Current Attempt in ProgressMonty Company uses the weighted-average process cost system. The Molding Department adds materials at the beginning of theprocess and conversion costs are incurred uniformly throughout the process. Work in process inventory on May 1 was 75% completeand work in process inventory on May 31 was 60% complete as to conversion costs.Complete the Production Cost Report for the Molding Department for the month of May using the above information and theinformation below. (Round unit costs answers to 2 decimal places, e.g. 52.75.)MONTY COMPANYMolding DepartmentProduction Cost ReportFor the Month Ended May 31, 2022Equivalent Units of ProductionConversionCostsQUANTITIESPhysicalUnitsMaterialsUnits to be accounted forWork in process, May 17,840Started into production31,360Total units to be accounted for39,200Units accounted for

Part 2: Explanation:1. Calculate equivalent units: Determine the equivalent units of production for…

Answered: Current Attempt in Progress Monty…

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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Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available. Work in process, August 1 (65% complete with respect to conversion) Started in August Completed Work in process, August 31 (71% complete with respect to conversion) Required: a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. a. Using the weighted-average method b. Using the FIFO method Equivalent Units Materials 17,700 118,900 118,900 17,700 Conversion Costs
Builder Products, Incorporated, uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 80% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 60% complete; conversion 20% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 10,000 100,000 ? 15,000 $ 1,500 $ 7,200 Check my work $ 154,500 $ 90,800 Required: 1. Compute the equivalent units of production for materials and conversion for May. 2. Compute the cost per equivalent unit for materials and conversion for May. 3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.…
McGregor's Hot Sauce uses a process costing system to determine its product's cost. The last of the three processes is packaging. The Packaging Department reported the following information for the month of July: (Click the icon to view the reported information for July.) The units in ending work in process inventory were 90% complete with respect to direct materials but only 60% complete with respect to conversion. Requirement Summarize the flow of physical units and compute output in terms of equivalent units in order to arrive at the missing figures (a) through (1). McGregor's Hot Sauce Packaging Department Month Ended July 31 Flow of Production Units to account for: Beginning work in process, July 1 Plus: Transferred in during July Total physical units to account for Units accounted for: Completed and transferred out during July Plus: Ending work in process, July 31 Total physical units accounted for Total Equivalent Units Step 1: Flow of Physical Step 2: Equivalent Units Units…
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Materials are added at the beginning of the production process at Campo Company. The following information on the physical flow of units is available for the month of November. Beginning work in process (50% complete) Started in November Completed in November and transferred out Ending work in process (65% complete) Cost data for November show the following. Beginning WIP inventory Direct materials costs Conversion costs Current period costs Direct materials costs Conversion costs $ $ 27,300 49,700 360,950 1,109,550 59,000 520,000 475,000 104,000 Required: a. Compute the cost equivalent units for the conversion cost calculation assuming Campo uses the weighted-average method. b. Compute the cost per equivalent unit for materials and conversion costs for November.
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Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…
Super Sports Drinks, Inc. has two departments: Mixing and Bottling. Direct materials are added at the beginning of the mixing process and at the end of the bottling process. Conversions costs are added evenly throughout each process. Data for the month of May for the Mixing Department are as follows: Units Amount Beginning Work-in-Process Inventory 0 units Started in production 8,150 units Completed and transferred out to Bottling 4,200 units Ending Work-in-Process Inventory 60% through mixing process 3,950 units Costs Amount Beginning Work-in-Process Inventory $0.00 Costs added during May: Direct Materials $8,581 Direct Labor $2,153 Manufacturing overhead allocated $4,470 Total costs added during May $15,204 Complete the production report for the month of May.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).Super Sports Drinks, Inc. Equivalent Units UNITS Whole Units Transferred…
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Super Sports Drinks, Inc. has two departments: Mixing and Bottling. Direct materials are added at the beginning of the mixing process and at the end of the bottling process. Conversions costs are added evenly throughout each process. Data for the month of May for the Mixing Department are as follows: Units Amount Beginning Work-in-Process Inventory 0 units Started in production 7,780 units Completed and transferred out to Bottling 4,110 units Ending Work-in-Process Inventory 60% through mixing process 3,670 units Costs Amount Beginning Work-in-Process Inventory $0.00 Costs added during May: Direct Materials $8,531 Direct Labor $2,264 Manufacturing overhead allocated $4,680 Total costs added during May $15,475 Complete the production report for the month of May.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).
Line following information applies to the questions displayed below.j Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,100 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials. Conversion Costs added this month Direct materials Conversion Cost per Equivalent Unit of Production Costs of beginning work in process Costs added this period Total costs + Equivalent units of production Cost per equivalent unit of production Units 3,500 12,100 $ 10,500 5,100 Direct Materials $ Percent Complete for Percent Direct Complete for Materials. Conversion 60% 40% 1,902 19,968 21,870 $ 1,902 1,457 19,968 20,197 80% Calculate the Assembly department's cost per…

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