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? Factory Overhead Rate, Entry for Applying Factory Overhead, and Factory Overhead Account BalanceThe cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1would be $455,000, and total direct labor costs would be $350,000. During February, the actual direct labor cost totaled $30,000, and factory overhead cost incurredtotaled $40,550.a. What is the predetermined factory overhead rate based on direct labor cost? Enter your answer as a whole percent not in decimals.%b. Journalize the entry to apply factory overhead to production for February.c. What is the February 28 balance of the account Factory Overhead-Blending Department?Amount:Debit or Credit?d. Does the balance in part (c) represent overapplied or underapplied factory overhead?

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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 Work in Process-Baking DepartmentDateItemDec. 1 Bal., 7,2

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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 prod ACCOUNT Work in Process-Baking Department Date Dec. Item Debit 3 Credit 220,320 59,510 33,478 315,216 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit Cost of the beginning work in process completed during December ACCOUNT NO. 1 Bal., 7,200 units, 2/5 completed 31 Direct materials, 129,600 units 31 Direct labor 31 Factory overhead 31 Goods finished, 131,400 units 31 Bal., ? units, 4/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Balance Debit 14,112 234,432 293,942 327,420 12,204 12,204 Credit

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 prod ACCOUNT Work in Process-Baking Department Date Dec. Item Debit 3 Credit 220,320 59,510 33,478 315,216 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit Cost of the beginning work in process completed during December ACCOUNT NO. 1 Bal., 7,200 units, 2/5 completed 31 Direct materials, 129,600 units 31 Direct labor 31 Factory overhead 31 Goods finished, 131,400 units 31 Bal., ? units, 4/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Balance Debit 14,112 234,432 293,942 327,420 12,204 12,204 Credit

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Equivalent Units of Production The following information concerns production in the Finishing Department for July. The Finishing Department uses the weighted average cost (WAC) method. Work in Process-Finishing Department Date July 1 Bal., 20,000 units, 40% completed 31 Direct materials, 144,000 units started 31 Direct labor Item 24,600 345,000 163,200 31 Factory overhead 86,700 31 Goods transferred, 142,500 units -578,550 40,950 31 Bal., ? units, 60% completed a. Determine the number of units in work-in-process inventory at the end of the month. 68,250 X b. Determine the number of units to be accounted for and to be assigned costs and the equivalent units of production for July. Units to be accounted for Units to be assigned costs Equivalent units of production Feedback Previous Next
The following information concerns production in the Forging Department for June. 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 $18,000 of direct materials. ACCOUNT Work in Process-Forging Department Debit Credit Date Item June 1 Bal., 1,800 units, 60% completed 30 Direct materials, 25,800 units 30 Direct labor 30 Factory overhead 30 Goods transferred, ? units 30 Bal., 2,800 units, 70% completed Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. 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 June $ 247,680 43,300 33,740 b. Cost of units transferred to the next department during June $ c. Cost of ending work in process…
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…
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 $82,770 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 8,900 units, 50% completed 98,790 30 Direct materials, 81,000 units 729,000 827,790 30 Direct labor 130,580 958,370 30 Factory overhead 180,331 ? 1,138,701 ? 30 Goods finished, ? units ? 30 Bal., 7,100 units, 80% completed
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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., 8,400 units, 2/5 completed 19,656 31 Direct materials, 151,200 units 302,400 322,056 31 Direct labor 88,540 410,596 31 Factory overhead 49,808 460,404 31 Goods finished, 153,300 units 444,402 16,002 31 Bal., ? units, 3/5 completed 16,002 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 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
Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit March 1 Bal., 6,000 units, 4/5 completed 24,000 31 Direct materials, 108,000 units 216,000 240,000 31 Direct labor 61,860 301,860 31 Factory overhead 34,800 336,660 31 Goods finished, 109,500 units 325,230 11,430 31 Bal. ? units, 3/5 completed 11,430 a. Determine the number of units in work in process inventory at March 31.fill in the blank e90ad102cfba051_1 units b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount is zero, enter in "0". Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For March…
The following information concerns production in the Baking Department for March. 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 Mar. 1 Bal., 5,100 units, 1/3 completed 11,645 31 Direct materials, 91,800 units 183,600 195,245 31 Direct labor 53,940 249,185 31 Factory overhead 30,336 279,521 31 Goods finished, 93,000 units 269,615 9,906 31 Bal. ? units, 3/5 completed 9,906 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 March 4. Cost of units started and completed during March 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent unit increase,…
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 $33,320 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 3,400 units, 70% completed 38,080 30 Direct materials, 31,000 units 294,500 332,580 30 Direct labor 28,000 360,580 30 Factory overhead 38,675 ? 399,255 30 Goods finished, ? units ? 30 Bal., 2,700 units, 90% completed ? Cost per equivalent units of $9.50 for Direct Materials and $2.10 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers…
The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item Balance Debit Credit Debit Credit Mar. 1 Bal., 5,100 units, 4/5 completed 11,322 31 Direct materials, 91,800 units 156,060 167,382 31 Direct labor 41,230 208,612 31 Factory overhead 23,198 231,810 31 Goods finished, 93,000 units 222,996 8,814 31 Bal. ? units, 4/5 completed 8,814 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 March 4. Cost of units started and completed during March 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent unit increase,…
The following information concerns production in the Baking Department for March. 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 1 Bal., 5,400 units, 1/3 completed Mar. 11,610 31 Direct materials, 97,200 units 184,680 196,290 31 Direct labor 50,750 247,040 31 Factory overhead 28,546 275,586 31 Goods finished, 98,400 units 265,590 9,996 31 Bal. ? units, 3/5 completed 9,996 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 0.8 3. Cost of the beginning work in process completed during March 4. Cost of units started and completed during March 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivaient unit increase,…