Costs in beginning work in process inventory was $4,500 and $37,800 in costs were added during the period. If there a equivalent unit under the weighted-average method is $ (Enter your answer as a whole number) Need help? Review these concept resources. Read About the Concept 4 7,050 equivalent units, the cost per

Costs in beginning work in process inventory was $4,500 and $37,800 in costs were added during the period. If there a equivalent unit under the weighted-average method is $ (Enter your answer as a whole number) Need help? Review these concept resources. Read About the Concept 4 7,050 equivalent units, the cost per

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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! Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost per equivalent unit of production Units Total costs + Equivalent units of production (from part 1) Cost per equivalent unit of production 67,000 893,000 770,000 190,000 $ 499,200 88,400 3,340,800 1,679,600 Direct Materials Percent Complete 100% 100% Costs EUP Conversion Percent Complete 80% $ 587,600 2. Compute cost per equivalent unit of production…
Compute the total costs of the units (gallons) (a) completed and transferred out to the Packaging Department, and (b) in the Department ending Work-in-Process Inventory. Complete the Production Cost Report that you began in Requirement 1 by calculating the costs per equivalent unit in this step, and then by calculating the the total cost of units completed and transferred out and of units in ending inventory in the following step. (Complete all input fields. Enter a "0" for any zero balances. Round the cost per equivalent unit amounts to the nearest cent and all other amounts to the nearest dollar. Abbreviation used: EUP = equivalent units of production.)
Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Direct MaterialsConversion Percent Percent Complete Complete 40% Units 5,700 100% 41,040 42,180 4,560 100% $ 37,620 421,686 $ 459,306 943,920 4,115,286 5,059,206 5,518,512 olem 3-4A (Algo) FIFO: Production cost report LO C2, P4 $ 80% me that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. ired: Prepare the Forming department's production cost report for May using FIFO. Prepare…
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COST ACCOUNTING - Process Costing Make a table for the solution. Compute for equivalent production of the following case using average method.
Assuming a FIFO method of process costing (for both of the following situations), determine the equivalent units of production for labor and overhead. a. Beginning WIP Inventory (30% complete) 40,000 Units started in production 480,000 Units transferred out ? Ending WIP Inventory (70% complete) 26,000 b. Beginning WIP Inventory (45% complete) 10,000 Units started in production 350,000 Units transferred out 344,000 Ending WIP Inventory (60% complete) 16,000
4. Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the mixing Department. Complete the partial production cost report below for the mixing Department, showing the equivalent units of production for direct materials and for conversion costs.
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Compute (a) manufacturing cycle time and (b) manufacturing cycle efficiency using the following information from a manufacturing company. Process time. 15.0 minutes Move time. 6.4 minutes Inspection time. 2.0 minutes Wait time. 36.6 minutes
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units EUP 73,000 831,000 710,000 194,000 $352,560 165,280 2,359,440 3,140,320 Direct Materials Percent Complete 100% 3. Assign costs to the department's output-specifically, to the units…
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Assume that Swifty has identified three activity cost pools.