Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 4-2] Clonex Labs, Inc., 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 49,000 40,000 Equivalent units of production Percent Completed Materials 90% 68% The department started 400,000 units into production during the month and transferred 409,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion 65% 53% Conversion

Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 4-2] Clonex Labs, Inc., 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 49,000 40,000 Equivalent units of production Percent Completed Materials 90% 68% The department started 400,000 units into production during the month and transferred 409,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion 65% 53% Conversion

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Description: Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 4-2]Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for onedepartment for October:Work in process, Oct

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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Costs per Equivalent Unit 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. Balance Date Mar. Item 1 Bal., 5,100 units, 4/5 completed 31 Direct materials, 91,800 units 31 Direct labor Debit 156,060 40,880 23,002 Credit Debit 222,996 11,322 167,382 208,262 231,264 8,268 8,268 31 Factory overhead 31 Goods finished, 93,000 units 31 Bal. ? units, 3/5 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 b. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent…
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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 Bal., 22,200 units, 65% completed 111,000 31 Direct materials, 108,800 units 331,840 442,840 31 Direct labor 205,700 648,540 31 Factory overhead 209,100 857,640 31 Goods transferred, 115,400 units 825,110 32,530 31 Bal., ? units, 30% completed 32,530 a. Determine the number of units in work in process inventory at the end of the month. 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 a placed in process during production. Whole units to be accounted for units Whole units to be assigned costs units Equivalent units of production units Next
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Weighted Average Method, Single Department Analysis, Uniform Costs Hatch Company produces a product that passes through three processes: Fabrication, Assembly, and Finishing. All manufacturing costs are added uniformly for all processes. The following information was obtained for the Fabrication Department for June: a. Work in process, June 1, had 90,000 units (40 percent completed) and the following costs: Direct materials $96,400 Direct labor Overhead 109,000 36,000 b. During the month of June, 190,000 units were completed and transferred to the Assembly Department, and the following costs were added to production: Direct materials Direct labor Overhead $218,000 144,000 165,000 c. On June 30, there were 45,000 partially completed units in process. These units were 80 percent complete. Required: Prepare a cost of production report for the Fabrication Department for June using the weighted average method of costing. The report should disclose the physical flow of units, equivalent…
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Please heklp I am having issues solving this problem Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April. Work in process on April 1 had 110,000 units made up of the following. Amount Degree of Completion Prior department costs transferred in from the Molding Department $ 152,900 100 % Costs added by the Assembling Department Direct materials $ 89,100 100 % Direct labor 37,540 60 % Manufacturing overhead 25,070 50 % $ 151,710 Work in process, April 1 $ 304,610 During April, 510,000 units were transferred in from the Molding Department at…