Given the following information, determine the equivalentunits of ending work in process for materials andconversion under the weighted-average method:• beginning inventory of 2,300 units is 100% complete withregard to materials and 60% complete with regard toconversion• 18,000 units were started during the period• 17,500 units were completed and transferredending inventory is 100% complete with materials and60% complete with conversionEquivalent units of ending work in process for MaterialsEquivalent units of ending work in process for Conversion

Beginning inventory 2,300 Add: units started 18,000 Less: Units completed and transferred…

Answered: ending work in proces ion under the…

Business

Accounting

ending work in proces ion under the weightec ning inventory of 2,300 to materials and 60% inn

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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Opening Work-in -progress 10,000 units,80% complete as regards material and 60% complete as regards labour and overheads. Units introduced during the year is 20,000 units. During the current period 18000 units completed and obtained from the process. At the end of the period there were closing WIP of 12000 units which are 90% complete as regards materials and 80% as regards labour and overheads. Other details: Cost of 20,000 units introduced in current period is $2,08,000 • Labour and Overheads cost $1,08,000 • Cost of Opening WIP $138200 ($94000 materials and $43800 Labour and Overheads. Prepare Statement of Equivalent Production, Statement of Cost per unit and Statement of Valuation using FIFO method:
Production data show 27,626 units were transferred out of a stage of production and 7,834 units remained in ending WIP inventory that was 100% complete to material and 47% complete to conversion. The unit material cost is $8 for material and $4 for conversion. What is the amount of inventory transferred out? Round to the nearest whole dollar, no decimals.
John Doe Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information: Units Materials Conversion Work in process, Jan. 1 80% complete with respect to conversion costs $100,000 $157,500 100,000 500,000 Units started into production Costs added during the year: Materials $650,000 Conversion $997,500 Units completed during the year 450,000 The company uses the weighted-average method in its process costing system. The ending inventory is 50% complete with respect to conversion costs. Required: a) Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs. b) Determine the cost transferred to finished goods. ) Detemine the amount of cost that should be assigned to the ending work-in-process inventory.
27. The following information relates to the West Shore Aquarium Manufacturing Company's aquarium production for 200X. Beginning work-in-process inventory None Units started during year 6,810 units Units completed 6,250 units Ending work-in-process inventory 560 units Ending work-in-process percent complete 25% Current manufacturing cost $56,232 Require: SHOW YOUR WORK A. Calculate the number of equivalent units of production for 200X. B. Calculate the cost per equivalent Please don't provide solution in an image format thank you