effield Painting Company has the following production data for March: Beginning work in process inventory, 2,200 units that are 30% complete for conversion costs Units completed and transferred out, 48,400 Units in ending work in process inventory, 9,900 that are 80% complete for conversion costs terials are added only at the beginning of the process. mpute equivalent units of production for both materials and conversion costs using the FIFO method. (Do not le

effield Painting Company has the following production data for March: Beginning work in process inventory, 2,200 units that are 30% complete for conversion costs Units completed and transferred out, 48,400 Units in ending work in process inventory, 9,900 that are 80% complete for conversion costs terials are added only at the beginning of the process. mpute equivalent units of production for both materials and conversion costs using the FIFO method. (Do not le

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

What would be the cost per equivalent unit for conversion costs for September? (Round off to three decimal places.)
The Bottling Department of Mountain Springs Water Company had 4,400 liters in beginning work in process inventory (25% complete). During the period, 55,400 liters were completed. The ending work in process inventory was 3,000 liters (65% complete). All inventories are costed by the first-in, first-out method. What are the equivalent units for conversion costs under the FIFO method? what are the equivalent units for conversion costs
The following data were taken from the records of Milo Company for the month of March: In process, beg (3/5 additional work to be done) 10,125 unitsFinished and Transferred units 15,750 units(Of the units started in process, ½ represents work in process at the end which were 20% completed during the current period)Compute the equivalent units of production of conversion cost using Average.
Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is added only in the Mixing Department. The following information is given for the Processing Department for August. TI uses process costing. WIP Inventory Processing Department: August 1 Quantity (60% complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 1 Current production and costs (August) Units started Current costs Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total current cost: August WIP Inventory Processing Department (August 31) Quantity (20 % complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 31 Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out Units in ending…
Required: Trout, Incorporated, adds direct materials at the beginning of the process, while conversion costs are incurred uniformly throughout the process. At the beginning of the period, Work In Process Inventory was 40% complete. At the end of the period, Work in Process Inventory was 70% complete. Trout, Incorporated, started the following production report: Complete the production report by filling in the missing amounts. Note: Round your "Cost per Equivalent Unit" answers to 2 decimal places. UNITS Units to be accounted for Beginning Work in Process Started into Production Total units Units accounted for: TROUT, INCORPORATED Process Costing Production Report (Weighted Average Method) Step 1: Physical Units Completed and transferred Ending Work in Process Total units COSTS Beginning inventory Current period costs Total manufacturing costs 3,000 7,800 $3,900 3,900 7,800 Step 2 Equivalent Units Direct Materials Conversion Cost 3,900 3,900 7,800 6,630 Step 3: Cost per Equivalent Unit…
Savita
Saved Brody Corp. uses a process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred unformly throughout the process. Beglnning Inventory for January consisted of 1,250 units that were 75% completed. 10,000 units were started into the process during January. On January 31, the inventory consisted of 400 units that were 50% completed. What would be the equivalent units for direct materlals cost using the welghted average method? Multiple Cholce 11,250 10,600 10,300 10,000
The Bottling Department of Mountain Springs Water Company had 5,000 liters in beginning work in process inventory (20% complete). During the period, 58,000 liters were completed. The ending work in process inventory was 3,000 liters (90% complete). What are the equivalent units for conversion costs under the FIFO method? equivalent units for conversion costs
Domestic
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding department: Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Molding department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 58,000 Units 40,000 140,000 180,000 37,500 63,850 $ 121,850 $ 302,000 614, 150 Calculate equivalent units of production for conversion. 916,150 Direct materials Percent Complete. 100% 100% Conversion Percent Complete 55% 25%
The following data are given on the production of Perez Mfg for July: Total Equivalent Production 28,500 Placed in Process, Finished, and Transferred 20,000 Finished and on hand 6,000 units In process, end 8,000 units 1/8 done In process beginning ? 1/4 done Placed in Process ? The FIFO costing method was used. How many units were there in the beginning inventory of work in process?
Acer Corporation. has the following information for June All material is added at the start of the process and all finished products are transferred out. Beginning Work in Process Inventory (70% complete as to conversion) 6,000 units started 24,000 Ending Work in Process Inventory (10% complete as to conversion) 8,500 Beginning Work in Process Inventory Cost: Material P23,400 conversion 50,607 Current Period Cost: Material P31,500 Conversion 76,956 1. How many units were transferred out in June? 2. Assume that weighted average process costing is used. What is the cost per equivalent unit for material? 3. Assume that FIFO process costing is used. What is the cost per equivalent unit for conversion?