Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginnin Inventory consists of $110,490 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 8,700 units, 50% completed 121,800 30 Direct materials, 79,000 units 987,500 1,109,300 30 Direct labor 92,140 1,201,440 30 Factory overhead 127,235 1,328,675 30 Goods finished, 2 units ? 30 Bal., 7,000 units, 70% completed Based on the above data, determine each of the following amounts, If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost of ending work in process inventory on November 30. d. Costs unit of direct mate

Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginnin Inventory consists of $110,490 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 8,700 units, 50% completed 121,800 30 Direct materials, 79,000 units 987,500 1,109,300 30 Direct labor 92,140 1,201,440 30 Factory overhead 127,235 1,328,675 30 Goods finished, 2 units ? 30 Bal., 7,000 units, 70% completed Based on the above data, determine each of the following amounts, If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost of ending work in process inventory on November 30. d. Costs unit of direct mate

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Description: Costs per Equivalent Unit and Production CostsThe following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred ev

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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Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $84,680 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 5,800 units, 60% completed 94,424 30 Direct materials, 53,000 units 757,900 852,324 30 Direct labor 66,820 919,144 30 Factory overhead 92,274 ? 1,011,418 30 Goods finished, ? units ? 30 Bal., 4,600 units, 90% completed ? Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed…
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