bMy Questions | bartlebhttps//camoenccinstructure.com/courses/3788/assignments/35966?module_iten id-88692o Busimess and inandatThe Kirkland Department of Delta Company began the month of December with beginning work in process of 4,000 units that are 100%complete as to materials and 30% complete as to conversion costs. Units transferred out are 10,000 units. Ending work in process contains8,000 units that are 100 % complete as to materials and 60% complete as to conversion costs.Compute the equivalent units of production for materials and conversion costs for the month of December.Equivalent UnitsQUANTITIESPhysical UnitsMaterialsConversion CostsUnits to be accounted forWork in process, December 1Started into productionTotal unitsUnits accounted forTransferred outWork in process, December 313Total unitseTextbook and Media

Calculate equivalent units of production for materials and conversion costs for the month of…

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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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Activity Cost Driver Chosen asAllocation Base Conversion Cost Per Unit ofAllocation Base Materials handling Number of parts $1.00 Machining Machine hours 60.00 Packaging Number of finished units 2.00 Each windsock requires three parts and spends five minutes in the machining department. The total cost of direct materials and direct labor is $3.50 per windsock. Gale produces 20,000 windsocks each year and sells them at 140% of cost. The selling price per windsock is: Question 8 options: $13.50. $18.90. $16.10. $88.20.
Provide a solution for number 10 and 11
Activity Cost Driver Chosen asAllocation Base Conversion Cost Per Unit ofAllocation Base Materials handling Number of parts $1.00 Machining Machine hours 60.00 Packaging Number of finished units 2.00 Each windsock requires three parts and spends five minutes in the machining department. The total cost of direct materials and direct labor is $3.50 per windsock. Gale produces 20,000 windsocks each year and sells them at 140% of cost. The total cost of producing the 20,000 windsocks is: Question 7 options: $160,000. $230,000. $270,000. $1,260,000.
Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company: Quantity Work in process, May 1 Started in May Completed during May Work in process, May 31 80 500 460 120 Stage of Completion Materials WIP-Beg. 90% 40% WIP-End 60% 30% Conversion Costs Cost Data: Materials P49,336 322,000 Conversion Costs Work in process, May 1 Cost added during May P9,104 139,200 The Assembly Department uses the average method of process costing. What are the equivalent units of production for direct materials and conversion costs? 5. FIFO METHOD -EUP AS TO MATERIALS: 6. FIFO METHOD -EUP AS TO CC:
Physical Flow Schedule Nelrok Company manufactures fertilizer. Department 1 mixes the chemicals required for the fertilizer. The following data are for the year: BWIP (40% complete) 45,000 Units started 142,500 Units in EWIP (60% complete) 35,000 Required: Prepare a physical flow schedule. Nelrok CompanyPhysical Flow Schedule Units to account for: Units in beginning work in process fill in the blank 1 Units started fill in the blank 2 Total units to account for fill in the blank 3 Units accounted for: Completed from beginning work in process fill in the blank 4 Started and completed fill in the blank 5 Units in ending work in process fill in the blank 6 Total units accounted for fill in the blank 7 Feedback Partially correct Check My Work
es Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2,5) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 59,000 38,000 $ 97,000 $ 150,000 400,000 $ 550,000 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 43,000 partially complete gallons, 55 percent complete with respect to conversion costs. ⚫ Units started in July, 83,000 gallons. • Units transferred out in July. 93,000 gallons. • Ending inventory, 33,000 gallons, 70 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit Direct Materials $ 1.19 Conversion Costs $ 4.44
Using The FIFO Method of Process Costing, prepare journal entries
Equivalent Units of Conversion Costs The Rolling Department of Jabari Steel Company had 2,814 tons in beginning work in process inventory (20% complete) on October 1. During October, 40,200 tons were completed. The ending work in process inventory on October 31 was 2,010 tons (10% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit. units
Required information [The following information applies to the questions displayed below.] Select the best answer for each of the following independent multiple-choice questions. Required: a. Hillger Paints production cycle starts in Department A. The following information is available for April: Work in process, April 1 (30% complete) Started in April Work in process, April 30 (70% complete) Units 125,000 405,000 67,000 & Exi Materials are added at the beginning of the process in Department A. Using the weighted-average method, what are the equivalent units of production for the month of April?
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 39,000 units, 100% complete as to materials and 60% complete as to conversion. Units started and completed: 138,000. Units completed and transferred out: 177,000. Ending Inventory: 37,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $57,000. Costs in beginning Work in Process - Conversion: $62,850. Costs incurred in February - Direct Materials: $301,000. Costs incurred in February -Conversion: $613,150. Calculate the equivalent units of conversion. Multiple Choice 251,000 225,100 O 138,000 175 000
Problem 7. Hua Corp. manufactures hats. All material is placed in process at the beginning of the period in Department A and the process and the conversion costs are added evenly throughout the process. Upon completion the goods are immediately transferred to Department B. Department A -Month of April 20xx. Status: -Work in process 3/31/xx conversion Units completed at a cost of $300,000 20,000 ($250,000 material and $50,000 conversion) -Units started during April 50,000 -Units completed during April 30,000 -Work in process April 30th were 50% 40,000 Completed for conversion -Direct material cost added during April $450,000 -Conversion cost added during April $100,000 Required: Prepare the 5 step production cost report

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