Equivalent Units of Materials CostThe Filling Department of Ivy Cosmetics Company had 5,100 ounces in beginning work in process inventory (90% complete). During the period, 84,400 ounces were completed. The ending work in process inventory was 4,200 ounces (10% complete).What are the total equivalent units for direct materials if materials are added at the beginning of the process?88,600 X unitsFeedbackCheck My Work

In cost accounting, equivalent units are used to express a measure of production output in terms of…

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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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Sierra Co. has provided the following information: Work in Process: Feb 1 26,700 units (100% complete for materials, 60% complete for conversion) $ 35,200 $ 17,000 Materials Conversion Units started 81,300 units February costs Materials $136,000 $243,000 16,100 units Conversion Work in Process: Feb 28 (100% complete for materials, 20% complete for conversion) Using the weighted average method of process costing, complete each of the following: a. How many units were completed and transferred to Finished Goods? Units completed and transferred b. Calculate equivalent units. Materials Conversion Equivalent Units c. Calculate the cost per equivalent unit. (Round your intermediate calculations and final answers to 4 decimal places.) Direct Materials Conversion Cost per Equivalent Unit
Accounting Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 3,000 100% 40% Units started this period 21,600 Units completed and transferred out 22,200 Ending work in process inventory 2,400 100% 80% Beginning work in process inventory Direct materials $ 19,800 Conversion 221,940 $ 241,740 Costs added this period Direct materials 496,800 Conversion 2,165,940 2,662,740 Total costs to account for $ 2,904,480 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. Required: 1. Prepare the Forming department's production cost report for May using FIFO. 2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.
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A company has 1,300 units in ending work in process that are 30% complete after transferring out 12,000 units. All materials are added at the beginning of the process. If the cost per unit is $3 for materials and $6 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? Cost of units transferred out $fill in the blank 1 Ending work in process inventory $fill in the blank 2
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Equivalent Units of Conversion Costs The Filling Department of Ivy Cosmetics Company had 4,700 ounces in beginning work in process inventory (90% complete). During the period, 33,500 ounces were completed. The ending work in process inventory was 1,700 ounces (70% complete). What are the total equivalent units for conversion costs? 38,920 X units. Feathark
Daring watercraft manufactures small boats. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout the process. Data for April follows: Production data Units Percent complete Units in process, April 1 1000 60% Units started into production 4000 Units in process, April 30 1500 20% Cost Data Work in process, April 1 Materials $25 500 Labour $3 000 Manufacturing overhead $6 000 Cost Added: Materials $90 000 Labour $12 000 Manufacturing overhead $18 000 Using the weighted average method, prepare a production cost report for the company.
Physical Flow Schedule Nelrok Company manufactures fertilizer. Department 1 mixes the chemicals required for the fertilizer. The following data are for the year: BWIP (40% complete) 45,000 Units started 142,500 Units in EWIP (60% complete) 35,000 Required: Prepare a physical flow schedule. Nelrok CompanyPhysical Flow Schedule Units to account for: Units in beginning work in process fill in the blank 1 Units started fill in the blank 2 Total units to account for fill in the blank 3 Units accounted for: Completed from beginning work in process fill in the blank 4 Started and completed fill in the blank 5 Units in ending work in process fill in the blank 6 Total units accounted for fill in the blank 7 Feedback Partially correct Check My Work
Foley Manufacturing uses a process costing system. The following for one department in April: Units 15,000 40,000 Percent Completed Materials 65% 70% Work in Process April 1 Work in Process April 30 The department started 145,000 units during the month. Conversion 45% 50% Required: 1. Determine the physical flow of products. Show reconciliation below. 2. Compute the equivalent units of production for April assuming the company used the weighted-average method of accounting for units and costs.
Equivalent Units of Conversion Costs The Filling Department of Ivy Cosmetics Company had 2,700 ounces in beginning work in process inventory (30% complete). During the period, 38,200 ounces were completed. The ending work in process inventory was 2,300 ounces (80% complete). What are the total equivalent units for conversion costs? units
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