Crane Company has gathered the following information.Units in beginning work in processUnits started into production37,000Units in ending work in process7,000Percent complete in ending work in process:Conversion costs40 %Materials100 %Costs incurred:Direct materials$ 72,150Direct labor$61,100Overhead$ 101,260 (b)X Your answer is incorrect.Determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 2.25.)MaterialsConversion CostsUnit costs%24300007000eTextbook and MediaSave for LaterAttempts: 1 of 3 usedSubmit AnswerUsing multiple attempts will impact your score.10% score reduction after attempt 2

Units completed and transferred out = 37,000 - 7,000 Units completed and transferred out = 30,000…

Answered: Crane Company has gathered the…

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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Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 5,000 units, 35% completed Direct materials, 118,000 units @ $1.3 Direct labor Factory overhead Bal. ? units, 55% completed 11,925 153,400 279,500 108,745 a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. To Finished Goods, 115,000 units 1. Cost of beginning work in process inventory completed this period. 2. Cost of units transferred to finished goods during the period. 3. Cost of ending work in process inventory. 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. b. Did the production costs change from the preceding period? 0.0.0.0 ? c. Assuming that the direct…
V. Physical Units Data Beginning Work in Process Units Started to WIP 15,000 units 60,000 units Ending Work in Process (100% complete materials, 20% complete for conversion costs 26,000 units Manufacturing Cost Data Beginning work in Process Materials Conversion Costs $ $ 15,000 30,435 Costs added Materials $ $ 180,000 99,645 Conversion Costs Step 1&2. Account for the Physical units and Determine the Equivalent units completed for the month Step 3 Determine the material and conversion costs per unit Step 4 Prepare a cost reconciliation
Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 3,000 100% 40% Units started this period 21,600 Units completed and transferred out 22,200 Ending work in process inventory 2,400 100% 80% Beginning work in process inventory Direct materials $ 19,800 Conversion 221,940 $ 241,740 Costs added this period Direct materials 496,800 Conversion 2,165,940 2,662,740 Total costs to account for $ 2,904,480 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: Prepare the Forming department’s production cost report for May using FIFO. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 292,000 385,000 Total cost $ 302,000 $ 400,000 Using the weighted-average method, the total cost of the units completed during the period and transferred out to the next department with respect to materials is closest to:
Given the following information, calculate the direct materials equivalent units for the period (assume all materials are added at the beginning of the process): % Complete as to Conversion costs Beginning work in process 15,000 units 25% Ending work in process 20,000 units 70% Units started during the period 53,000 units Units completed and transferred out 48,000 units Multiple choice question. A. 62,000 B. 50,000 C. 68,000 D. 42,000
How to compute the In Process beginning?
s
he following details are provided for a company operating a process costing system: - Process 1 Opening work in process (WIP) Nil Units introduced into the process 15,000 Units completed and transferred to next Process 2 10,000 Closing WIP (50% complete) 5,000 Materials cost (introduced at start of process) 70,000 Conversion cost 50,000 Process 2 Opening WIP Nil Units transferred from Process 1 10,000 Closing WIP (50% complete) 1,000 Completed units transferred to finished goods stock 9,000 Previous…
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 80,000 80,000 Units in Ending Work in Process: Direct Materials (12,000 × 100%) 12,000 Conversion (12,000 × 70%) 8,400 Equivalent Units of Production 92,000 88,400 Cost per Equivalent Unit Costs of beginning work in process $ 41,600 $ 61,200 Costs incurred this period 139,400 187,600 Total costs $ 181,000 $ 248,800 Cost per equivalent unit $ 1.97 per EUP $ 2.81 per EUP The total materials costs transferred out of the Canning Department equals:
In using the average method how many units were completed from process 1 and transferred to process 2 and its average unit cost? 15,000 units at an average unit cost P8.65. 15,000 units at an average unit cost P8.70. 14,600 units at an average unit cost P9.00. 14,800 units at an average unit cost P8.80.
Sierra Co. has provided the following information: Work in Process: Feb 1 26,700 units (100% complete for materials, 60% complete for conversion) $ 35,200 $ 17,000 Materials Conversion Units started 81,300 units February costs Materials $136,000 $243,000 16,100 units Conversion Work in Process: Feb 28 (100% complete for materials, 20% complete for conversion) Using the weighted average method of process costing, complete each of the following: a. How many units were completed and transferred to Finished Goods? Units completed and transferred b. Calculate equivalent units. Materials Conversion Equivalent Units c. Calculate the cost per equivalent unit. (Round your intermediate calculations and final answers to 4 decimal places.) Direct Materials Conversion Cost per Equivalent Unit
Accounting Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 3,000 100% 40% Units started this period 21,600 Units completed and transferred out 22,200 Ending work in process inventory 2,400 100% 80% Beginning work in process inventory Direct materials $ 19,800 Conversion 221,940 $ 241,740 Costs added this period Direct materials 496,800 Conversion 2,165,940 2,662,740 Total costs to account for $ 2,904,480 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.

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