Bonita Company has the following production data for April: units transferred out 41,300, and ending work in process 6,190 unitsthat are 100% complete for materials and 40% complete for conversion costs. If unit materials cost is $ 4 and unit conversion cost is $9.Determine the costs to be assigned to the units transferred out and the units in ending work in process.Transferred out$4Ending work in process%24%24

Formula: Cost to be assigned to the Units Transferred out = ( Unit material cost + Unit conversion…

Answered: Bonita Company has the following…

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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Data for June are as follows for Superior Corp., which uses FIFO process costing: Units Beginning work in process 5,600 Units started in process 114,000 Costs Beginning work in process: Materials $18,500 Conversion $3,700 June's costs: Materials $444,300 Conversion 190,700 All materials are added at the…
Peridot Company's grinding department had the following data for the month of January: Production: Units in process, January 1, 75% complete Units completed and transferred out Units in process, January 31, 45% complete Costs: Work in process, January 1 13,000 tons 39,000 tons 20,000 tons Costs added during January $6,265 $20,135 Determine the cost to be assigned to ending work-in-process (EWIP) using the weighted average method. (Note: Round the unit cost to two decimal places.) a. $4,950 Ob. $7,565 ○ c. $8,984 Od. $3,790
3. The Assembly Department for Bright Company has the following production data for the current month. Beginning Work in Process Units transferred out Ending Work in Process -0- 20,000 10,000 Materials are entered at the beginning of the process. The ending work in process units are 70% complete as to conversion costs. Instructions: Compute the equivalent units of production for (a) materials and (b) conversion costs (2 marks) 4. Tien Group estimates that unit sales will be 20,000 in quarter 1, 24,000 in quarter 2, 27,000 in quarter 3 and 33,000 in quarter 4. Management desires to have an ending finished goods inventory equal to 20% of the next quarter's expected unit sales. Instructions: Prepare a production budget by quarters for the first 6 months of 2020. (*
Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available. Work in process, August 1 (59% complete with respect to conversion) 16,000 Started in August 119,400 Completed 119,400 Work in process, August 31 (75% complete with respect to conversion) 16,000 Required: a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method.
Prepare a Production Cost Report Troika Company The production information for Troika's Smoothing department for August is as follows: Work in process Beginning balance: materials Beginning balance: conversion Materials Labor Overhead Cost $ 1,550 2,500 7,441 14,520 7,930 Beginning units Transferred in Transferred in Transferred out Units 650 1,780 1,810 All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. Prepare a production cost report for August for the Smoothing Department.
Subject: Cost Accounting
1) A company uses process costing and provides the following information for the month of August: Physical Flow in August Cost Data for August Units in Process, Aug. 1 100 Materials Conversion Total Units Started in August 1100 Beg. WIP: $734 $1,547 $2,281 Units Completed in August 1120 Current Period: 12,708 $13,897 $26,605 Units in Process, Aug. 30 80 Total: $13,442 $15,444 $28,886 Units in process at the end of August were 30% complete with respect to materials and conversion costs. How much cost should be assigned to ending work-in-process inventory for the month of August? (Round all intermediate calculations and the final answer to the nearest dollar and cents.)2) A company uses process costing. The following information pertains to the Assembly Department for the month of June: Assembly Department physical inventory for June: 100 units completed and transferred out 20 units in ending work‐in‐process inventory Ending work-in-process inventory is 10% complete with respect to…

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