Costs: Work in process, April 1 Direct materials: 100% complete Conversion costs: 20% complete Cost of work in process, April 1 Costs incurred during production in April Direct materials Conversion costs $100,000 70,000 $170,000 $ 800,000 365,000 $1,165,000 Costs incurred in April nsferred out totaled 17.000. Ending work in process was 1.000 units that are

Costs: Work in process, April 1 Direct materials: 100% complete Conversion costs: 20% complete Cost of work in process, April 1 Costs incurred during production in April Direct materials Conversion costs $100,000 70,000 $170,000 $ 800,000 365,000 $1,165,000 Costs incurred in April nsferred out totaled 17.000. Ending work in process was 1.000 units that are

Name: E21.8 (LO 3, 4), AP The Blending Department of Luongo Company has the
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Description: E21.8 (LO 3, 4), AP The Blending Department of Luongo Company has the following cost and production data for themonth of April.Costs:Work in process, April 1Direct materials: 100% completeConversion costs: 20% completeCost of work in process, April

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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Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory
how can I resolve this problem? Percent Completed Units Materials Conversion Work in process, beginning 50,000 70% 40% Started into production 265,000 Completed and transferred out 255,000 Work in process, ending 60,000 75% 25% Materials Conversion Work in process, beginning $ 16,600 $ 5,000 Cost added during June $ 178,400 $ 105,700 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June.
Costs incurred are summarized as follows: WIP - Polishing Process A/C January 1 Bal. $ 0 Transfer from Moulding 20,000 1,310,000 Direct Materials Added 391,600 Direct Labour 638,000 Manufacturing Overhead 307,400 Normal losses are estimated to be 2½% of input during the period. Inspection takes place during the processing operation, at which point damaged products are separated from good products and sold at $85 each. At inspection, 2,000 products were rejected as scrap. These units had reached the following degree of completion: Transfer from Moulding 100% Direct material added 40% Conversion costs 20% Work-in-progress at the end of January was 4,000 handles and had reached the following degree of completion: Transfer from Moulding 100%…
The Finishing department of Tree Company for the month of June reported the following Costs: Work in process, beg Cost from preceding department 12,000 Materials 8,400 Conversion Costs 13,680 Costs This Department Materials 518,000 Conversion Costs Cost from Preceding Dep't This Month 940,000 740,000 Quantities Work in Process, beg. Transferred in from prior department Transferred out to next department 1,000 36,800 34,500 Normal Lost Units 200 Abnormal Lost Units Percentage of completion of Work in Process Beg End Materials Conversion Cost The normal spoilage is discovered at the time of final inspection of the units as they leave the 3,000 BEG END 100% 50% 60% department and are transferred to finished goods. It is therefore assumed that the units have been fully processed in the Finishing Department. Prepare all journal entries necessary to record the production of the Finishing Department.
Current Attempt in Progress Production costs chargeable to the Sanding Department in July in Monty Company are $41,160 for materials, $14,700 for labor, and $12,740 for manufacturing overhead. Equivalent units of production are 29,400 for materials and 19,600 for conversion costs. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 15.25.) Unit costs $ Materials $ Conversion Costs
Units 15,000 Work in process, May 1 Units started during May 60,000 Units completed and transferred out 68,000 Work in process, May 31 7,000 Direct Materials Conversion Costs Total Costs: Work in process, May 1 $ 41,250 Costs incurred during May 234,630 Totals $ 16,500 72,000 $275,880 $88.500 None of the answers is correct. $2.50 $2.76. $2.53. $24.750 162,630 $ 187,380 Using the weighted-average method of process costing, the cost per unit of conversion activity is: $2.70.
Using The FIFO Method of Process Costing, prepare journal entries
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Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 39,000 units, 100% complete as to materials and 60% complete as to conversion. Units started and completed: 138,000. Units completed and transferred out: 177,000. Ending Inventory: 37,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $57,000. Costs in beginning Work in Process - Conversion: $62,850. Costs incurred in February - Direct Materials: $301,000. Costs incurred in February -Conversion: $613,150. Calculate the equivalent units of conversion. Multiple Choice 251,000 225,100 O 138,000 175 000
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Following is a partial process cost summary for Mitchell Manufacturing's Canning Department. Equivalent Units of Production Direct Materials Conversion Units Completed and transferred out 50,000 50,000 Units in Ending Work in Process: Direct Materials (15,000 * 100%) 15,000 Conversion (15,000 * 80%) 12,000 Equivalent Units of Production 65,000 62,000 Cost per Equivalent Unit Costs of beginning work in process $40,500 $59,700 Costs incurred this period 136,000 183,100 Total costs $176,500 $242,800 Cost per equivalent unit $2.71 per EUP $3.92 per EUP The total conversion costs transferred out of the Canning Department should be: $243,040. $242,800. $176,150. $196,000. $183,100. Please dont give solutions in an image format thank you
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