Cebu Company adds materials at the beginning of the process in Department 1. Data concerning the materials used in November 2021 production are as follows: WIP, March 1 Started during March Completed and transferred to next department during March Normal spoilage incurred WIP, March 31 Units 16,000 34,000 36,000 4,000 10,000 1. The equivalent units for the materials unit cost calculation using FIFO is 2. The equivalent units for the materials unit cost calculation using weighted average is

Cebu Company adds materials at the beginning of the process in Department 1. Data concerning the materials used in November 2021 production are as follows: WIP, March 1 Started during March Completed and transferred to next department during March Normal spoilage incurred WIP, March 31 Units 16,000 34,000 36,000 4,000 10,000 1. The equivalent units for the materials unit cost calculation using FIFO is 2. The equivalent units for the materials unit cost calculation using weighted average is

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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In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For October 2021, Cruz Company presented the following costs on three processes: In October, what is the total costs transferred from Department A to Department B? P1,031,900 P 880,520 P 812,380 P 988,000
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Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available. Work in process, August 1 (65% complete with respect to conversion) Started in August Completed Work in process, August 31 (71% complete with respect to conversion) Required: a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. a. Using the weighted-average method b. Using the FIFO method Equivalent Units Materials 17,700 118,900 118,900 17,700 Conversion Costs
Question: Ebony Company uses the weighted-average method of process costing to assign production costs to the products. Information for April follows. Assume that all materials are added at the beginning of the production process, and that direct labor and factory overhead are added uniformly throughout the process. Complete a process cost summary using the following sections: Beginning WIP Units completed and transferred Units Material Conversion 5000 50000 100000 20000 250000 500000 Ending WIP 80% complete with 7000 respect to conversion and 100% for materials 1. Costs charged to production 2. Unit cost information 3. Equivalent units of production 4. Cost per Equivalent unit of production
The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $1.80 and $1.95, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 4,100 Started and completed during the period 51,000 51,000 Transferred out of Filling (completed) 51,000 55,100 Inventory in process, end of period 3,000 900 Total units to be assigned costs 54,000 56,000 The beginning work in process inventory had a cost of $2,870. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred-out production Inventory in process, ending
. . Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2, 5) . 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 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 49,500 partially complete gallons, 15 percent complete with respect to conversion costs. Units started in July, 89,500 gallons. . Units transferred out in July, 99,500 gallons. Ending inventory, 39,500 gallons, 65 percent complete with respect to conversion costs. $ 65,500 44,500 $ 110,000 Direct Materials Conversion Costs $ 215,000 465,000 $ 680,000 Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit
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 $1.70 and $2.40, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials 0 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 72,000 The beginning work in process inventory on October 1 had a cost of $2,900. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 65,000 65,000 7,000 Equivalent Units Conversion 4,600 65,000 69,600 S 2,800 72,400
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Please no written by hand solutions Nettle Company uses process costing to account for the production of rubber balls. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Equivalent units have been calculated to be 14,900 units for materials and 14,500 units for conversion costs. Beginning inventory consisted of $8,000 in materials and $5,775 in conversion costs. April costs were $54,385 for materials and $50,750 for conversion costs. Ending inventory still in process consisted of 5,800 units (100% complete for materials, 50% for conversion). The total cost per equivalent unit using the FIFO method would be: Multiple Choice $8.09 $7.98 $7.15 $7.06
Elize company employs Weighted Average process costing system in the assembly department and FIFO process costing system in the finishing department concerning its only product which undergoes production in assembly department and finishing department. The following data for the year ended December 31, 2021 are provided: Assembly Department Units Cost January 1, 2021 100,000 units - 40% completed as to conversion cost Costs of direct material - 3M Cost of Direct Labor - 5M Cost of Factory Overhead - 2M December 31, 2021 150,000 units - 80% completed as to conversion cost ? Units started during the year 400,000 units DM cost added during 2021 - 12M DL cost added during 2021 - 15M FOH cost added during 2021 - 13M Finishing Department Units Cost January 1, 2021 50,000 units - 70% incomplete conversion cost Cost of transferred in - 10M Cost of Direct Material - 6M Cost of direct labor - 1M Cost of Factory Overhead - 3M December 31, 2021 30,000 units - 10%…
In using FIFO method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Cruz Company presented the following costs on three processes: What is the amount of work in process at December 31, 2021? P12,050.39 P 5,530.39 P 3,280.00 P 3,240.00
In using FIFO method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Cruz Company presented the following costs on three processes: What is the equivalent units of production (EUP) on Materials in Department 1? 15,000 15,100 16,000 14,200 What is the equivalent units of production (EUP) on Materials in Department 2? 15,100 15,000 15,150 14,800