Production data for the month of September was:13,400 units Completed and Transferred out4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material **Cost Data for September WIP Account**- **Beginning WIP Cost** - Material: $14,000 - Conversion: $16,500- **Material Added in September**: $42,600- **Labor Added in September**: $55,800- **Overhead Added in September**: $49,700**Questions to Answer Based on the Data Above:**1. Compute the Equivalent Units of Production for Material.2. Compute the Equivalent Units of Production for Conversion.3. Compute Material Cost per Unit (Round to 2 decimals).4. Compute Conversion Cost per Unit (Round to 2 decimals).5. Compute the Total Cost of Completed and Transferred Units for September.6. Compute the September Ending Inventory for Material Cost.7. Compute the September Ending Inventory for Conversion Cost.

Name: Production data for the month of September was:13,400 units Completed
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Production data for the month of September was:13,400 units Completed and Transferred out4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material **Cost Data for September WIP Accoun

Business

Accounting

Cost data for September WIP account: Beginning WIP cost O Material ● ● O Conversion Material added in Sep Labor added Sep Overhead added in Sep $14,000 $16,500 $42,600 $55,800 $49,700 Answer the following questions based on the data above: 1. Compute the Equivalent Units of Production for Material 2. Compute the Equivalent Units of Production for Conversion 3. Compute Material Cost per unit (round to 2 decimals) 4. Compute Conversion Cost per unit (round to 2 decimals) 5. Compute the total cost of completed and transferred units for September 6. Compute the September Ending Inventory for Material cost 7. Compute the September Ending Inventory for Conversion cost

Cost data for September WIP account: Beginning WIP cost O Material ● ● O Conversion Material added in Sep Labor added Sep Overhead added in Sep $14,000 $16,500 $42,600 $55,800 $49,700 Answer the following questions based on the data above: 1. Compute the Equivalent Units of Production for Material 2. Compute the Equivalent Units of Production for Conversion 3. Compute Material Cost per unit (round to 2 decimals) 4. Compute Conversion Cost per unit (round to 2 decimals) 5. Compute the total cost of completed and transferred units for September 6. Compute the September Ending Inventory for Material cost 7. Compute the September Ending Inventory for Conversion cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The Cutting department started the month with a beginning work in process inventory of $20,000.…

A: The ending balance of Work in process inventory is calculated by :- Beginning WIP +direct material…

Q: The Fabricating Department started the current month with a beginning Work in Process inventory of…

A: Direct Material is defined as those materials that go into making a product or materials that can be…

Q: Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of…

A: FIFO Method :— Under this method, equivalent units is calculated by adding equivalent units…

Q: The Rolling Department of Oak Ridge Steel Company had 4,800 tons in beginning work in process…

A: Units started and completed = Units completed during the period - Beginning work in process…

Q: The Rolling Department of Kraus Steel Company had 3,000 tons in beginning work in process inventory…

A: No. of units started and completed = No. of units completed - Beginning Work in process = 50,000 -…

Q: In April, the beginning work in process inventory for Department 2 was 40% complete and the ending…

A: Work-in-process:The goods that are partially complete, yet under the process of manufacturing is…

Q: The following production data were taken from the records of the finishing department for June:…

A: Given:Beginning Inventory 25%: 300Transferred: 4900Equivalent: 5255First, let's get the units…

Q: During the accounting period, 20,000 units were completed and transferred to finished goods. The…

A: Goods in process means number of units that the business is processing and that are not completely…

Q: In the month of June, a department had 23000 units in beginning work in process inventory that were…

A: Process costing is one of useful costing system being used. This is used where product has to go…

Q: Department M had 3,000 units 57% completed in process at the beginning of June, 13,600 units…

A: Solution... Units completed and transferred out = 13,600 Beginning inventory = 3,000 Ending…

Q: The following information summarizes the activities in the Mixing Department for the month of March:…

A: Units started and completed are the ones started in the current period, so it doesn't include the…

Q: The following production data were taken from the records of the Finishing Department for June:…

A: Equivalent Units: We know that incomplete units cannot bear the same cost as complete units can…

Q: The number of Equivalent Units for Conversion for the month of June (in applying the first-in,…

A: 1. Equivalent units : This term is used to calculate the completed units from work in process…

Q: Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of…

A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…

Q: A production department's output for the most recent month consisted of 11,000 units completed and…

A: Lets understand the basics. There are two methods for calculating equivalent units. (1) FIFO method…

Q: The following production data were taken from the records of the Finishing Department for June:…

A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…

Q: Department M had 2,400 units 54% completed in process at the beginning of June, 11,000 units…

A: The idea of equivalent units of production is utilized to calculate how much money partly finished…

Q: On September 1, Sunland Company had 30,900 units in process, which were 29% completed. Materials are…

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

Q: Equivalent Units of Production Units of production data for the two departments of Continental…

A: Under process costing, total inputs are equal to total output unless there is some loss. Total…

Q: Calcuate the cost of items completed during november? At the start of November, ToyCo Refinery had…

A: Beginning WIP Inventory: The beginning WIP inventory consisted of 4,200 units that were 70% complete…

