Beginning work in process inventory: Units in process 200 Completion with respect to materials 55% Completion with respect to conversion 30% Costs in the beginning work in process inventory: Materials cost $9,600 Conversion cost $5,575 Units started into production during the period 5,000 Costs added to production during the period: Materials cost $368,600 Conversion cost $350,900 Ending work in process inventory: Units in process 400 Completion with respect to materials 40% Completion with respect to conversion 25% Enter a formula into each of the cells marked with a ? below Weighted Average method: Equivalent Units of Production Materials Conversion Units transferred to the next department ? ? Equivalent units in ending work in process inventory: Materials ? Conversion ? Equivalent units of production ? ? Costs per Equivalent Unit Materials Conversion Cost of beginning work in process inventory ? ? Costs added during the period ? ? Total cost ? ? Equivalent units of production ? ? Cost per equivalent unit ? ? Costs of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion Total Ending work in process inventory: Equivalent units ? ? Cost per equivalent unit ? ? Cost of ending work in process inventory ? ? ? Units completed and transferred out: Units transferred to the next department ? ? Cost per equivalent unit ? ? Cost of units transferred out ? ? ? Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory ? Costs added to production during the period ? Total cost to be accounted for ? Costs accounted for as follows: Cost of ending work in process inventory ? Cost of units transferred out ? Total cost accounted for ?

Beginning work in process inventory: Units in process 200 Completion with respect to materials 55% Completion with respect to conversion 30% Costs in the beginning work in process inventory: Materials cost $9,600 Conversion cost $5,575 Units started into production during the period 5,000 Costs added to production during the period: Materials cost $368,600 Conversion cost $350,900 Ending work in process inventory: Units in process 400 Completion with respect to materials 40% Completion with respect to conversion 25% Enter a formula into each of the cells marked with a ? below Weighted Average method: Equivalent Units of Production Materials Conversion Units transferred to the next department ? ? Equivalent units in ending work in process inventory: Materials ? Conversion ? Equivalent units of production ? ? Costs per Equivalent Unit Materials Conversion Cost of beginning work in process inventory ? ? Costs added during the period ? ? Total cost ? ? Equivalent units of production ? ? Cost per equivalent unit ? ? Costs of Ending Work in Process Inventory and the Units Transferred Out Materials Conversion Total Ending work in process inventory: Equivalent units ? ? Cost per equivalent unit ? ? Cost of ending work in process inventory ? ? ? Units completed and transferred out: Units transferred to the next department ? ? Cost per equivalent unit ? ? Cost of units transferred out ? ? ? Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory ? Costs added to production during the period ? Total cost to be accounted for ? Costs accounted for as follows: Cost of ending work in process inventory ? Cost of units transferred out ? Total cost accounted for ?

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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Question

Beginning work in process inventory:
Units in process	200
Completion with respect to materials	55%
Completion with respect to conversion	30%
Costs in the beginning work in process inventory:
Materials cost	$9,600
Conversion cost	$5,575
Units started into production during the period	5,000
Costs added to production during the period:
Materials cost	$368,600
Conversion cost	$350,900
Ending work in process inventory:
Units in process	400
Completion with respect to materials	40%
Completion with respect to conversion	25%

Enter a formula into each of the cells marked with a ? below

Weighted Average method:

Equivalent Units of Production
	Materials	Conversion
Units transferred to the next department	?	?
Equivalent units in ending work in process inventory:
Materials	?
Conversion		?
Equivalent units of production	?	?

Costs per Equivalent Unit
	Materials	Conversion
Cost of beginning work in process inventory	?	?
Costs added during the period	?	?
Total cost	?	?
Equivalent units of production	?	?
Cost per equivalent unit	?	?

Costs of Ending Work in Process Inventory and the Units Transferred Out
	Materials	Conversion	Total
Ending work in process inventory:
Equivalent units	?	?
Cost per equivalent unit	?	?
Cost of ending work in process inventory	?	?	?

Units completed and transferred out:
Units transferred to the next department	?	?
Cost per equivalent unit	?	?
Cost of units transferred out	?	?	?

Cost Reconciliation
Costs to be accounted for:
Cost of beginning work in process inventory	?
Costs added to production during the period	?
Total cost to be accounted for	?
Costs accounted for as follows:
Cost of ending work in process inventory	?
Cost of units transferred out	?
Total cost accounted for	?

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