Compute the conversion cost per equivalent unit for the Production department using the weighted-average method. Direct Materials Percent Complete 100% Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Production department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Units $ 93,500 107,000 18,000 90,000 108,000 30,000 $ 200,500 $ 253,000 291,160 $ 544,160 100% Conversion Percent Complete 40% 60%

Compute the conversion cost per equivalent unit for the Production department using the weighted-average method. Direct Materials Percent Complete 100% Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Production department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Units $ 93,500 107,000 18,000 90,000 108,000 30,000 $ 200,500 $ 253,000 291,160 $ 544,160 100% Conversion Percent Complete 40% 60%

Name: 6Compute the conversion cost per equivalent unit for the Production d
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Description: 6Compute 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 inventoryProduct

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 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
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Blackrock Steel Company are $45 and $12, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, beginning of period Started and completed during the period Transferred out of Rolling (completed) Inventory in process, end of period Total units to be assigned costs Equivalent Units Direct Materials Conversion 0 11,900 11,900 2,000 13,900 LA 640 LA 11,900 12,540 600 The beginning work in process inventory had a cost of $38,020. Determine the cost of completed and transferred-out production and the ending work in process inventory. Completed and transferred out of production Inventory in process, ending 13,140
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Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $1.05 and $0.80, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 0 3,500 Started and completed during July 50,000 50,000 Transferred out of Rolling (completed) 50,000 53,500 Inventory in process, July 31 5,000 2,000 Total units to be assigned costs 55,000 55,500 The beginning work in process inventory on July 1 had a cost of $2,000. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production $fill in the blank 1 Inventory in process, ending $fill in the blank 2 Total costs assigned by the Rolling Department $fill in the blank 3
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