The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production.Attachmenta. Determine the number of units in work in process inventory at March 31.b. Determine the equivalent units of production for direct materials and conversion costs in March. ACCOUNT Work in Process-Baking DepartmentDateItemMar. 1 Bal., 18,000 units, % completed31Direct materials, 336,000 unitsDirect labor3131 Factory overhead31 Goods finished, 330,000 units31 Bal. 2 units, % completedDebit252,00040,00060,530Credit346,410ACCOUNT NO.BalanceDebit14,760266,760306,760367,29020,88020,880Credit

Process costing is actually a system of costing that uses cost per equivalent unit and equivalent…

Answered: equivalent units of production for…

Business

Accounting

equivalent units of production for direct materials and conversion costs

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 8MC: A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the...

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The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
Baxter Company has two processing departments: Assembly and Finishing. A predetermined overhead rate of 10 per DLH is used to assign overhead to production. The company experienced the following operating activity for April: a. Materials issued to Assembly, 24,000 b. Direct labor cost: Assembly, 500 hours at 9.20 per hour; Finishing, 400 hours at 8 per hour c. Overhead applied to production d. Goods transferred to Finishing, 32,500 e. Goods transferred to finished goods warehouse, 20,500 f. Actual overhead incurred, 10,000 Required: 1. Prepare the required journal entries for the preceding transactions. 2. Assuming Assembly and Finishing have no beginning work-in-process inventories, determine the cost of each departments ending work-in-process inventories.
K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
A company calculated the predetermined overhead based on an estimated overhead of $70.000, and the activity for the cost driver was estimated as 2,500 hours. If product A utilized 1,350 hours and product 8 utilized 1,100 hours, what was the total amount of overhead assigned to the products? A. $35000 B. $30.800 C. $37,800 D. $68,600
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.Work in Process—Assembly DepartmentBal., 3,000 units, 55% completed10,410To Finished Goods, 69,000 units?Direct materials, 71,000 units @ $1.6113,600Direct labor189,400Factory overhead73,670Bal., ? units, 75% completed?Cost per equivalent units of $1.60 for Direct Materials and $3.70 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places.1. Cost of beginning work in process inventory completed this period$2. Cost of units transferred to finished goods during the period$3. Cost of ending work in process inventory$4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.)$
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.Work in Process – Assembling DepartmentBalance: 1,600 units, 35% completed $17,440 To finished goods: 29,600 units ?Direct materials: 29,000 units @ 9.50 275,500Direct labor 84,600Factory overhead 39,258Balance: ? units, 45% completed ?Compute the ending units and their value in work in process and the value of goods transferred to finished goods
ost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 8,000 units, 25% completed 20,200 To Finished Goods, 184,000 units ? Direct materials, 188,000 units @ $1.7 319,600 Direct labor 473,800 Factory overhead 184,200 Bal., ? units, 50% completed ? Cost per equivalent units of $1.70 for Direct Materials and $3.50 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 1. Cost of beginning work in process inventory completed this period $fill in the blank 1 2. Cost of units transferred to finished goods during the period $fill in the blank 2 3. Cost of ending work in process inventory $fill in the blank 3 4.…
The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process - Assembly Department Transaction Debit amount Transaction Credit amount Bal., 30, 000 units, 40% completed 1,075,500 To Finished Goods, 406, 000 units ? Direct materials, 400, 000 units @ $11.25 4,500,000 Direct labor 4,012, 000 Factory overhead 20,060,000 Bal., ? units, 30% completed ? Cost per equivalent units of $11.25 for Direct Materials and $60.00 for Conversion Costs.
Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department ? 17,440 275,500 Bal., 1,600 units, 35% completed To Finished Goods, 29,600 units Direct materials, 29,000 units @ $9.50 Direct labor 84,600 Factory overhead 39,258 Bal. ? units, 45% completed a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period. 2. Cost of units transferred to finished goods during the period. 3. Cost of ending work in process inventory. 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. b. Did the production costs change from the preceding period? Yes v c. Assuming that the direct materials cost per unit did not change from the preceding period, did the…
Rocky Mountain Corporation makes two types of hiking boots-Xactive and Pathbreaker. Data concerning these two product lines appear below: Direct materials per unit Direct labor cost per unit Direct labor-hours per unit Estimated annual production and sales Xactive $ 65.70 $ 19.10 1.4 DLHS 34,000 units Pathbreaker $ 51.90 $ 13.90 1 DLHS 84,000 units The company has a conventional costing system in which manufacturing overhead is applied to units based on direct labor-hours. Data concerning manufacturing overhead and direct labor-hours for the upcoming year appear below: Estimated total manufacturing overhead Estimated total direct labor-hours $2,750,440 131,600 DLHS Required: 1-a. Compute the predetermined overhead rate bašed on direct labor-hours. 1-b. Using the predetermined overhead rate and other data from the problem, determine the unit product cost of each product. 2. The company is considering replacing its conventional costing system with an activity-based costing system that…
Date stion. Mar. ACCOUNT Work in Process-Baking Department Item Debit Credit 194,400 55,140 31,020 284,520 ACCOUNT NO. 1 Bal., 6,000 units, 3/5 completed 31 Direct materials, 108,000 units 31 Direct labor 31 Factory overhead 31 Goods finished, 109,500 units 31 Bal. ? units, 2/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during March 4. Cost of units started and completed during March 5. Cost of the ending work in process Balance Debit 13,500 207,900 263,040 294,060 9,540 9,540 $ $ Credit
Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department 11,100 To Finished Goods, 115,000 units 177,000 159,000 61,780 Bal., 5,000 units, 40% completed Direct materials, 118,000 units $1.5 Direct labor Factory overhead Bal., 2 units, 40% completed Cost per equivalent units of $1.50 for Direct Materials and $1.90 for Conversion Costs. a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.) b. Did the production costs change from the preceding period? 0000 A c. Assuming that the…