The Finishing Department reports the following data for the month:View the dataCalculate the cost per equivalent units of production for each input. The company uses the weighted-average method. (Round all cost per unit amounts to the nearest cent.) Equivalent Units of Production:Transferred In3,100Direct MaterialsConversion Costs3,4002,380Costs:Beginning WIPAdded this MonthTotalTransferred In$7,300 $13,625 $20,925Direct Materials3,4508,45011,900Conversion Costs5,20518,00023,205$15,955 $40,075 $56,030Total

Equivalent Units of Production: Transferred In 3,100 Direct Materials Conversion Costs 3,400 2,380 Costs: Beginning WIP Added this Month Total Transferred In $ 7,300 $ 13,625 $ 20,925 Direct Materials 3,450 8,450 11,900 Conversion Costs 5,205 18,000 23,205 $ 15,955 $ 40,075 $ 56,030 Total

Equivalent Units of Production: Transferred In 3,100 Direct Materials Conversion Costs 3,400 2,380 Costs: Beginning WIP Added this Month Total Transferred In $ 7,300 $ 13,625 $ 20,925 Direct Materials 3,450 8,450 11,900 Conversion Costs 5,205 18,000 23,205 $ 15,955 $ 40,075 $ 56,030 Total

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...

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ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?
What is the cost of the units transferred out? (Use rounded cost per equivalent unit.) Units completed and transferred out: Units transferred to the next 12,600 12,600 department Cost per equivalent unit $13.50 $89.60 Cost of units transferred out $170,100 $1,128,930 $1,299,030
Transferred-In Cost Golding's finishing department had the following data for July: Transferred-In Materials Conversion Units transferred out 60,000 60,000 60,000 Units in EWIP 11,000 11,000 13,000 Equivalent units 71,000 71,000 73,000 Costs: Work in process, July 1: Transferred-in from fabricating $2,100 Materials 1,500 Conversion costs 3,000 Total $6,600 Current costs: Transferred-in from fabricating $30,900 Materials 22,500 Conversion costs 45,300 Total $98,700 Required: 1. Calculate unit costs for the following categories: transferred-in, materials, and conversion. Round your answers to the nearest cent. Unit transferred-in cost $ Unit materials cost $ Unit conversion cost $ 2. Calculate total unit cost. Round your answer the nearest cent.$
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Transferred-In Cost Golding's finishing department had the following data for July: Line Item Description Transferred-In Materials Conversion Units transferred out 60,000 60,000 60,000 Units in EWIP 15,000 15,000 9,000 Equivalent units 75,000 75,000 69,000 Costs: Work in process, July 1: Transferred-in from fabricating $2,100 Materials 1,500 Conversion costs 3,000 Total $6,600 Current costs: Transferred-in from fabricating $30,900 Materials 22,500 Conversion costs 45,300 Total $98,700 Required: 1. Calculate unit costs for the following categories: transferred-in, materials, and conversion. Round your answers to the nearest cent. Line Item Description Cost Unit transferred-in cost $fill in the blank 1 Unit materials cost $fill in the blank 2 Unit conversion cost $fill in the blank 3 2. Calculate total unit…
Assume the following information: Percent Complete Milling Department Units Materials Conversion Beginning work in process inventory Units started into production during March 200 40% 30% 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 287,000 385,000 Total cost $ 297,000 $ 400,e00 Using the weighted-average method, the total cost of the units completed during the period and transferred out to the next department with respect to materials is closest to: Multiple Cholce $276,950. $275,536. $276,386. $274.285.
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 292,000 385,000 Total cost $ 302,000 $ 400,000 Using the weighted-average method, the total cost of the units completed during the period and transferred out to the next department with respect to materials is closest to:
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 292,000 385,000 Total cost $ 302,000 $ 400,000 Using the weighted-average method, the total cost of the ending work in process inventory with respect to materials is closest
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Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 284,000 385,000 Total cost $ 294,000 $ 400,000 Using the weighted-average method, the cost per equivalent unit for materials is closest to
Compute the unit cost for materials when beginning work in process is $965, current period costs are $12,835, and equivalent units for the department are 4,000. a. $3.45 b. $3.21 c. $0.24 d. $34.50
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