Please help solve this question Conlon Chemical manufactures paint thinner. Information on thework in process follows:••- Beginning inventory, 30,000 partially complete gallons.- Transferred out, 157, 500 gallons.Ending inventory (materials are 10 percent completeconversion costs are 20 percent complete).- Started this month, 180,000 gallons.Assume that beginning inventory is 50 percent complete withrespect to materials and 30 percent complete with respect toconversion costs.Required:a. Compute the equivalent units for materials using FIFO.b. Compute the equivalent units for conversion costs using FIFO

Step 1: Define FIFO Inventory Method For Equivalent UnitsA firm may use weighted average method or…

Answered: Conlon Chemical manufactures paint…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5PB: Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units...

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Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required: Prepare a schedule of equivalent units, and compute the unit cost for the month of December. Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000.
Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?
Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead. The cost of goods transferred out for the year is: a. 4,471,200 b. 3,571,200 c. 3,780,000 d. 3,024,000
Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: a. All materials are added at the beginning of the process. b. Beginning work in process had 80,000 units, 30 percent complete with respect to conversion costs. c. Ending work in process had 17,000 units, 25 percent complete with respect to conversion costs. d. Started in process, 95,000 units. Required: 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method.
a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method.
A. Compute the equivalent units for materials using the weighted-average method. B. Compute the equivalent units for conversion costs using the weighted-average method.
Conlon Chemicals manufactures paint thinner. Information on the work in process follows: • Beginning inventory, 37,000 partially complete gallons. • Transferred out, 215,000 gallons. • Ending inventory (materials are 19 percent complete; conversion costs are 11 percent complete). • Started this month, 238,000 gallons. Assume that beginning inventory is 50 percent complete with respect to materials and 30 percent complete with respect to conversion costs Required: a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using FIFO.
Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 37,400 partially complete gallons. Transferred out, 207,800 gallons. Ending inventory (materials are 20 percent complete; conversion costs are 8 percent complete). Started this month, 239,700 gallons. Required: a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method.
Patton Dyes manufactures colorings, primarily for textiles. Information on the work in process follows: • • Beginning inventory, 185,000 partially complete liters. Ending inventory, 155,000 liters; units are 25 percent complete with respect to materials and 60 percent complete with respect to conversion costs. • Started this month, 704,000 liters. Required: a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method. Equivalent Units a. Materials b. Conversion costs
Patton Dyes manufactures colorings, primarily for textiles. Information on the work in process follows: Beginning Inventory, 140,000 partially complete liters. Ending inventory, 110,000 liters; units are 25 percent complete with respect to materials and 60 percent complete with respect to conversion costs. • Started this month, 695,000 liters. Assume that beginning inventory is 20 percent complete with respect to materials and 40 percent complete with respect to conversion costs. Required: a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using FIFO. a. Materials b. Conversion costs Equivalent Units
Patton Dyes manufactures colorings, primarily for textiles. Information on the work in process follows: Beginning Inventory, 175,000 partially complete liters. Ending inventory, 145,000 liters; units are 25 percent complete with respect to materials and 60 percent complete with respect to conversion costs. • Started this month, 702,000 liters. Required: a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method. a. Materials b. Conversion costs Equivalent Units

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