During May, the number of equivalent units of materials applied to units produced by Department Q totaled 48,000, computed as follows: beginning inventory, 5,000 equivalent units units started and completed in May, 37,000 equivalent units; and ending inventory, 6,000 equivalent units. On the basis of this information, which of the following statements is true? Multiple Choice There were more units in Department Q's ending inventory than in Department Q's beginning inventory for May. Department Q completed 48,000 units of product during May. The number of units transferred in May from Department Q to the next process or department was 37,000. Department Q used enough materials during May to produce 48,000 equivalent units.

During May, the number of equivalent units of materials applied to units produced by Department Q totaled 48,000, computed as follows: beginning inventory, 5,000 equivalent units units started and completed in May, 37,000 equivalent units; and ending inventory, 6,000 equivalent units. On the basis of this information, which of the following statements is true? Multiple Choice There were more units in Department Q's ending inventory than in Department Q's beginning inventory for May. Department Q completed 48,000 units of product during May. The number of units transferred in May from Department Q to the next process or department was 37,000. Department Q used enough materials during May to produce 48,000 equivalent units.

Name: During May, the number of equivalent units of materials applied to un
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: During May, the number of equivalent units of materials applied to units produced by Department Q totaled 48,000, computed as follows: beginning inventory, 5,000 equivalent units;units started and completed in May, 37,000 equivalent units; and endin

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sitaben
The following production data were taken from the records of the finishing department for June: Inventory in process, June 1, 25% completed 220 units Transferred to finished goods during June 5,100 units Equivalent units of production during June 5,495 units Determine the number of equivalent units of production in the June 30, finishing department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion costs. a.360 units b.540 units c.675 units d.450 units
Bellevue Chemicals had beginning work-in-process inventory of $256,535 on March 1. Of this amount, $102,215 was the cost of direct materials and $154,320 was the cost of conversion. The 24,360 units in the beginning inventory were 45 percent complete with respect to direct materials and 65 percent complete with respect to conversion costs. During March, 58,540 units were transferred out and 15,800 remained in ending inventory. The units in ending inventory were 70 percent complete with respect to direct materials and 15 percent complete with respect to conversion costs. Costs incurred during March amounted to $969,625 for direct materials and $1,069,971 for conversion. Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs for March using the weighted-average method. Complete this question by entering your answers in the tabs below. Required A Required B Compute…
The following data refer to the month of May for Bonita Components. Fill in the blanks. Direct materials inventory, May 1 Direct materials inventory, May 31 Work-in-process inventory, May 1 Work-in-process inventory, May 31 Finished goods inventory, May 1 Finished goods inventory. May 31 Purchases of direct materials Cost of goods manufactured during the month Total manufacturing costs Cost of goods sold Gross margin Direct labor Direct materials used Manufacturing overhead Sales revenue 3,900 4,000 5,200 2,800 500 25,000 87,000 89,300 22,000 20,500 108,000
4
The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (37% completed) Completed units during June Ending Inventory (58% complete) 5,000 units 63,000 units 3,700 units What is the number of material equivalent units of production in the June 30, Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories and materials were added at the beginning of the process? a. 66,700 units Ob. 61.700 units Oc. 3.700 units Od. 58,000 units
Lansing, Inc. provides the following information for one of its department’s operations for June (no new material is added in Department T). WIP inventory—Department T Beginning inventory (8,300 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) $ 37,100 Department T conversion costs 9,842 Current work (19,100 units started) Prior department costs 91,680 Department T costs 183,150 The ending inventory has 3,300 units, which are 60 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Required: Complete the production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.)
shobha
A production department's beginning inventory cost includes $490,000 of conversion costs. This department incurs an additional $1,037,500 in conversion costs in the month of March. Equivalent units of production for conversion total 925,000 for March. Calculate the cost per equivalent unit of conversion using the weighted-average method. Cost per equivalent unit of conversion Choose Numerator Choose Denominator Cost per equivalent unit of production
Lansing, Inc. provides the following information for one of its department’s operations for June (no new material is added in Department T). WIP inventory—Department T Beginning inventory (9,200 units, 20% complete with respect to Department T costs) Transferred-in costs (from Department S) $ 49,430 Department T conversion costs 13,760 Current work (20,900 units started) Prior department costs 119,130 Department T costs 235,440 The ending inventory has 4,200 units, which are 50 percent complete with respect to Department T costs and 100 percent complete for prior department costs. Required: Complete the production cost report using FIFO.
The production process involves three producing department. The following information is available for Department 2 for January Work-in-process inventory 7,000 units January 1 Transferred in 45,000 units Transferred out 42,000 units 1) Determine the number of units started and completed in January. 2) Determine the number of units in work-in-process inventory as of January 31. I got my answer but I'm so sure. Thanks!
The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (36% completed) 4,600 units Completed units during June 57,700 units Ending inventory (60% complete) 3,400 units The number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories, is