Chicotti cocoa ...accounting questions Chicotti Cocoa Chiles has 3,000 units in beginning work inprocess, 30% complete as to conversion costs, 25,000 unitstransferred out to finished goods, and 1,000 units in endingwork in process 20% complete as to conversion costs. Thebeginning and ending inventory is fully complete as tomaterials costs.How much are equivalent units for conversion costs if theweighted average method is used?

Step 1: Define Beginning InventoryBeginning inventory refers to the inventory which can be finished,…

Answered: Chicotti Cocoa Chiles has 3,000 units…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct...

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The following product costs are available for Stellis Company on the production of erasers: direct materials, $22,000; direct labor, $35,000; manufacturing overhead, $17,500; selling expenses, $17,600; and administrative expenses; $13,400. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 13,750 equivalent units are produced, what is the equivalent material cost per unit? If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit?
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
What are the total costs to account for if a companys beginning inventory had $23,432 in materials and $18,450 in conversion costs, and added direct material costs ($41,392), direct labor ($23,192), and manufacturing overhead ($62,500)?
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units, 55,000 units were started in production, and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are 70% complete and the Units are 30% complete with respect to conversion.
Weighted-average costs per equivalent unit are $2.10 for direct materials and $3.05 for conversion. There are no transferred-in costs and no spoilage. What is the cost of goods completed and transferred out if 27,000 units are completed and 2,700 units are in ending inventory? Cost of Goods Completed and Transferred out: ?
Grover Company has the following data for the production and sale of 2,000 units. Sales price per unit $ 800 per unit Fixed costs: Marketing and administrative $ 400,000 per period Manufacturing overhead $ 200,000 per period Variable costs: Marketing and administrative $ 50 per unit Manufacturing overhead $ 80 per unit Direct labor $ 100 per unit Direct Materials $ 200 per unit What is the conversion cost per unit? $280 $180 $100 $380 A cost that would be included in product costs under both absorption costing and variable costing is: supervisory salaries. variable selling expenses. factory rent. variable manufacturing costs. Younes Inc. manufactures industrial components. One of its products, which is used in the construction of industrial air conditioners, is known as P06. Data concerning this product are given below: Per Unit Selling price $ 220 Direct…
Jamison Company uses the total cost method of applying the cost-plus approach to product pricing. Jamison produces and sells Product X at a total cost of $1,500 per unit, of which $1020 is product cost and $480 is selling and administrative expenses. In addition, the total cost of $1,500 is made up of $850 variable cost and $650 fixed cost. The desired profit is $210 per unit. Determine the markup percentage on total cost. %
Madison Industries has equivalent units of 8,000 for materials and for conversion costs. Total manufacturing costs are $200,000. Total materials costs are $150,000. How much is the conversion cost per unit? Group of answer choices $6.25. $2.50. $25.00. $5.00.
Crane Industries has equivalent units of 7000 for materials and for conversion costs. Total manufacturing costs are $111000. Total materials costs are $90000. How much is the conversion cost per unit? $15.86. $3.00. $28.71. $12.86.
Weighted-average costs per equivalent unit are $2.90 for direct materials and $3.45 for conversion. There are no transferred-in costs and no spoilage. What is the cost of goods completed and transferred out if 12,500 units are completed and 1,250 units are in ending inventory?
Bonita Industries has equivalent units of 8600 for materials and for conversion costs. Total manufacturing costs are $127100. Total materials costs are $97000. How much is the conversion cost per unit? $14.78. $11.28. $26.06. $3.50.
For the following product and associated specification given answer accounting

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