GENERAL ACCOUNTING 2.4 Chotu Company has 4,850 units in beginning work inprocess, 30% complete as to conversion costs, 29,250units transferred out to finished goods, and 2,600 unitsin ending work in process, 20% complete as toconversion costs. The beginning and ending inventoryis fully complete as to materials costs. How much areequivalent units for materials if the FIFO method isused?

Explanation of Equivalent Units for Materials:Equivalent units for materials refer to the number of…

Answered: Chotu Company has 4,850 units in…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PB: The following product costs are available for Stellis Company on the production of erasers: direct...

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The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?
Cool Pool has these costs associated with production of 20,000 units of accessory products: direct materials, $70; direct labor, $110; variable manufacturing overhead, $45; total fixed manufacturing overhead, $800,000. What is the cost per unit under both the variable and absorption methods?
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
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?
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FIFO
Financial account questions.
Sheffield Company has unit costs of $6 for direct materials and $15 for conversion costs. There are 4000 units in ending Work in Process inventory that are 30% complete related to conversion costs, and fully complete related to direct materials cost. How much is the total cost assigned to the ending Work in Process inventory if the weighted-average method is used? a. $84000 b. $18000 c. $42000 d. $24000
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.
In Mica Company, total material costs are $43,500, and total conversion costs are $56,300. Equivalent units of production are materials 14,650 and conversion costs 19,150. Compute the unit costs for materials and conversion costs.
Sunland Company uses the FIFO method to compute equivalent units. It has 4500 units in beginning work in process, 20% complete as to conversion costs and 50% complete as to materials costs, 65500 units started, and 5900 units in ending work in process, 30% complete as to conversion costs, and 80% complete as to materials cost. How much are the equivalent units for materials under the FIFO method? 65500 70000 O66570 O68650

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