Easy 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. 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: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion Required: Using the FIFO method. 1,400 90% 10% $ 1,910 $ 1,502 24,600 24,700 $ 71,821 $543,448 1,300 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. Complete this question by entering your answers in the tabs below. 70% 70%

Easy 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. 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: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion Required: Using the FIFO method. 1,400 90% 10% $ 1,910 $ 1,502 24,600 24,700 $ 71,821 $543,448 1,300 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. Complete this question by entering your answers in the tabs below. 70% 70%

Name: Easy Inc. uses the FIFO method in its process costing system. The fol
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Description: Easy Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's firstprocessing department for a recent month.work in process, beginning:Units in processPercent complete with respect to materi

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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More info in attached images 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. Materials Labor Overhead Equivalent units [ ] [ ] [ ] 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. Materials Labor Overhead Total Cost of ending work in process inventory [ ] [ ] [ ] [ ] 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January. Materials Labor Overhead Total Cost of units completed and transferred out [ ] [ ] [ ] [ ] 4. Prepare a cost reconciliation for January. FORMAT IN ATTACHED IMAGE
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for the company’s first production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to conversion; consists of $45,000 of direct materials cost and $56,320 conversion cost) $101,320 Costs incurred in September Direct materials . $375,000 Conversion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $341,000 Work in process inventory, September 30 (7,000 units, 100% complete with respect to direct materials, 40% complete with respect to conversion) . $ ? Units started in September . 28,000 Units completed…
Haffner Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 2,000 $9,300 $ 10,600 85% 55% 8,500 7,600 $ 104,200 $ 185,900 2,900 60% 50% The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round "Cost per equivalent unit" to 3 decimal places.)
Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses the FIFO method in its process costing, appear below: Cost of work in process inventory at the beginning of the period Equivalent units in the ending work in process inventory Equivalent units required to complete the beginning work in process inventory Cost per equivalent unit for the period A total of 26,000 units were completed and transferred to the next processing department during the period. Beginning work in process Inventory consisted of 2,000 units and ending work in process inventory consisted of 1,000 units. 1. Cost of ending work in process inventory 2. Cost of the units transferred to the next department Materials $ 3,200 400 600 $ 2.32 Required: 1. Compute the Assembly Department's cost of ending work in process inventory for materials, conversion, and in total for the period. 2. Compute the Assembly Department's cost of units transferred out to…
Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production h Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: A company started the month with 8,329 units in work in process inventory. It started 23,142 units and had an ending inventory of 9,321. The units were 100% complete to materials and 67% complete with conversion. complete the following table to determine how many units were transferred out during the period? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Total units to account for
The above information (picture) concerns production in the Forging Department for November. All direct materials are placed in process at the beginning of production. What is the Direct Materials Cost Per Equvalent Unit? ________________ What is the Conversion cost per equivalent unit? _____________________ What is the cost of the beginning work in process completed during May? __________________ What is the cost of the ending work in process? ___________________ What is the amount of the costs transfered to Finished Goods (or the next department)? _____________________
1. Direct materials cost per equivalent unit. 2. Conversion cost per equivalent unit. 3. Cost of the beginning work in process completed during March. 4. Cost of units started and completed during March. 5. Cost of the ending work in process.
Crane Instrument Company uses a process costing system. A unit of product passes through three departments-moulding, assembly, and finishing-before it is completed. The following activity took place in the finishing department during May: Units Work in process inventory, May 1 2,100 Transferred in from the assembly department 14,200 Completed and transferred out to finished goods inventory 12,000 Raw material is added at the beginning of processing in the finishing department. The work in process inventory was 70% complete in terms of conversion costs on May 1 and 40% complete in terms of conversion costs on May 31. Crane Instrument Company uses the weighted-average method. The equivalent units and current period costs per equivalent unit of production for each cost factor are as follows for the finishing department: Current Period Costs Equivalent per Units Equivalent Unit Transferred-in costs 15,100 $6.30 Raw materials 15,100 2.30 Conversion costs 13,350 4.10 Total $12.70
A company uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 2,500 $ 14,600 $ 6,700 75 % 20 % 11,200 10,100 $ 173,700 $ 243,700 3,600 90% 30% The cost per equivalent unit for materials for the month in the first processing department is closest to:
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Paceheco Corpotation uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January. Units 5,100 Percent Complete with Respect to Conversion 70% Beginning work in process inventory Transferred in from the prior department during January Completed and transferred to the next department during January Ending work in process inventory 59,000 66,800 7,300 60% The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was S34,558 and a total of $559,254 in conversion costs were incurred in the department during January. The cost per equivalent unit for conversion costs for January in the Molding Department is closest to: O 8.34 O8.44 9.94 9.68
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