General Accounting Chicotti Cocoa Chiles has 3,000 units in beginning work in process, 30%complete as to conversion costs, 25,000 units transferred out to finishedgoods, and 1,000 units in ending work in process 20% complete as toconversion costs. The beginning and ending inventory is fully complete as tomaterials costs.How much are equivalent units for conversion costs if the weighted averagemethod 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?
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.
Rose Company has a relevant range of production between 10,000 and 25.000 units. The following cost data represents average cost per unit for 15,000 units of production. Using the cost data from Rose Company, answer the following questions: If 10,000 units are produced, what is the variable cost per unit? If 18,000 units are produced, what is the variable cost per unit? If 21,000 units are produced, what are the total variable costs? If 11,000 units are produced, what are the total variable costs? If 19,000 units are produced, what are the total manufacturing overhead costs incurred? If 23,000 units are produced, what are the total manufacturing overhead costs incurred? If 19,000 units are produced, what are the per unit manufacturing overhead costs incurred? If 25,000 units are produced, what are the per unit manufacturing overhead costs incurred?
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In Mordica Company, total material costs are $34,500, and total conversion costs are $54,500. Equivalent units of production are materials 10,000 and conversion costs 12,000. a. Compute the unit costs for materials and conversion costs. b. Compute total manufacturing costs.
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…
Ming Company had a net income of $780,200 based on variable costing. Beginning and ending inventories were 8,600 units and 6,000 units, respectively. Assume the fixed overhead per unit was $3.80 for both the beginning and ending inventory. What is net income under absorption costing?
The cost per unit associated with the production of Xen Merchandising are the following: Direct Materials - P1,000; Direct Wages - P200; Variable Overhead - P1,500; and Fixed Overhead - P2,000. Given the data, what is the product cost?
Wilco Inc. uses a process costing system with two cost categories (Materials and Conversion). Wilco completed and transferred out 45,000 units during the most recent period. Wilco also computed that they had 50,000 equivalent units of materials and 47,500 equivalent units of conversion. If the material cost per equivalent unit was $2.50 and the conversion cost per equivalent unit is $3.00, what is the cost of goods completed and transferred out?
Razor Ltd had net income of 918,000 based on variable costing. Beginning and ending inventories were 56,800 units and 55,600 units, respectively. Assume the fixed overhead per unit was 2.15 for both the beginning and ending inventory. What will be the net income under absorption costing?
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