Department M had 2,400 units 54% completed in process at the beginning of June, 11,000 units completed during June, and 1,700 units 33% completed at the end of June. The number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories is Oa. 11,561 units Ob. 10,265 units Oc. 13,261 units C. Od. 8,600 units

Department M had 2,400 units 54% completed in process at the beginning of June, 11,000 units completed during June, and 1,700 units 33% completed at the end of June. The number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories is Oa. 11,561 units Ob. 10,265 units Oc. 13,261 units C. Od. 8,600 units

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 per Equivalent Unit 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 $87,570 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 6,300 units, 40% completed 93,114 30 Direct materials, 57,000 units 780,900 874,014 30 Direct labor 57,750 931,764 30 Factory overhead 79,744 ? 1,011,508 30 Goods finished, ? units ? 30 Bal., 5,000 units, 80% completed ? a. Determine the number of units transferred to the next department.fill in the blank 1 units b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places. Cost per equivalent unit of…
Department X is the first stage of Sarena Solvents's production cycle. The following information is available for conversion costs for the month of December: Physical Units Beginning work-in-process inventory (60% complete) 48,000 Started in December 533,000 Completed in December and transferred to Department Y 514,500 Ending work-in-process inventory (40% complete) 66,500 Using the FIFO method, the equivalent units for the conversion cost calculation are: Multiple Choice 557,000. 521,000. 525,000. 539,000. None of the options are correct
A department adds all the direct materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning Work In Process inventory; 90,000 units were started into production; and there were 20,000 units that were 40% complete with respect to conversion in Work In Process ending inventory at the end of January. What were the equivalent units of production for materials for the month of January? A. 98,000 equivalent units B. 70,000 equivalent units C. 82,000 equivalent units D. 90,000 equivalent units
Department S had 600 units 73% completed in process at the beginning of the period; 8,400 units completed during the period; and 900 units 46% completed at the end of the period. What was the number of equivalent units of production for the period for conversion if the first-in, first-out method is used to cost inventories? Assume the completion percentage applies to both direct materials and conversion cost. a.7,800 b.8,376 c.9,276 d.7,962
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Production costs chargeable to the Finishing Department in June in Hollins Company are materials $15,428, labor $39,952, overhead $18,800. Equivalent units of production are materials 20,300 and conversion costs 19,200. Production records indicate that 18,100 units were transferred out, and 2,200 units in ending work in process were 50% complete as to conversion costs and 100% complete as to materials. Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, eg. 2.25 and final answers to O decimal places, e.g. 125.) Cost Reconciliation Cost accounted for Transferred out Work in process Materials Conversion costs Total cost accounted for e Textbook and Media Save for Later M debe alhilling 64 $ 1530 25 25 Attempts: 0 of 2 used Submit Apcwor
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