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 13,900 640 11,900 12,540 600 13,140 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

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 13,900 640 11,900 12,540 600 13,140 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

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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 Blackrock Steel Company are $45 and $12, respectively. Theequivalent units to be assigned costs are

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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Equivalent Units of Materials Cost The Filling Department of Ivy Cosmetics Company had 4,800 ounces in beginning work in process inventory (30% complete). During the period, 79,900 ounces were completed. The ending work in process inventory was 4,000 ounces (70% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process?________ units
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Beginning work in process (40% complete) Direct materials. Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (75% complete) Current period costs Direct materials Conversion cost Total current period costs a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. Required: 1. Using FIFO method of process costing, complete each of the following steps: c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Units Req 1D ? 35,900 34,300 21,350 Costs $ 1,331,500 620,800 $ 1,952,300 $ 2,397,400 1,261,500 $ 3,658,900 Using FIFO method of process costing, reconcile the total cost of work in process. Note: Use Equivalent Units rounded to the nearest whole unit and Cost per Equivalent Unit rounded to 5…
The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $0.55 and $0.60, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 2,200 Started and completed during the period 55,000 55,000 Transferred out of Filling (completed) 55,000 57,200 Inventory in process, end of period 6,000 1,800 Total units to be assigned costs 61,000 59,000 The beginning work in process inventory had a cost of $1,390. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred out of production $ Inventory in process, ending $
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Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Blackrock Steel Company is $625,500. The conversion cost for the period in the Rolling Department is $157,680. The total equivalent units for direct materials and conversion are 13,900 tons and 13,140 tons, respectively.Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit:Conversion costs per equivalent unit:per ton
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The following details are provided for a company operating a process costing system: - Process 1 Opening work in process (WIP) Nil Units introduced into the process 15,000 Units completed and transferred to next Process 2 10,000 Closing WIP (50% complete) 5,000 Materials cost (introduced at start of process) 70,000 Conversion cost 50,000 Process 2 Opening WIP Nil Units transferred from Process 1 10,000 Closing WIP (50% complete) 1,000 Completed units transferred to finished goods stock 9,000 Previous…
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Please no written by hand solutions Nettle Company uses process costing to account for the production of rubber balls. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Equivalent units have been calculated to be 14,900 units for materials and 14,500 units for conversion costs. Beginning inventory consisted of $8,000 in materials and $5,775 in conversion costs. April costs were $54,385 for materials and $50,750 for conversion costs. Ending inventory still in process consisted of 5,800 units (100% complete for materials, 50% for conversion). The total cost per equivalent unit using the FIFO method would be: Multiple Choice $8.09 $7.98 $7.15 $7.06
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