c. Department X is the first stage of Sarena Solvents's production cycle. The following information is available for conversion costs for the month of December: Beginning work-in-process inventory (60% complete) Started in December Completed in December and transferred to Department Y Ending work-in-process inventory (40 % complete) Using the FIFO method, the equivalent units for the conversion cost calculation are: Physical Units 45,000 530,000 510,000 65,000

c. Department X is the first stage of Sarena Solvents's production cycle. The following information is available for conversion costs for the month of December: Beginning work-in-process inventory (60% complete) Started in December Completed in December and transferred to Department Y Ending work-in-process inventory (40 % complete) Using the FIFO method, the equivalent units for the conversion cost calculation are: Physical Units 45,000 530,000 510,000 65,000

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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6. A-Lumber Company uses the weighted-average method in its process costing system. Information for the month of June presented below: Percentage Completion In Respect to Conversion Costs Units Beginning WIP Started during June 12,000 90% 18,000 Completed and Transferred Out 20,000 Ending WIP 10,000 40% The conversion cost in beginning work in process inventory was $20,000 at the beginning of June. Additional conversion costs of $70,000 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? A. $3.75 B. $3.00 C. $3.46 D. $4.40
Compute the unit costs for conversion cost for the month of September.
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Oslo Company produces large quantities of a standardized product. The following information is available for the first production department for May. Prepare a production cost report for this process using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 4,000 Units started this period 12,000 Completed and transferred out 13,000 Ending work in process inventory 3,000 100% 25% Beginning work in process inventory Direct materials $ 2,880 Conversion 5,358 $ 8,238 Costs added this period Direct materials 197, 120 Conversion 234,992 432, 112 Total costs to account for $ 440,350
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Red Company adds materials at the beginning of the process in Department O. The following data pertains to Department O's work in process during March: Units work in process on March 1: ( 60% complete as to conversion cost ) 3,000 25,000 20,000 Units started in March Units completed in March Units work in process on March 31: ( 75% complete as to conversion cost) 8,000 Under the average costing method, the equivalent units for conversion cost is: а. 21,800 b. 26,000 с. 24,000 d. 25,000
[The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 875,840 $ 27,150 3,658 $ 30,800 552,450 323,390 5906,640 Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 2,500 100% 20% Units started this period 43,500 Completed and transferred out 43,000 Ending work in process inventory 3,000 100% без Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for Total units to account for Units accounted for Total units accounted for Equivalent Units of Production (EUP) Equivalent units of production Cost per EUP Total costs -Equivalent units of production Cost per equivalent…
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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 $ 64,500 43,500 $ 108,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 48,500 partially complete gallons, 30 percent complete with respect to conversion costs. • Units started in July, 88,500 gallons. Units transferred out in July, 98,500 gallons. Ending inventory, 38,500 gallons, 55 percent complete with respect to conversion costs. $ 205,000 455,000 $ 660,000 Cost of goods transferred out Ending inventory Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $2.30 and $0.40, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs Equivalent Units Equivalent Units Direct Materials Conversion 0 Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 3,900 55,000 58,900 3,000 61,900 55,000 55,000 6,000 61,000 The beginning work in process inventory on October 1 had a cost of $2,220. Determine the cost of completed and transferred-out production, the ending work in process
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 $ 56,000 35,400 $ 91,400 $ 124,000 372, 600 $ 496,600 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 80,000 gallons. ● • Units transferred out in July, 90,000 gallons. Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method.