Beginning Work-in-Process is 3,350 units; 66,600 units completed, and ending Work-in-Process is 5,450 units, which are 100% complete for direct materials and 50% complete for conversion costs. The beginning WIP Inventory is 100% complete for direct materials and 50% complete for conversion.   Required: 1. What are the equivalent units for materials and conversion using the weighted-average method? 2. What are the equivalent units for materials and conversion using the FIFO method?

Q: Materials are added at the beginning of the production process and ending work in process inventory…

A: A production cost report is a report which calculates and presents the total cost of production in a…

Q: The following information is available for Department A:…

A: In First In First Out (FIFO) method, the beginning inventory in progress is completed first.

Q: Using the following terms and following the format in the textbook, prepare the worksheet to show…

A: Ending inventory = Beginning inventory + Units started in production - Units completed and…

Q: For each of the following independent cases, determine the units or equivalent units requested…

A: Equivalent units are those partial completed units that are used in process costing to calculate the…

Q: Entries for Bonds Payable, including bond redemption The following transactions were completed by…

A: Bonds Bonds are referred to as the fixed-income instrument which represents a loan made by an…

Q: Cost of units transferred out and ending work in processThe costs per equivalent unit of direct…

A: Transferred out of cost of material = Units x Per unit…

Q: Beginning Work-in-Process is 6,700 units; 50,400 units completed, and ending Work-in-Process is…

A: 1.Equivalent units using weighted average method For material =50400 units + (3200×100%) = 50400 +…

Q: ending work in proces ion under the weightec ning inventory of 2,300 to materials and 60% inn

A: Beginning inventory 2,300 Add: units started    18,000 Less: Units completed and transferred…

Q: Equivalent Units of Materials   Equivalent Units of Conversion

A: Equivalent Units of Materials 71000  Equivalent Units of Conversion 59950

Q: Equivalent Units of Production The Converting Department of Worley Company had 720 units in work in…

A: Equivalent units of products concept came in to existence when some units are not fully completed at…

Q: Formulation Department Basic Production Data For the Month Ending March 31, 2023 Liters in Work…

A: Weighted average and FIFO method are costing methods to find out the value of inventory.

Q: Determine the equivalent units of production for both DM and conversion costs this year for the…

A: Lets understand the basics.There are two methods are followed for calculating equivalent units which…

Q: Using the weighted-average method, compute the equivalent units of production if the beginning…

A: Closing WIP = beginning inventory + units started - units completed and transferred  = 25000 units +…

Q: Compute the conversion cost per equivalent unit for the Production department using the…

A: FIFO means the item which is received first will be sold out first. LIFO means the item which is…

Q: eginning Work-in-Process is 4,300 units; 48,600 units completed, and ending Work-in-Process is 3,850…

A: INTRODUCTION: Direct materials are raw materials that are processed to create final goods. These are…

Q: Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department Kraus…

A: Direct materials are those materials which are used directly for production and manufacturing…

Q: Using the following terms and following the format in the textbook, prepare the worksheet to show…

A: The total units completed during this period are the total units completed since the beginning of…

Q: The following information is avatable to prepare a process cost summary report completed and…

A: Process costing is one of the form of costing, where similar products are being manufactured in bulk…

Q: Beginning work in progress is 4,750 units; 63,900 units completed, and ending work in progress is…

A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…

Q: (USE FIRST IN FIRST OUT METHOD) Direct materials are added at the beginning of the process and…

A: Solution:- d)Calculation of  the cost per equivalent unit for conversion costs as follows under:-…

Q: Using the following terms, prepare the worksheet to show the calculation to answer the question:…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Assume that 12,000 units were on hand at the beginning of the period, 50,000 units were started…

A: EQUIVALENT UNITS OF PRODUCTION  Equivalent Production is represents the production of a process in…

Q: Given the following information, determine the equivalent units of ending work in process for…

A: >Equivalent units refers to the units completed or in work in process that are ‘equivalent’ to…

Q: Given the following information Beginning Work in Process Inventory (70% complete as to conversion)…

A: When weighted average process costing is used , then percentage completion of opening work in…

Q: Department S had 500 units 70% completed in process at the beginning of the period, 8,600 units…

A: Introduction: Equivalent units of production are the work-in-process inventory at the end of an…

Q: Costs in beginning work in process inventory was $4,500 and $37,800 in costs were added during the…

A: Weighted average method: Under this method the opening balance of units is not recognised separately…

Q: Stage of Completion Units Materials Conversion Cost Beginning work-in-process Units started during…

A: The equivalent units are calculated on the basis of percentage of work completed during the period.

Q: A process's beginning work in process inventory consists of 10,000 units that are 20% complete with…

A: Formula: Equivalent units of production = Units completed and transferred + Work in process…

Q: Direct materials are added at the beginning of the process and conversions costs are uniformly…

A: Solution: Under FIFO method of process costing, it is assumed that unit from beginning WIP will be…

Q: What are the equivalent units for material and conversion costs for each quarter using the…

A: Equivalent units is calculated by using weighted average method by blending together the units and…

Q: Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct…

A: Equivalent Units: These are semi completed units which were expressed as fully completed units.

Q: The following data show the units in beginning work in process inventory, the number of units…

A: Here given the details of calculation of equivalent units of material and conversion cost using…

Q: Question: Given the following information, determine the equivalent units of ending work in process…

A: The question is based on the concept of Cost Accounting.

Q: Using the following terms and following the format in the textbook, prepare the worksheet to show…

A: Work in process is the inventory wherein the goods are yet to be completed. The goods are still in…

Q: Equivalent Units of Conversion Costs The Filling Department of Ivy Cosmetics Company had 2,300…

A: EQUIVALENT UNITS OF PRODUCTION Equivalent Production is represents the production of a process in…

Q: what is the equivalent units of production for materials?  B) what is the equivalent units of…

A:

Q: During the period, 45,000 units were completed, and 3,600 units were on hand at the end of the…

A: The concept of equivalent units arises when there is a number of incomplete units. The incomplete…

Q: Materials are added at the beginning of a production process, and ending work in process inventory…

A: In the process costing system, the equivalent number of units are obtained by multiplying the number…

Q: Required information Use the following information for the Exercises below. (Algo) 1 [The following…

A: >Process costing includes calculation of Equivalent units and cost per equivalent units.…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.