c. Determine the equivalent units of production using the weighted average method.EU for materials5,728,000EU for conversion5,569,600d. Determine the equivalent units of production using the FIFO method.EU for materialsEU for conversion0 x0 xe. Reconcile your answers to parts (c) and (d).Note: Use a negative sign to indicate amount in table is subtracted.DMCCWA EUPEquivalent units in BIFIFO EUP0 x0 x0 x0 xох0 x WA & FIFO EUPRamos Corp. uses a process costing system to assign costs to its steel production. During March, Ramos had beginning Work in Process Inventory of 288,000 tons ofsteel (100 percent complete as to material and 65 percent complete as to conversion). During the month, the raw material needed to produce 5,440,000 tons of steelwas started in process. At month-end, 264,000 tons remained in WIP Inventory (100 percent complete as to material and 40 percent complete as to conversion).

Name: c. Determine the equivalent units of production using the weighted av
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: c. Determine the equivalent units of production using the weighted average method.EU for materials5,728,000EU for conversion5,569,600d. Determine the equivalent units of production using the FIFO method.EU for materialsEU for conversion0 x0 xe. Reco

Units Completed = Beginning Work in process + Units Stated - Ending Work in process…

Business

Accounting

c. Determine the equivalent units of production using the weighted average method. EU for materials 5,728,000 EU for conversion 5,569,600 d. Determine the equivalent units of production using the FIFO method. EU for materials EU for conversion e. Reconcile your answers to parts (c) and (d). Note: Use a negative sign to indicate amount in table is subtracted. DM CC WA 0 x 0 x Equivalent units in Bl 0 x 0 x 0 x 0 x

c. Determine the equivalent units of production using the weighted average method. EU for materials 5,728,000 EU for conversion 5,569,600 d. Determine the equivalent units of production using the FIFO method. EU for materials EU for conversion e. Reconcile your answers to parts (c) and (d). Note: Use a negative sign to indicate amount in table is subtracted. DM CC WA 0 x 0 x Equivalent units in Bl 0 x 0 x 0 x 0 x

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

How would I prepare a product cost report (with its supporting calculations) for Department 1. Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number.
Baden Company has gathered the following information. Units in beginning work in process 0 Units started into production 37,000 Units in ending work in process 7,000 Percent complete in ending work in process: Conversion costs Materials Costs incurred: Direct materials Direct labor Overhead 4 80 40 % 100 % $73,000 $61,100 $101,100
Which of the following summarizes the weighted average cost flow assumption? Weighted average assumes that costs flow in the reverse order incurred. O Weighted average assumes that cost flow is allocated by the physical weight of items purchased. O Weighted average assumes that costs flow at an average of the costs available. O Weighted average assumes that costs flow in the order incurred.
Saved Required information Data Beginning work in process inventory: 5. Units in process 200 6. Completion with respect to materials 50 % 7 Completion with respect to conversion Costs in the beginning work in process inventory: 40 % 8. 6. Materials cost 2,590 10 Conversion cost 6,184 11 Units started into production during the period 16.500 12 Costs added to production during the period: 13 Materials cost $ 415,325 Conversion cost $ 1,266.500 15 Ending work in process inventory: 16 Units in process 100 17 Completion with respect to materials 50 % 18 Completion with respect to conversion 80 % %24 %24 2. 4. 1.
When materials costs differ significantly among products in a value stream, the valuestream product cost is calculated by which of the following?a. Unit Materials Cost + Value-Stream Costs/Units Shippedb. Unit Materials Cost + Value-Stream Conversion Costs/Units Shippedc. Value-Stream Costs/Units Producedd. Value-Stream Costs/Units Shipped
In cost terms, direct labor cost is included inA. Manufacturing costsB. Prime costsC. Conversion costsD. B and CE. A, B and C
a. 1. Prepare an estimated income statement, comparing operating results if 29,600 and 32,800 units are manufactured in the absorption costing format. If an amount box does not require an entry leave it blank. a. 2. Prepare an estimated income statement, comparing operating results if 29,600 and 32,800 units are manufactured in the variable costing format. If an amount box does not require an entry leave it blank. b. What is the reason for the difference in operating income reported for the two levels of production by the absorption costing income statement? The increase in income from operations under absorption costing is caused by the allocation of overhead cost over a number of units. Thus, the cost of goods sold is . The difference can also be explained by the amount of overhead cost included in the inventory.
The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.
Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials. Conversion Total costs to account for Units 4,400 20, 600 25,000 3,800 $314, 760 1,374,948 Direct Materials Conversion Percent Percent Complete Complete 100% 30% 100% $ 124,790 1,689, 708 $ 1,814, 498 70%
Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year 60 24 24 $ 528,000 22 8 $4 $ 105,000 11 la. Assume the company uses absorption costing. Determine its product cost per unit. Absorption costing Per unit product cost using:
[S1] A cost is either direct or indirect. The classification changes if the costs object changes. [S2] Manufacturing overhead is an indirect cost with respect to units of product. a. both are trueb. both are falsec. S1 is trued. S2 is true
The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs. The company has enough customer demand to justify producing its full capacity of 3,800 sets per year. Annual cost data at full capacity follow: Direct labor Advertising Factory supervision Property taxes, factory building Sales commissions Insurance, factory Depreciation, administrative office equipment Lease cost, factory equipment Indirect materials, factory Depreciation, factory building Administrative office supplies (billing) Administrative office salaries Direct materials used (wood, bolts, etc.) Utilities, factory $ 89,000 $ 103,000 $70,000 $ 23,000 $ 65,000 $ 6,000 $ 2,000 $ 17,000 $ 18,000 $ 106,000 $ 5,000 $ 111,000 $ 426,000 $ 46,000 Required: 1. Enter the dollar amount of each cost item under the appropriate headings. Note that each cost item is classified in two ways: first, as variable or fixed with respect to the number of units produced and sold; and second, as a selling…