Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 52,000 30,000 Equivalent units of production Percent Completed Materials. Conversion The department started 391,000 units into production during the month and transferred 413,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials 95% 71% 490,900 Conversion 55% 51% 428,300

Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 52,000 30,000 Equivalent units of production Percent Completed Materials. Conversion The department started 391,000 units into production during the month and transferred 413,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials 95% 71% 490,900 Conversion 55% 51% 428,300

Name: Clonex Labs, Incorporated, uses the weighted-average method of proces
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Description: Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for onedepartment for October:Work in process, October 1Work in process, October 31Units52,00030,000Equivalent units of productionPercen

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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Lenning Corporation uses the FIFO method in its process costing. The following data pertain to its Assembly Department for August. Un its 250 8, 100 Percent Complete Conversion 40% Materials 50% Work in process, August 1 Un its started into product i on during August Un its completed during August and transferred to the next department Work in process, August 31 7,100 1, 250 70% 30% Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for August using the FIFO method. Materials Conversion Equivalent units of production
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Equivalent Units of Production The following information concerns production in the Finishing Department for July. The Finishing Department uses the weighted average cost (WAC) method. Work in Process-Finishing Department Date July 1 Bal., 20,000 units, 40% completed 31 Direct materials, 144,000 units started 31 Direct labor Item 24,600 345,000 163,200 31 Factory overhead 86,700 31 Goods transferred, 142,500 units -578,550 40,950 31 Bal., ? units, 60% completed a. Determine the number of units in work-in-process inventory at the end of the month. 68,250 X b. Determine the number of units to be accounted for and to be assigned costs and the equivalent units of production for July. Units to be accounted for Units to be assigned costs Equivalent units of production Feedback Previous Next
Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Percent Completed Units 49,000 30,000 Materials 95% 72% Conversion 60% 51% The department started 394,000 units into production during the month and transferred 413,000 completed units to the next department. Required: Compute the equivalent units of production for October. Equivalent units of production Materials Conversion
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Foley Manufacturing uses a process costing system. The following for one department in April: Units 15,000 40,000 Percent Completed Materials 65% 70% Work in Process April 1 Work in Process April 30 The department started 145,000 units during the month. Conversion 45% 50% Required: 1. Determine the physical flow of products. Show reconciliation below. 2. Compute the equivalent units of production for April assuming the company used the weighted-average method of accounting for units and costs.
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Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 59,000 Materials $ 61,600 Labor $ 15,700 Overhead $ 29,100 559,000 580,000 38,000 $ 815,215 $ 193,285 $ 359,015 ces The beginning work in process inventory was 85% complete with respect to materials and 70% complete with respect to labor and overhead. The ending work in process inventory was 65% complete with respect to materials and 45% complete with respect to labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. (Round your answers…
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 71,000 679,000 700,000 50,000 Materials $ 61,700 Labor $ 26,800 Overhead $ 38,100 $ 330,700 $ 815,550 $ 469,550 The beginning work in process inventory was 70% complete with respect to materials and 55% complete with respect to labor and overhead. The ending work in process inventory was 50% complete with respect to materials and 30% complete with respect to labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month.
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