Carmelita Inc., has the following information available:Costs from beginning Costs from currentDirect materialsConversion costsinventory$2,500$6,200period$22,252$150,536At the beginning of the period, there were 500 units in a processthat was 60% complete as to conversion costs and 100% completeas to direct materials costs. During the period 4,500 units werestarted and completed. Ending inventory contained 340 units thatwere 30% complete as to conversion costs and 100% complete as tomaterials costs.The total costs that will be transferred into Finished Goods for unitsstarted and completed werea. $162,855b. $161,775c. $156,960d. $161,505Lettman Corporation has provided the following partial listing ofcosts incurred during November:Marketing salaries$46,000Property taxes, factory$17,200Administrative travel$107,500Sales commissions$48,900Indirect labor$43,300Direct materials$174,500Advertising$144,800Depreciation of production equipment $45,200Direct laborRequired:$90,900a. What is the total amount of product cost listed above?b. What is the total amount of period cost listed above?

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Answered: Carmelita Inc., 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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Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: • beginning inventory of 2,500 units is 100% complete with regard to materials and 60% complete with regard to conversion • 18,000 units were started during the period • 17,700 units were completed and transferred • ending inventory is 100% complete with materials and 65% complete with conversion
Carmelita Inc., has the following information available: Direct materials Conversion costs Costs from Costs from Beginning Inventory Current Period $2,000 6,200 $22,252 150,536 At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The equivalent units of production for direct materials and conversion costs, respectively, were a. 5,340 for direct materials and 4,902 for conversion costs b. 4,902 for direct materials and 4,802 for conversion costs c. 4,602 for direct materials and 4,802 for conversion costs d. 4,840 for direct materials and 4,802 for conversion costs
Cywila Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information: Costs UnitsMaterialsConversionWork in process, Jan. 1 80% complete with respect to conversion costs100,000$100,000$157,500Units started into production500,000 Costs added during the year: Materials $650,000 Conversion $997,500Units completed during the year450,000 Work in process, Dec. 31 60% complete with respect to conversion costs150,000 The company uses the weighted-average cost method in its process costing system.Required:a) Compute the equivalent units of production for materials and for conversion costs. b) Compute the cost per equivalent units for materials and for conversion costs.c) Determine the cost of units completed during the year.d) Determine the cost of ending work-in-process inventory.
The cost per equivalent unit of direct materials and conversion in the Bottling Department of Beverages on Jolt Company is $0.70 and $0.10, respectively. The equivalent units to be assigned costs are as follows: Direct Materials Conversion Inventory in process, beginning of period 3,160 Started and completed during the period 51,950 51,950 Transferred out of Bottling (completed) 51,950 55,110 00 57,810 Inventory in process, end of period 099 Total units to be assigned costs The beginning work in process inventory had a cost of $3,950. Determine the cost of completed and transferred-out production and the ending work in process inventory. When required, round your answers to the nearest dollar. Completed and transferred out production Inventory in process, ending items Previous ( XƏN へ nere to search 9:44 PM 53°F Cloudy (中岁 12/6/2021 a. SU delete 144 ZA pause alt alt ctrl USE YOL
The cost per equivalent unit of direct materials and conversion in the Bottling Department of Beverages on Jolt Company is $0.50 and $0.20, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, beginning of period Started and completed during the period Transferred out of Bottling (completed) Inventory in process, end of period Total units to be assigned costs Direct Materials 52,120 0 52,120 3,010 55,130 LA LA Conversion The beginning work in process inventory had a cost of $3,020. Determine the cost of completed and transferred-out production and the ending work in process inventory. When required, round your answers to the nearest dollar. Completed and transferred out production Inventory in process, ending 3,110 52,120 55,230 2,700 57,930
*The cost per equivalent units of direct materials and conversion in the Roasting Department of Robusta Coffee Company are $0.60 and $0.25, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, beginning of period Direct Materials Conversion 0 3,000 Started and completed during the period 52,000 52,000 Transferred out of Roasting (completed) 52,000 55,000 Inventory in process, end of period Total units to be assigned costs 3,500 2,100 55,500 57,100 The beginning work in process inventory had a cost of $6,500. Based on the information provided, the total cost of units completed and transferred-out production is equal to: $54,075 $2,625 $51,450 $44,200
Bonita Company's Assembly Department has materials cost at $5 per unit and conversion cost at $10 per unit. There are 29500 units in ending work in process, all of which are 70% complete as to conversion costs. Materials are added at the beginning of the process. How much are total costs to be assigned to inventory? $442500. $354000. $147500. $206500.
The Jamaica Company manufactures a product in a single process. The following information is available: Beginning WIP Inventory -0-Units Input Material Direct Labour Cost Incurred Manufacturing Overhead Incurred 18,000 units valued at $213,885 $577,500 $391,875 Units Completed & Transferred Out 12,000 Ending WIP Inventory 6,000 units The units still in process are 45% complete with respect to direct materials and 35% complete with respect to conversion costs. The cost per equivalent unit for direct materials is? Select one $17.81 Ob $15.00 O $14.55- Od. $12.87 0
John Doe Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information: Units Materials Conversion Work in process, Jan. 1 80% complete with respect to conversion costs $100,000 $157,500 100,000 500,000 Units started into production Costs added during the year: Materials $650,000 Conversion $997,500 Units completed during the year 450,000 The company uses the weighted-average method in its process costing system. The ending inventory is 50% complete with respect to conversion costs. Required: a) Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs. b) Determine the cost transferred to finished goods. ) Detemine the amount of cost that should be assigned to the ending work-in-process inventory.
The cost of direct materials transferred into the Filling Department of Eve Cosmetics Company is $401,280. The conversion cost for the period in the Filling Department is $252,320. The total equivalent units for direct materials and conversion are 60,800 ounces and 66,400 ounces, respectively. Determine the direct materials and conversion costs per equivalent unit. If required, round to the nearest cent. Direct materials cost per equivalent unit: Conversion costs per equivalent unit:
Brighto processes a single type of paint for commercial use. For the current period the following information is given: Material Costs Conversion Costs Units Beginning Work-in-Process 13,000 (WIP) $ 47,300 $ 49,400 Started During the Current Period $ 520,000 $ 784,225 80,000 Ending Work-in-Process (WIP) 7,500 All materials are added at the beginning of the production process. The beginning WIP was 40% complete as to conversion, while the ending WIP was 30% completed for conversion purposes. b. Calculate:- Brighto’s *physical flow of units: *equivalent units: *cost per equivalent unit: *assign costs to Finished Goods: *and Ending Work-in-Process (WIP) inventories using the WEIGHTED AVERAGE method of process costing. Clearly indicate the costs assigned to inventory categories:
The cost of direct materials transferred into the Bottling Department of the Mountain Springs Water Company is $1,000,500. The conversion cost for the period in the Bottling Department is $648,000. The total equivalent units for direct materials and conversion are 34,500 liters and 7,200 liters, respectively. Determine the direct materials and conversion cost equivalent unit. Cost per equivalent unit of materials Cost per equivalent unit of conversion

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