Cost of Units Transferred Out and Ending Work in ProcessThe costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $0.40 and $2.05, respectively. Theequivalent units to be assigned costs are as follows:Equivalent UnitsEquivalent UnitsDirect MaterialsConversionInventory in process, October 102,100Started and completed during October53,00053,000Transferred out of Rolling (completed)53,00055,100Inventory in process, October 313,000900Total units to be assigned costs56,00056,000The beginning work in process inventory on October 1 had a cost of $1,450. Determine the cost of completed and transferred-out production, the ending workin process inventory, and the total costs assigned by the Rolling Department.Completed and transferred-out productionInventory in process, October 31Total costs assigned by the Rolling Department

The cost of completed and transferred-out production is $135,605the cost of ending work in process…

Answered: Cost of Units Transferred Out and…

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

Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 5,000 units, 40% completed 12,900 To Finished Goods, 115,000 units ? Direct materials, 118,000 units @ $1.5 177,000 Direct labor 249,300 Factory overhead 96,960 Bal., ? units, 80% completed ? Cost per equivalent units of $1.50 for Direct Materials and $2.90 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 1. Cost of beginning work in process inventory completed this period $fill in the blank 1 2. Cost of units transferred to finished goods during the period $fill in the blank 2 3. Cost of ending work in process inventory $fill in the blank 3 4.…
Equivalent Units of Conversion Costs The Rolling Department of Kraus Steel Company had 5,340 tons in beginning work in process inventory (40% complete) on October 1. During October, 44,500 tons were completed. The ending work in process inventory on October 31 was 3,560 tons (40% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit.fill in the blank 1 units
Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 8,000 units, 45% completed 24,760|To Finished Goods, 184,000 units Direct materials, 188,000 units @ 319,600 $1.7 Direct labor 444,300 Factory overhead 172,800 Bal., 2 units, 55% completed Cost per equivalent units of $1.70 for Direct Materials and $3.30 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 2$ 1. Cost of beginning work in process inventory completed this period $ 2. Cost of units transferred to finished goods during the period 2$ 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.) b. Did the…
Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Equivalent units in ending work in process inventory Cost per equivalent unit Materials 2,100 $ 14.96 Conversion 850 $ 5.33 A total of 20,600 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. Note: For all requirements, round your final answers to the nearest whole dollar amount. 1. Cost of ending work in process inventory 2. Cost of units transferred out Materials Conversion Total
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $0.60 and $0.25, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 2,400 Started and completed during the period 62,000 62,000 Transferred out of Filling (completed) 62,000 64,400 Inventory in process, end of period 10,000 2,500 Total units to be assigned costs 72,000 66,900 The beginning work in process inventory had a cost of $4,500. 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
Equivalent Units of Conversion Costs The Rolling Department of Kraus Steel Company had 7,220 tons in beginning work in process inventory (50% complete) on October 1. During October, 72,200 tons were completed. The ending work in process inventory on October 31 was 3,610 tons (90% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit. units
Equivalent Units of Conversion Costs The Rolling Department of Kraus Steel Company had 8,448 tons in beginning work in process inventory (80% complete) on October 1. During October, 70,400 tons were completed. The ending work in process inventory on October 31 was 3,520 tons (50% complete). What are the total equivalent units for conversion costs?
Equivalent units of materials costs The Rolling department of kraus steel company had 5,100 tons in beginning work in process inventory ( 60% complete) on October 1st. During October, 84500 tons were completed. The ending work in process inventory on October 31 was 4,200 tons (10% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? ________ UNITS
Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Equivalent units in ending work in process inventory Cost per equivalent unit Materials 2,050 $ 15.76 Conversion 950 $ 4.73 A total of 21,300 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. Note: For all requirements, round your final answers to the nearest whole dollar amount. > Answer is complete but not entirely correct. Materials Conversion Total 1. Cost of ending work in process inventory 2. Cost of units transferred out $ 41,764 $ 4,494 $ 46,258 x $ 335,668 $ 100,719 $ 436,837 X
The cost per equivalent units of direct materials and conversion in the Bottling Department of Beverages on Jolt Company is $0.70 and $0.20, respectively. The equivalent units to be assigned costs are as follows: DirectMaterials Conversion Inventory in process, beginning of period 0 2,620 Started and completed during the period 52,330 52,330 Transferred out of Bottling (completed) 52,330 54,950 Inventory in process, end of period 3,000 2,700 Total units to be assigned costs 55,330 57,650 The beginning work in process inventory had a cost of $3,500. Determine the cost of completed and transferred out production, and the ending work in process inventory. Completed and transferred out production $fill in the blank 1 Inventory in process, ending $fill in the blank 2
s
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 Jabari Steel Company are $2.30 and $0.40, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs Equivalent Units Equivalent Units Direct Materials Conversion 0 Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 3,900 55,000 58,900 3,000 61,900 55,000 55,000 6,000 61,000 The beginning work in process inventory on October 1 had a cost of $2,220. Determine the cost of completed and transferred-out production, the ending work in process

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS