Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT NO. ACCOUNT Work in Process-Baking Department Balance Debit Credit Date Item Debit Credit Dec. 1 Bal., 8,700 units, 2/5 completed 13,224 31 Direct materials, 156,600 units 203,580 216,804 31 Direct labor 60,620 277,424 31 Factory overhead 34,096 311,520 31 Goods finished, 158,700 units 301,356 10,164 31 Bal., ? units, 2/5 completed 10,164 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during December 4. Cost of units started and completed during December 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for November and De $1 in December?

Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT NO. ACCOUNT Work in Process-Baking Department Balance Debit Credit Date Item Debit Credit Dec. 1 Bal., 8,700 units, 2/5 completed 13,224 31 Direct materials, 156,600 units 203,580 216,804 31 Direct labor 60,620 277,424 31 Factory overhead 34,096 311,520 31 Goods finished, 158,700 units 301,356 10,164 31 Bal., ? units, 2/5 completed 10,164 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during December 4. Cost of units started and completed during December 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for November and De $1 in December?

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Description: 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 No.ACCOUNT Work in Process-Baking DepartmentBalanceDebitC

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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Units to be Assigned Costs Oak Ridge Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 51,700 tons from the Casting Department. During July, the Rolling Department completed 62.200 tons, including 13,600 tons of work in process on July 1. The ending work in process inventory on July 31 was 3,100 tons. How many tons were started and completed during July? 1,900 X tons
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Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 8,700 units, 3/5 completed 14,181 31 Direct materials, 156,600 units 203,580 217,761 31 Direct labor 59,950 277,711 31 Factory overhead 33,722 311,433 31 Goods finished, 158,700 units 301,269 10,164 31 Bal., ? units, 2/5 completed 10,164 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during August $fill in the blank 3 4. Cost of units started and completed during August $fill in the blank 4 5. Cost…
Costs per Equivalent Unit The 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 Department Date Dec. Item 1 Bal., 6,600 units, 3/5 completed 31 Direct materials, 118,800 units 31 Direct labor 31 Factory overhead 31 Goods finished, 120,300 units 31 Bal., ? units, 3/5 completed Debit 190,080 53,490 30,090 Credit 276,492 ACCOUNT NO. Balance Debit 13,134 203,214 256,704 286,794 10,302 10,302 Credit a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during December 4. Cost of units started and completed during December 5. Cost of the ending work in process . Assuming that the direct materials cost is the same for November and December, did the…
Costs per Equivalent Unit The 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 Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 9,300 units, 2/5 completed 18,228 31 Direct materials, 167,400 units 284,580 302,808 31 Direct labor 76,850 379,658 31 Factory overhead 43,228 422,886 31 Goods finished, 169,500 units 406,614 16,272 31 Bal., ? units, 4/5 completed 16,272 a. Based on the above data, determine each cost listed below. Round "cost per eguivalent unit" answers to the nearest cent. Direct materials cost per equivalent unit * Conversion cost per equivalent unit Cost of the beginning work in process completed during December Cost of units started and completed during December Cost of the ending work in process b. Assuming that the direct materials cost is the same for November and December, did the conversion cost per…
Prepare a cost of production report for the Cutting Department of Dalton Carpet Company for January. Use the average cost method to solve for the missing values with the following data: need help doing this report Description Dollar Amount Work in process, January 1, 3,400 units, 75% completed $32,000 Materials added during January from Weaving Department, 64,000 units 369,200 Direct labor 177,000 Factory overhead 89,710 Goods finished during January (includes goods in process, January 1), 63,500 units ? Work in process, January 31, 3,900 units, 10% completed ?
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Work in Process Account Data for Two Months; Cost of Production Reports Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process—Rolling on September 1 and debits to the account during September were as follows: Bal., 1,000 units, 40% completed: Direct materials (1,000 x $6.20) $ 6,200 Conversion (1,000 x 40% x $2.60) 1,040 $ 7,240 From Smelting Department, 22,800 units $143,640 Direct labor 38,329 Factory overhead 20,639 During September, 1,000 units in process on September 1 were completed, and of the 22,800 units entering the department, all were completed except 2,400 units that were 70% completed. Charges to Work in Process—Rolling for October were as follows: From Smelting Department, 26,200 units $170,300 Direct labor 48,760 Factory…
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item August 1 Bal., 6,600 units, 4/5 completed 31 Direct materials, 118,800 units 31 Direct labor Debit Credit 154,440 45,340 25,508 Balance Balance Debit Credit 228,306 11,484 165,924 211,264 236,772 8,466 8,466 31 Factory overhead 31 Goods finished, 120,300 units 31 Bal., 2 units, 3/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for July and August, did the conversion…
Problem The Molding Department is the second department in Paxton Company production process. The data below summarize the operations in January. Cost for January Work in process, January 1 Added during the month Beginning work in process inventory Started in January Completed and transferred to the next department during January Ending work in process inventory All materials are added at the start of the process. Materials (Php) Conversion Costs (Php) 35,000 54,000 165,000 315,000 Units Percentage Complete 5,000 55,000 48,000 12,000 Prepare Cost of Production Report using Weighted Average and FIFO Method. 80% 20%