Equivalent Units of Materials CostThe Rolling Department of Oak Ridge Steel Company had 2,600 tons in beginning work in process inventory (50% complete) on July 1. During July, 42,800 tons were completed. The ending workin process inventory on July 31 was 2,100 tons (90% complete).What are the total equivalent units for direct materials for July if materials are added at the beginning of the process?X unitsFeedback

To determine the total equivalent units for direct materials, we need to consider the units that…

Answered: Equivalent Units of Materials Cost The…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $84,680 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 5,800 units, 60% completed 94,424 30 Direct materials, 53,000 units 757,900 852,324 30 Direct labor 66,820 919,144 30 Factory overhead 92,274 ? 1,011,418 30 Goods finished, ? units ? 30 Bal., 4,600 units, 90% completed ? Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed…
Equivalent Units of Conversion Costs The Rolling Department of Kraus Steel Company had 8,448 tons in beginning work in process inventory (80% complete) on October 1. During October, 70,400 tons were completed. The ending work in process inventory on October 31 was 3,520 tons (50% complete). What are the total equivalent units for conversion costs?
Solve in T-Accounts of:- Quantity Schedule Equivalent Units Produce Per unit Cost Cost of Complete Units Cost of Ending Units
Equivalent units of materials costs The Rolling department of kraus steel company had 5,100 tons in beginning work in process inventory ( 60% complete) on October 1st. During October, 84500 tons were completed. The ending work in process inventory on October 31 was 4,200 tons (10% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? ________ UNITS
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Units to be assigned costs Fortress Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 4,000 tons from the Casting Department. During July, the Rolling Department completed 3,900 tons, including 200 tons of work in process on July 1. The ending work in process inventory on July 31 was 300 tons. How many tons were started and completed during July? Equivalent units of materials cost The Rolling Department of Fortress Steel Company had 200 tons in beginning work in process inventory (60% complete) on July 1. During July, 3,900 tons were completed. The ending work in process inventory on July 31 was 300 tons (25% complete). What are the total equivalent units for direct materials for July if materials are added at the beginning of the process?
2. 1. Assume process costing is used. Fill two tables given below. SHOW CALCULATIONS IN THE TABLE April $1,100,310 3,001,940 3,601,030 $7,703,280 3,800 March Beginning work in process was 20% complete in March and 65% complete in April. Ending work in process was 50% complete in March and 30% complete in April Direct materials costs $965,460 2,300,260 3,520,640 $6,786,360 6,000 17,500 4,500 Direct Jabor costs Manufacturing overhead applied Total manufacturing costs Units in beginning work in process Units transferred to finished goods Units in ending work in process 22,000 6,100 Express everything in UNITS March Аpril Beginning work in process Started and completed Ending work in process Total equivalent units Аpril Express everything in $ Total manufacturing cost per equivalent unit Direct materials cost per March equivalent unit
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Units to be Assigned Costs Oak Ridge Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 63,800 tons from the Casting Department. During July, the Rolling Department completed 74,300 tons, including 16,200 tons of work in process on July 1. The ending work in process inventory on July 31 was 5,700 tons. How many tons were started and completed during July?
Cost of Production reportThe Cutting Department of Karachi Carpet Company provides thefollowing data for January. Assume that all materials are added at thebeginning of the process. A. Prepare a cost of production report for the Cutting Department.B. Compute and evaluate the change in the costs per equivalentunit for direct materials and conversion from the previous month(December)
ok t t nces Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 51,000 27,000 Equivalent units of production JUN 28 Percent Completed Conversion Materials The department started 390,000 units into production during the month and transferred 414,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials 95% 66% Conversion ave & Exit A Check m
Question: Materials are added at the beginning of the production process at Santiago Company, which uses a FIFO process costing system. The following information on the physical flow of units is available for the month of April. Beginning work in process (40% complete) $22,500 10,000 units Started in April 50,000 units $255,000 Completed in April and transferred out $240,000 55,000 units Ending work in process 5,000 units (70% $37,500 complete) Compute the equivalent units for the conversion cost calculation. Equivalent units total:

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