### Chapter 17 Homework: Equivalent Units of ProductionThe 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** | **Item** | **Debit** | **Credit** | **Balance Debit** | **Balance Credit** ||----------|----------------------------------------|------------|------------|-------------------|--------------------|| Dec. 1 | Bal., 6,000 units, 4/5 completed | | | 3,120 | || Dec. 31 | Direct materials, 108,000 units | 140,400 | | 143,520 | || Dec. 31 | Direct labor | 41,590 | | 185,110 | || Dec. 31 | Factory overhead | 23,390 | | 208,500 | || Dec. 31 | Goods finished, 109,500 units (4/5 completed) | | 200,490 | | 200,490 || Dec. 31 | Bal., 7,500 units, 1/5 completed | | | 8,010 | || Dec. 31 | | | | | a. **Determine the number of units in work in process inventory at December 31.** **Work in Process Inventory:** 4,500 units### AnalysisThis table outlines the work in process for the Baking Department. The information includes the starting balances, direct materials added, direct labor costs, factory overhead, goods finished, and the remaining balance. - **Beginning Balance (Dec. 1):** There were initially 6,000 units with 80% completion.- **Direct Materials (Dec. 31):** Added 108,000 units.- **Direct Labor (Dec. 31):** Labor costs incurred totaled 41,590.- **Factory Overhead (Dec. 31):** Overhead costs added up to 23,390.- **Goods Finished (Dec. 31):** 109,500 units were finished at 80% completion.- **Ending Balance (Dec. 31): ### Determining Equivalent Units of Production for Direct Materials and Conversion Costs#### Baking Department**Equivalent Units of Production for Direct Materials and Conversion Costs For December**---#### Inventory Status- **Inventory in process, December 1**- **Started and completed in December**- **Transferred to finished goods in December**- **Inventory in process, December 31**---#### Table: Equivalent Units Analysis| Inventory Status | Whole Units | Equivalent Units: Direct Materials | Equivalent Units: Conversion Costs ||--------------------------------------------------|-------------|------------------------------------|-------------------------------------|| Inventory in process, December 1 | 6,000 | 0 | 4,500 || Started and completed in December | 103,500 | 103,500 | 103,500 || Transferred to finished goods in December | | | || Inventory in process, December 31 | | | || **Total** | | | |---#### Notes- The calculations involve determining the equivalent units of production for direct materials and conversion costs incurred during December.- If an amount is zero, enter "0".---This table helps in visualizing the inventory flow and the equivalent units for both direct materials and conversion costs. It is crucial for process costing and ensuring accurate cost management within the baking department.

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Description: ### Chapter 17 Homework: Equivalent Units of ProductionThe 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 – Baki

The equivalent units are calculated on the basis of percentage of the work completed during the…

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d 10 S O AIR ollowing information concerns production in the Baking Depa ACCOUNT Work In Process-Baking Department Item Debit Credit 1 Bal., 6,000 units, 4/5 completed 31 Direct materials, 108,000 units 140,400 31 Direct labor 41,590 31 Factory overhead 23,390 31 Goods finished, 109,500 units 200,49 31 Bal., ? units, 4/5 completed Determine the number of units in work in process inventory at

d 10 S O AIR ollowing information concerns production in the Baking Depa ACCOUNT Work In Process-Baking Department Item Debit Credit 1 Bal., 6,000 units, 4/5 completed 31 Direct materials, 108,000 units 140,400 31 Direct labor 41,590 31 Factory overhead 23,390 31 Goods finished, 109,500 units 200,49 31 Bal., ? units, 4/5 completed Determine the number of units in work in process inventory at

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Date ACCOUNT Work in Process-Forging Department Nov. Item 1 Bal., 900 units, 60% completed 30 Direct materials, 12,900 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed $ Debit 123,840 21,650 16,870 $ Credit ? ACCOUNT NO. Balance Debit Direct materials cost per equivalent unit Conversion cost per equivalent unit 10,566 134,406 156,056 172,926 ? 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 November. Credit b. Cost of units transferred to the next department during November. $ c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in…
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Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process—Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May 1 Bal., 11,200 units, 80% completed 67,200 31 Direct materials, 54,900 units 200,934 268,134 31 Direct labor 124,600 392,734 31 Factory overhead 126,600 519,334 31 Goods transferred, 58,200 units 499,356 19,978 31 Bal., ? units, 30% completed 19,978 a. Determine the number of units in work in process inventory at the end of the month.fill in the blank 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Whole units to be…
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