Carmelita, Inc., has the following information available: Costs from Beginning Inventory Direct materials Costs from Current Period $20,800 158,900 $4,900 Conversion costs. 6,600 At the beginning of the period, there were 500 units in process that were 45% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,600 units were started and completed. Ending inventory contained 400 units that were 27% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process costing method. O a. 4,600 for direct materials and 4,983 for conversion costs O b. 4,983 for direct materials and 4,983 for conversion costs O c. 5,000 for direct materials and 4,983 for conversion costs O d. 4,983 for direct materials and 5,000 for conversion costs The equivalent units of production for direct materials and conversion costs, respectively, were

Carmelita, Inc., has the following information available: Costs from Beginning Inventory Direct materials Costs from Current Period $20,800 158,900 $4,900 Conversion costs. 6,600 At the beginning of the period, there were 500 units in process that were 45% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,600 units were started and completed. Ending inventory contained 400 units that were 27% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process costing method. O a. 4,600 for direct materials and 4,983 for conversion costs O b. 4,983 for direct materials and 4,983 for conversion costs O c. 5,000 for direct materials and 4,983 for conversion costs O d. 4,983 for direct materials and 5,000 for conversion costs The equivalent units of production for direct materials and conversion costs, respectively, were

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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Carmelita, Inc., has the following information available: Line Item Description Costs from Beginning Inventory Costs from Current Period Direct materials $4,200 $27,600 Conversion costs 6,700 152,200 At the beginning of the period, there were 500 units in process that were 41% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,400 units were started and completed. Ending inventory contained 400 units that were 27% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process costing method. The cost of completing a unit during the current period was
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
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Production data show 27,626 units were transferred out of a stage of production and 7,834 units remained in ending WIP inventory that was 100% complete to material and 47% complete to conversion. The unit material cost is $8 for material and $4 for conversion. What is the amount of inventory transferred out? Round to the nearest whole dollar, no decimals.
A company started a new product, and in the first month started 64,735 units. The ending work in process inventory was 16,040 units that were 100% complete with materials and 67% complete with conversion costs. There were 16,040 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $9 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?
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Loanstar had 50 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $2,000 in materials and $5,000 in conversion costs before $8,450 of materials and $9,450 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 50% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values. Production Cost Report Work in process completion percent 100% 50% Material Units Conversion Units Total UnitS Completed and transferred out Ending work in process Total units to account for Materials Conversion Total Costs to account for $4 $4 Beginning work in process Incurred during the period $4 Total costs to account for Equivalent units Cost per equivalent unit for department $ %24 %24 %24
BASE DATA: UNITS: Beginning WIP Inventory (20% complete as to CC) 5,000 Units started 20,000 Units completed and transferred out 15,000 Ending WIP Inventory (Mat 100 %, CC 50 % complete) 10,000 Costs: Beginning inventory: Materials $ 4,000 CC $ 1,000 Current period: Materials $ 16,000 CC $ 4,000 All materials are added at the beginning of the process WITH THE ABOVE DATA SOLVE THE FOLLOWING QUESTIONS REGARDING YOUR PRODUCT: What is your Product's Equivalent units (EUP) for Mat & CC using Weighted Average? Materials EUP CC EUP Record your answers here What is your…
Subject: accounting