ect materials are added at the beginning of the process. This period began with 5,000 units inginning inventory that are 25% complete. What are the equivalent units for beginning work in processder the FIFO method?a. Direct materials 5,000; Conversion costs 3,750b. Direct materials 0; Conversion costs 3,750c. Direct materials 5,000; Conversion costs 1,250d. Direct materials 0; Conversion costs 1,250

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Description: ect materials are added at the beginning of the process. This period began with 5,000 units inginning inventory that are 25% complete. What are the equivalent units for beginning work in processder the FIFO method?a. Direct materials 5,000; Conversi

EQUIVALENT UNITS OF PRODUCTION Equivalent Production represents the production of a process in…

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ect materials are added at the beginning of the ginning inventory that are 25% complete. What der the FIFO method? a. Direct materials 5,000; Conversion costs 3,75 b. Direct materials 0; Conversion costs 3,750

ect materials are added at the beginning of the ginning inventory that are 25% complete. What der the FIFO method? a. Direct materials 5,000; Conversion costs 3,75 b. Direct materials 0; Conversion costs 3,750

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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ect materials are added at the beginning of the process. This period began with 5,000 units in
ginning inventory that are 25% complete. What are the equivalent units for beginning work in process
der the FIFO method?
a. Direct materials 5,000; Conversion costs 3,750
b. Direct materials 0; Conversion costs 3,750
c. Direct materials 5,000; Conversion costs 1,250
d. Direct materials 0; Conversion costs 1,250

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. . Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2, 5) . The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 49,500 partially complete gallons, 15 percent complete with respect to conversion costs. Units started in July, 89,500 gallons. . Units transferred out in July, 99,500 gallons. Ending inventory, 39,500 gallons, 65 percent complete with respect to conversion costs. $ 65,500 44,500 $ 110,000 Direct Materials Conversion Costs $ 215,000 465,000 $ 680,000 Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit
4. Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the mixing Department. Complete the partial production cost report below for the mixing Department, showing the equivalent units of production for direct materials and for conversion costs.
Loanstar had 50 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $2,000 in materials and $5,000 in conversion costs before $8,450 of materials and $9,450 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 50% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values. Production Cost Report Work in process completion percent 100% 50% Material Units Conversion Units Total UnitS Completed and transferred out Ending work in process Total units to account for Materials Conversion Total Costs to account for $4 $4 Beginning work in process Incurred during the period $4 Total costs to account for Equivalent units Cost per equivalent unit for department $ %24 %24 %24
Carmelita, Inc., has the following information available: Costs from Beginning Inventory Direct materials. Conversion costs $5,000 5,200 Costs from Current Period The cost of completing a unit during the current period was Oa. $45.95 Ob. $36.76 Oc. $30.63 Od. $25.62 $29,600 149,800 At the beginning of the period, there were 400 units in process that were 40% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,500 units were started and completed. Ending inventory contained 400 units that were 27% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process costing method.
Solve and check answer twice before submit and add explanation and proper calculation
BASE DATA: UNITS: Beginning WIP Inventory (20% complete as to CC) 5,000 Units started 20,000 Units completed and transferred out 15,000 Ending WIP Inventory (Mat 100 %, CC 50 % complete) 10,000 Costs: Beginning inventory: Materials $ 4,000 CC $ 1,000 Current period: Materials $ 16,000 CC $ 4,000 All materials are added at the beginning of the process WITH THE ABOVE DATA SOLVE THE FOLLOWING QUESTIONS REGARDING YOUR PRODUCT: What is your Product's Equivalent units (EUP) for Mat & CC using Weighted Average? Materials EUP CC EUP Record your answers here What is your…
Subject: accounting