Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place.Production Cost ReportBeginning inventory20,000Started during the month74,000Total units to account forCompleted and transferred out70,000Ending work in processTotal units to account forWork in process completion percent100%20%Materials Units Conversion Units Total UnitsCompleted and transferred out70,00070,00070,000Ending work in processTotal units to account forMaterialsConversionTotalCosts to account for$4,000$17,000$21,000Beginning work in processTransferred in35,36059,56024,200Incurred during the period$4$4Total costs to account forEquivalent unitsPreviousNext%24 Total units to account forWork in process completion percent100%20%Materials Units Conversion Units Total UnitsCompleted and transferred out70,00070,00070,000Ending work in processTotal units to account forCosts to account forMaterialsConversionTotalBeginning work in process$4,000$17,000$21,000Transferred in24,20035,36059,560Incurred during the period$4Total costs to account forEquivalent unitsCost per equivalent unit for departmentTransferred-out costsEnd work in process: materialsEnd work in process: conversionEnd work in process: total$4Costs to account for(PreviousNext%24%24%24%24

The equivalent units are calculated on the basis of percentage of the work completed during the…

Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory 20,000 Started during the month 74,000 Total units to account for Completed and transferred out 70,000 Ending work in process Total units to account for Work in process completion percent 100% 20% Materials Units Conversion Units Total Units Completed and transferred out 70,000 70,000 70,000 Ending work in process Total units to account for Total

Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory 20,000 Started during the month 74,000 Total units to account for Completed and transferred out 70,000 Ending work in process Total units to account for Work in process completion percent 100% 20% Materials Units Conversion Units Total Units Completed and transferred out 70,000 70,000 70,000 Ending work in process Total units to account for Total

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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Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $11,000 Beginning inventory: conversion 20,000 Direct material 37,000 Direct labor 76,000 Applied overhead 24,384 Total costs to account for $168,384 Units to Account For Beginning work in process 4,000 Units started into production 20,000 Transferred out 18,000 Production Cost Report Completed and transferred out fill in the blank 1 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 20% Material Units Conversion Units Total Units Completed and transferred out fill in the blank 4 fill in the blank 5 fill in the blank 6 Ending work in…
Materials are added at the beginning of a production process, and ending work in process inventory is 40% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $9,000 Beginning inventory: conversion 18,000 Direct material 41,000 Direct labor 74,000 Applied overhead 42,392 Total costs to account for $184,392 Units to ACcount For Beginning work in process 6,000 Units started into production 19,000 Transferred out 19,000 Production Cost Report Completed and transferred out Ending work in process Total units to account for 40% 100% Work in process completion percent Material Units Conversion Units Total Units Completed and transferred out Next Previous
A company has 1,300 units in ending work in process that are 30% complete after transferring out 12,000 units. All materials are added at the beginning of the process. If the cost per unit is $3 for materials and $6 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? Cost of units transferred out $fill in the blank 1 Ending work in process inventory $fill in the blank 2
Current Attempt in Progress Blossom Company has the following production data for January. Beginning Work in Process 0 Units Started into Production 8,670 Compute the physical units for January. Beginning Work in Process Inventory Started into production Total units to be accounted for Ending Work in Process % Complete as to Conversion Cost Units 1,180 30%
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Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory
A process manufacturer that uses the weighted-average method reports the following. Beginning work in process inventory Units completed and transferred out Ending work in process inventory Equivalent units of production for conversion are: Multiple Choice O 125,200. Units 38,000 108,000 43,000 Conversion Percent Complete 80% 40%
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A paint producer reports the following information: Units Conversion Percent Complete Beginning work in process inventory 404,000 30% Units started this period 788,000 Units completed and transferred out 848,000 Ending work in process inventory 344,000 65% A company uses the weighted-average method. What are total equivalent units of production for conversion costs?
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete 75% Conversion Percent Complete 25% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 63,000 337,000 315,000 85,000 80% 30% Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials $ 131,555 24,120 Conversion $ 155,675 Costs added this period Direct materials 825,945 707,955 1,533,900 $ 1,689,575 Conversion Total costs to account for a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign…