Cost of Units Transferred Out and Ending Work in ProcessThe costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $1.15 and $2.65, respectively. The equivalent unitsto be assigned costs are as follows:Inventory in process, October 1Started and completed during OctoberTransferred out of Rolling (completed)Inventory in process, October 31Total units to be assigned costsEquivalent UnitsDirect Materials$0Conversion56,00056,0006,00062,000KThe beginning work in process inventory on October 1 had a cost of $1,560. Determine the cost of completed and transferred-out production, the ending work in processinventory, and the total costs assigned by the Rolling Department.Completed and transferred-out productionInventory in process, October 31Total costs assigned by the Rolling Department0002,20056,00058,2003,60061,800 Costs per Equivalent UnitThe following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production.ACCOUNT Work in Process-Baking DepartmentDateItemDec. 1 Bal., 7,200 units, 2/5 completed31 Direct materials, 129,600 units31 Direct laborDebitCredit220,32059,51033,478ACCOUNT NO.315,216BalanceDebit14,112234,432293,94231 Factory overhead327,42031 Goods finished, 131,400 units12,20431 Bal., ? units, 4/5 completed12,204Xa. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent.Credit1. Direct materials cost per equivalent unit2. Conversion cost per equivalent unit3. Cost of the beginning work in process completed during December4. Cost of units started and completed during December5. Cost of the ending work in processb. Assuming that the direct materials cost is the same for November and December, did the conversion cost per equivalent unit increase, decrease, or remain the same inDecember?

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Description: Cost of Units Transferred Out and Ending Work in ProcessThe costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $1.15 and $2.65, respectively. The equivalent unitsto be assigned costs are

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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 Kraus Steel Company are $1.15 and $2.65, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials $ Inventory in process, October 1 Started and completed during October 56,000 56,000 Transferred out of Rolling (completed) Inventory in process, October 31 6,000 Total units to be assigned costs 62,000 The beginning work in process inventory on October 1 had a cost of $1,560. 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 Inventory in process, October 31 Total costs assigned by the Rolling Department Conversion 0 2,200 56,000 58,200 3,600 61,800

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 Kraus Steel Company are $1.15 and $2.65, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials $ Inventory in process, October 1 Started and completed during October 56,000 56,000 Transferred out of Rolling (completed) Inventory in process, October 31 6,000 Total units to be assigned costs 62,000 The beginning work in process inventory on October 1 had a cost of $1,560. 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 Inventory in process, October 31 Total costs assigned by the Rolling Department Conversion 0 2,200 56,000 58,200 3,600 61,800

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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