Exercise 20-26Transferred to Packing DepartmentInventory in process, ending (30% completed)Equivalent Units of Production EX 20-26 Equivalent units of production: average cost methodThe following information concerns production in the Finishing Department for May. TheFinishing Department uses the average cost method.ACCOUNT Work in Process-Finishing DepartmentACCOUNT NO.BalanceDateItemDebitCreditDebitCreditMay 1Bal., 4,200 units, 70% completed36,500Direct materials, 23,600 units31 Direct labor31 Factory overhead31 Goods transferred, 24,700 units31 Bal., ? units, 30% completed31125,800162,30075,40082,675237,700320,375308,75011,62511,625a. Determine the number of units in work in process inventory at the end of the month.b. Determine the number of whole units to be accounted for and to be assigned costsand the equivalent units of production for May.

Weighted average method of process costing in which units manufactured by use of beginning work in…

Answered: EX 20-26 Equivalent units of…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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Date ACCOUNT Work in Process-Forging Department Nov. Item 1 Bal., 900 units, 60% completed 30 Direct materials, 12,900 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed $ Debit 123,840 21,650 16,870 $ Credit ? ACCOUNT NO. Balance Debit Direct materials cost per equivalent unit Conversion cost per equivalent unit 10,566 134,406 156,056 172,926 ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. 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 in November. Credit b. Cost of units transferred to the next department during November. $ c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in…
PROBLEM 8 The following data for the month of September were taken form the cost records of Department 1 of Pro-Life products which uses process costing system: Opening inventory of work in process: Units – 500 (with all materials added and 50% of labor and overhead) Cost - Materials 2, 400 Labor 1, 500 Factory overhead 760 Put into production: Units – 5, 000 Costs - Materials 25, 100 Labor 19, 380 Factory overhead 14, 900 Completed and transferred – 4, 800 units Ending inventory of work in process: Units – 700 (with all materials, and 60% of labor and overhead) 10. The cost per equivalent unit (rounded to nearest centavo) under FIFO: 11. The cost per equivalent unit (rounded to nearest centavo) under weighted average:
Question 15 Direct labor and indirect labor are recorded, respectively, to: O Factory Overhead and Goods in Process. O Goods in Process and Finished Goods. O Finished Goods and Goods in Process. O Goods in Process and Factory Overhead. O Cost of Goods Sold and Finished Goods. Question 16 Which of the following journal entries correctly records the current month's activit where $88,000 of direct material and $38,000 of indirect materials were used in th production process?
Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process—Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May 1 Bal., 11,200 units, 80% completed 67,200 31 Direct materials, 54,900 units 200,934 268,134 31 Direct labor 124,600 392,734 31 Factory overhead 126,600 519,334 31 Goods transferred, 58,200 units 499,356 19,978 31 Bal., ? units, 30% completed 19,978 a. Determine the number of units in work in process inventory at the end of the month.fill in the blank 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Whole units to be…
August 1 Bal., 7,800 units, 2/5 completed 31 Direct materials, 140,400 units 31 Direct labor 31 Factory overhead 31 Goods finished, 142,200 units 31 Bal., ? units, 2/5 completed Line Item Description Inventory in process, August 1 Started and completed in August Transferred to finished goods in August Inventory in process, August 31 Total 238,680 63,380 35,656 a. Determine the number of units in work in process inventory at August 31. units 341,748 b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is zero, enter in "0". Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For August Whole Units 7,800 15,912 254,592 317,972 353,628 11,880 11,880 0 Equivalent Units Equivalent Direct Materials Units Conversion 1,560
Appendix EX 20-25 Equivalent units of production: average cost method Units of production data for the two departments of Atlantic Cable and Wire Company for July of the current fiscal year are as follows: Drawing Department Winding Department Work in process, July 1 Completed and transferred to next processing department during July Work in process, July 31 500 units, 50% completed 350 units, 30% completed 11,400 units 10,950 units 700 units, 55% completed 800 units, 25% completed Each department uses the average cost method. a. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Department. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Winding Department.
Vd Subject: accounting
Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit March 1 Bal., 6,000 units, 4/5 completed 24,000 31 Direct materials, 108,000 units 216,000 240,000 31 Direct labor 61,860 301,860 31 Factory overhead 34,800 336,660 31 Goods finished, 109,500 units 325,230 11,430 31 Bal. ? units, 3/5 completed 11,430 a. Determine the number of units in work in process inventory at March 31.fill in the blank e90ad102cfba051_1 units b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount is zero, enter in "0". Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For March…
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