Q: The Smelting Department of Crane Company has the following production data for November. Production:…

A: Given, Units completed and tranferred out = 9,500 units Ending work in process = 7,700 units

Q: A process's beginning work in process inventory consists of 10,000 units that are 20% complete with…

A: Formula: Equivalent units of production = Units completed and transferred + Work in process…

Q: The following production data were taken from the records of the Finishing Department for June:…

A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…

Q: The following production data were taken from the records of the Finishing Department for June:…

A: Solution... Units in ending inventory = 4,300 % of completion of ending inventory with respect…

Q: During the period, 45,000 units were completed, and 3,600 units were on hand at the end of the…

A: The concept of equivalent units arises when there is a number of incomplete units. The incomplete…

Q: ited to the departmental work in process account during the period: Line Item Description Amount…

A: Whole units Material Conversion Beginning units 2,040 0 1,530 (2040*75%) Unit started and…

Q: A production department's output for the most recent month consisted of 8,700 units completed and…

A: The correct option with proper explanation are explained below , we have to calculate the…

Q: In the month of April, a department had 500 units in the beginning work in process inventory that…

A: Given that: Beginning material costs = $64000 Beginning conversion costs = $42000

Q: following information applies to the questions displayed below.] The first production department of…

A: Equivalent units are the amount of units not fully completed at the end of accounting period.…

Q: Need Help

A: Correct option:D. $3.12 Show formula version of the detailed solution sheet for a better…

Q: Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount,…

A: Equivalent units of products concept came in to existence when some units are not fully completed at…

Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

Topic Video

Question

100%

Production data for the month of September was:

13,400 units Completed and Transferred out
4,800 partially complete units in Ending Inventory, which were 70% complete as to
conversion and 100% complete as to material

**Cost Data for September WIP Account**

- **Beginning WIP Cost**
- Material: $14,000
- Conversion: $16,500

- **Material Added in September**: $42,600
- **Labor Added in September**: $55,800
- **Overhead Added in September**: $49,700

**Questions to Answer Based on the Data Above:**

1. Compute the Equivalent Units of Production for Material.
2. Compute the Equivalent Units of Production for Conversion.
3. Compute Material Cost per Unit (Round to 2 decimals).
4. Compute Conversion Cost per Unit (Round to 2 decimals).
5. Compute the Total Cost of Completed and Transferred Units for September.
6. Compute the September Ending Inventory for Material Cost.
7. Compute the September Ending Inventory for Conversion Cost.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduce to Weighted Average Method

VIEW

Step 2: Working for Equivalent Units of production

VIEW

Step 3: Working for cost per equivalent unit

VIEW

Step 4: Working for cost assigned

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 5 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Winter Company reported the following for the most recent month: Physical Units Beginning work in process (60% complete) Units transferred in (started) during month Ending work in process 700 4,800 950 Materials are added at the end of the process and conversion costs are added evenly throughout the process. If equivalent whole units of production for conversion using the FIFO were 4,396, what percent complete was ending work in process at the end of the month? (Round to the nearest whole percent.) а. 20% b. 16% с. 44% d. 28% е. 25% f. 72% g. 100% h. None of the above
Hardev
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 52,000 were in process in the production department at the beginning of April, and 210,000 were started and completed in April. April's beginning inventory units were 40% complete with respect to materials and 60% complete with respect to labor. At the end of April, 58,000 additional units were in process in the production department and were 70% complete with respect to materials and 50% complete with respect to labor. Compute the number of units transferred to finished goods.
The following production data were taken from the records of the finishing department for June: Inventory in process, June 1, 25% completed 220 units Transferred to finished goods during June 5,100 units Equivalent units of production during June 5,495 units Determine the number of equivalent units of production in the June 30, finishing department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion costs. a.360 units b.540 units c.675 units d.450 units
Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 Inventory in process, June 1 Started and completed in June Transferred to Winding Department in June Inventory in process, June 30 Total Drawing Department 6,600 units, 50% completed 5,000 units, 50% completed 2,600 units, 10% Broduction begins in the Drawing Department and finishes h the Winding Department. 90,400 units a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and onversion Equivalent Units of Production For June Inventory in process, June 1 Started and completed in June Transferred to finished goods in June…
Need help with this Question
The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (37% completed) Completed units during June Ending Inventory (58% complete) 5,000 units 63,000 units 3,700 units What is the number of material equivalent units of production in the June 30, Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories and materials were added at the beginning of the process? a. 66,700 units Ob. 61.700 units Oc. 3.700 units Od. 58,000 units
Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Winding Department Drawing Department 6,100 units, 30% completed 3,000 units, 90% completed Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 4,600 units, 55% completed Production begins in the Drawing Department and finishes in the Winding Department. Inventory in process, June 1 Started and completed in June Transferred to Winding Department in June Inventory in process, June 30 Total a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and Conversion Equivalent Units of Production For June Feedback 83,600 units Inventory in process, June 1 Started and completed in June…
The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (36% completed) 4,600 units Completed units during June 57,700 units Ending inventory (60% complete) 3,400 units The number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories, is