Compute the conversion cost per equivalent unit for the Production department using the weighted-average method. Direct Materials Beginning work in process inventory Units started and completed Units Percent Complete Percent Complete 10,000 76,000 Units completed and transferred out 86,000 Ending work in process inventory 15,000 Production cost information for the Production department follows. Beginning work in process Conversion costs added this period Conversion Multiple Choice O $172 O $5.60 O $0.34 $5.02 $ 52,100 450, 500 100% 100% Conversion 30% 25%

Compute the conversion cost per equivalent unit for the Production department using the weighted-average method. Direct Materials Beginning work in process inventory Units started and completed Units Percent Complete Percent Complete 10,000 76,000 Units completed and transferred out 86,000 Ending work in process inventory 15,000 Production cost information for the Production department follows. Beginning work in process Conversion costs added this period Conversion Multiple Choice O $172 O $5.60 O $0.34 $5.02 $ 52,100 450, 500 100% 100% Conversion 30% 25%

Name: Compute the conversion cost per equivalent unit for the Production de
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Compute the conversion cost per equivalent unit for the Production department using the weighted-average method.Beginning work in process inventoryUnits started and completedUnits completed and transferred outEnding work in process inventoryProducti

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Problem: Compute for equivalent production in each of the following cases using the average method: Case A Case B Even application of cost In process, January 1 Started in process In process, January 31 Even application of cost Received from preceding department In process, end Transferred out In process, beg. Case C 3,000 units, 2/3 done 25,000 units 5,000 units, 4/5 done In process, end Received from preceding dept. 80,000 units 10,000 units, 4/5 done 75,000 units ? Materials are added at the start of the process In process, beg. 3/5 done 6,500 units, 2/3 done 2,000 units, 1/8 done 50,000 units 48
V. Physical Units Data Beginning Work in Process Units Started to WIP 15,000 units 60,000 units Ending Work in Process (100% complete materials, 20% complete for conversion costs 26,000 units Manufacturing Cost Data Beginning work in Process Materials Conversion Costs $ $ 15,000 30,435 Costs added Materials $ $ 180,000 99,645 Conversion Costs Step 1&2. Account for the Physical units and Determine the Equivalent units completed for the month Step 3 Determine the material and conversion costs per unit Step 4 Prepare a cost reconciliation
Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 3,000 100% 40% Units started this period 21,600 Units completed and transferred out 22,200 Ending work in process inventory 2,400 100% 80% Beginning work in process inventory Direct materials $ 19,800 Conversion 221,940 $ 241,740 Costs added this period Direct materials 496,800 Conversion 2,165,940 2,662,740 Total costs to account for $ 2,904,480 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: Prepare the Forming department’s production cost report for May using FIFO. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 292,000 385,000 Total cost $ 302,000 $ 400,000 Using the weighted-average method, the total cost of the units completed during the period and transferred out to the next department with respect to materials is closest to:
Question Content Area Equivalent Units of Production The Converting Department of Hopkinsville Company had 920 units in work in process at the beginning of the period, which were 30% complete. During the period, 19,200 units were completed and transferred to the Packing Department. There were 1,040 units in process at the end of the period, which were 40% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "o". Hopkinsville Company Number of Equivalent Units of Production Whole Units Direct Materials Equivalent Units Conversion Equivalent Units Inventory in process, beginning Started and completed Transferred to Packing Department Inventory in process, ending Total
The equivalent production under weighted average costing method is arrived at as follows: Finished and transferred 20,000 x 100% 20,000 In process, Feb. 28 3,000 x 2/3 2,000 22,000 With beginning work in process consisting of 5,000 units, 1/5 done, what should be the equivalent production under FIFO? а. 23,000 b. 21,000 C. 22,000 d. 19.000
Answer part B Equivalent Units of Production: weighted average method The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 3,400 units in work in process that were 60% complete at the beginning of the period. During the period, 42,800 units were completed and transferred to the Packing Department. There were 1,900 units in process that were 10% complete at the end of the period. a. Determine the number of whole units to be accounted for and to be assigned costs for the period.$44700 b. Determine the number of equivalent units of production for the period. Assume that direct materials are placed in process during production._______________
Question Content Area Use this information about Department G to answer the question that follows. Department G had 2,040 units 25% completed at the beginning of the period, 12,400 units were completed during the period, 1,700 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $33,300 Costs added during period: Direct materials (12,060 units at $9) 108,540 Direct labor 85,610 Factory overhead 24,460 All direct materials are added at the beginning of the process, and the first-in, first-out cost flow method is used. Determine the total cost of the inventory in process at the end of the period. Round the unit cost computation to the nearest cent. a. $18,360 b. $23,868 c. $15,300 d. $17,680
Equivalent Units of Conversion Costs The Filling Department of Ivy Cosmetics Company had 4,100 ounces in beginning work in process inventory (80% complete). During the period, 51,800 ounces were completed. The ending work in process inventory was 3,600 ounces (40% complete). What are the total equivalent units for conversion costs? Feedback X units Check My Work Are you determining the equivalent units of materials added or of conversion of materials? When would materials typically be added in the process? When would conversion of these materials take place? Recall the definition of work in process.
COST ACCOUNTING - Process Costing Make a table for the solution. Compute for the equivalent production of the case using average method.
In using the average method how many units were completed from process 1 and transferred to process 2 and its average unit cost? 15,000 units at an average unit cost P8.65. 15,000 units at an average unit cost P8.70. 14,600 units at an average unit cost P9.00. 14,800 units at an average unit cost P8.80.
Accounting Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 3,000 100% 40% Units started this period 21,600 Units completed and transferred out 22,200 Ending work in process inventory 2,400 100% 80% Beginning work in process inventory Direct materials $ 19,800 Conversion 221,940 $ 241,740 Costs added this period Direct materials 496,800 Conversion 2,165,940 2,662,740 Total costs to account for $ 2,904,480 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.