added this period Direct materials Conversion cutting $ 3,445 Transferred from cutting to Binding Transferred from Binding to finished goods Ending work in process inventory 8,240 11, 100 Cutting Binding $ 6,426 Determine the ending balances in the Work in Process Inventory accounts for Cutting and for Binding in Process Inventory for both Cutting and for Binding. tatou 6,356 18,575 Binding $ 15,685 30,000
At the beginning of the month, the Painting department of Skye Manufacturing reported the following: Direct materials Percent Complete Conversion Percent Units 20,000 115,000 120,000 15,000 Complete 20% Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory 70% 40% 10% Production cost information for the Painting department follows, Beginning work in process Direct materials $ 22,400 6,250 Conversion $ 28,650 Costs added this period Direct materials Conversion $ 229,600 540,500 770, 100 If Skye Manufacturing uses the weighted-average method of process costing, compute the cost per equivalent unit for direct materials and conversion respectively for the Painting department.
Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75, 000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252,000 272, 000 $ 126,990 $ 250, 905, Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total f 4. Compute the first production department's cost of the units transferred to the next production department for materials, com and in total for May. Complete this question by entering your answers in…
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