Calcuate the cost of items completed during november?At the start of November, ToyCo Refinery had Work in Process inventory consisting of 4,200 units that were 70 percent completewith respect to materials and 50 percent complete with respect to conversion costs. The cost of the units was $43,500 ($31,100 ofmaterial cost and $12,400 of labor and overhead). During November, the company started 40,800 units and incurred $457,080 ofmaterial cost and $419,000 of labor and overhead. The company completed 41,900 units during the month, and 3,100 units were inprocess at the end of November. The units in ending Work in Process were 80 percent complete with respect to materials and 40percent complete with respect to conversion costs.

Beginning WIP Inventory: The beginning WIP inventory consisted of 4,200 units that were 70% complete…

Answered: Calcuate the cost of items completed…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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The Modelling Department of AMC Inc. incurred $295,000 in direct material costs and $120,600 in conversion costs during the period. The beginning work-in-process inventory costs include $38,000 in direct material costs and $25,000 in conversion costs. The equivalent units of production for direct materials and conversion costs are 8,000 and 5,200, respectively. At the end of the period, 4,500 units are completed and transferred to the next processing department. Compute the costs per equivalent units for conversion costs under the weighted-average method. (Round your answer to the nearest cent.) Group of answer choices $69.63 per EUP $30.50 per EUP $41.63 per EUP $28.00 per EUP
The Rolling Department of Jabari Steel Company had 800 tons in beginning work in process inventory (60% complete) on October 1. During October, 15,600 tons were completed. The ending work in process inventory on October 31 was 1,200 tons (25% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process?
Equivalent Units of Material Cost The Rolling Department of Oak Ridge Steel Company had 2,900 tons in beginning work in process inventory (50% complete) on July 1. During July, 48,600 tons were completed. The ending work in process inventory on July 31 was 2,400 tons (10% complete). What are the total equivalent units for direct materials for July if materials are added at the beginning of the process?
On August 1, Jones Corporation's packaging department had Work in Process inventory of 8,000 units that were 75% complete with respect to materials and 30% complete with respect to conversion costs. The cost of these units was $99,525 ($62,000 transferred-in from previous departments, $28,775 in materials, and $8,750 in labor and overhead). During August, 125,000 units were transferred into the department. These units had accumulated costs in previous departments of $1,418,560. The packaging department incurred costs of $799,225 for materials and $498,010 for conversion costs in August and transferred 131,000 units out of the department. The 2,000 units remaining in ending inventory are 50% complete with respect to materials and 20% complete with respect to conversion costs. Jones Corporation uses the average cost method to cost its inventories. Required a. Calculate the cost per equivalent unit for transferred-in costs, materials, and conversion costs. Round your answers to two…
In the month of April, a department had 500 units in the beginning work in process inventory that were 60% complete. These units had $63,000 of materials costs and $44,000 of conversion costs. Materials are added at the beginning of the process and conversion costs are added uniformly throughout the process. During April, 17,000 units were completed and transferred to the finished goods inventory and there were 2,500 units that were 20% complete in the ending work in process inventory on April 30. During April, manufacturing costs charged to the department were: Materials $2,565,000; Conversion costs $3,010,000. The cost assigned to the units in the ending work in process inventory on April 30 wasa. $5,289,000 b. $5,377,000 c. $5,251,000 d. $5,270,000
The Modelling Department of AMC Inc. incurred $295,000 in direct material costs and $120,600 in conversion costs during the period. The beginning work-in-process inventory costs include $25,000 in direct material costs and $38,000 in conversion costs. The equivalent units of production for direct materials and conversion costs are 8,000 and 5,200, respectively. At the end of the period, 4,500 units are completed and transferred to the next processing department. Compute the costs per equivalent units for direct materials under the weighted-average method. (Round your answer to the nearest cent.) Group of answer choices $30.50 per EUP $23.19 per EUP $40.00 per EUP $36.88 per EUP
Equivalent Units of Materials Cost The Rolling Department of Blackrock Steel Company had 800 tons in beginning work in process inventory (20% complete). During the period, 12,700 tons were completed. The ending work in process inventory was 2,000 tons (30% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? units
Materials costs of $648000 and conversion costs of $822180 were charged to a processing department in the month of September. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. There were no units in beginning work in process, 120000 units were started into production in September, and there were 6000 units in ending work in process that were 30% complete at the end of September.What was the total amount of manufacturing costs assigned to the 6000 units in the ending work in process? $12780. $45180. $22500. $32400.
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Materials costs of $960000 and conversion costs of $1110000 were charged to a processing department in the month of September. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. There were no units in beginning work in process, 16000 units were started into production in September, and there were 7000 units in ending work in process that were 30% complete at the end of September.What was the total amount of manufacturing costs assigned to those units that were completed and transferred out of the process in September? $1776000. $1164375. $2560000. $1440000.
Materials costs of $530000 and conversion costs of $698400 were charged to a processing department in the month of September. Materials are added at the beginning of the process, while conversion costs are incurred uniformly throughout the process. There were no units in beginning work in process, 100000 units were started into production in September, and there were 5000 units in ending work in process that were 40% complete at the end of September.What was the total amount of manufacturing costs assigned to the 5000 units in the ending work in process? $26500. $25000. $14400. $40900.

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