Exercise 5-4 (Algo) Assigning Costs to Units-Weighted-Average Method [LO 5-4] Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses pro costing, appear below: Equivalent units in ending work in process inventory Cost per equivalent unit A total of 20,300 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) 1. Cost of ending work in process inventory 2. Cost of units transferred out Materials Conversion 2,060 990 $15.76 $ 4.83 Materials Conversion Total

Exercise 5-4 (Algo) Assigning Costs to Units-Weighted-Average Method [LO 5-4] Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses pro costing, appear below: Equivalent units in ending work in process inventory Cost per equivalent unit A total of 20,300 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) 1. Cost of ending work in process inventory 2. Cost of units transferred out Materials Conversion 2,060 990 $15.76 $ 4.83 Materials Conversion Total

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Description: Vishnu Exercise 5-4 (Algo) Assigning Costs to Units-Weighted-Average Method [LO 5-4]Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses procescosting, appear below:1. Cost of endin

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

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(Appendix 3A) Separating Fixed and Variable Costs, Service Setting Louise McDermott, controller for the Galvin plant of Veromar Inc., wanted to determine the cost behavior of moving materials throughout the plant. She accumulated the following data on the number of moves (from 100 to 800 in increments of 100) and the total cost of moving materials at those levels of moves: Required: 1. Prepare a scattergraph based on these data. Use cost for the vertical axis and number of moves for the horizontal axis. Based on an examination of the scattergraph, does there appear to be a linear relationship between the total cost of moving materials and the number of moves? 2. Compute the cost formula for moving materials by using the high-low method. Calculate the predicted cost for a month with 550 moves by using the high-low formula. (Note: Round the answer for the variable rate to three decimal places and the answer for total fixed cost and total cost to the nearest dollar.) 3. CONCEPTUAL CONNECTION Compute the cost formula for moving materials using the method of least squares. (Note: For the method of least squares, round the variable rate to two decimal places and total fixed cost and total cost to the nearest dollar.) Using the regression cost formula, what is the predicted cost for a month with 550 moves? What does the coefficient of determination tell you about the cost formula computed by regression? 4. CONCEPTUAL CONNECTION Evaluate the cost formula using the least squares coefficients. Could it be improved? Try dropping the third data point (300, 3,400), and rerun the regression.
es Exercise 4-4 (Algo) Assigning Costs to Units-Weighted-Average Method [LO 4-4] Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses proce costing, appear below: 1. Cost of ending work in process inventory 2. Cost of units transferred out Equivalent units in ending work in process inventory Cost per equivalent unit A total of 21,400 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. Note: For all requirements, round your final answers to the nearest whole dollar amount. Materials $ $ Materials 2,070 $ 15.26 Conversion 31,544 $ 326,344 $ Conversion 940 $ 6.23 Total 5,843 $ 37,387 133,612 $ 459,956
Exercise 4-4 (Algo) Assigning Costs to Units-Weighted-Average Method [LO 4-4] Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Conversion 870 Equivalent units in ending work in process inventory Cost per equivalent unit $ 4.63 A total of 20,100 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) 1. Cost of ending work in process inventory 2. Cost of units transferred out Materials Materials 2,010 $ 14.56 Conversion Total
Exercise 4-4 (Algo) Assigning Costs to Units—Weighted-Average Method [LO 4-4] Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory 2,110 910 Cost per equivalent unit $ 15.16 $ 6.03 A total of 20,900 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total.
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Exercise 4A-9 (Algo) Equivalent Units; Equivalent Units of Production; Assigning Costs-FIFO Method (LO4-6, LO4-7, LO4-8] Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company's processing departments: Units in beginning inventory Units started into production Units in ending inventory Units transferred to the next department 370 4,310 320 4,360 Materials Conversion Percentage completion of beginning inventory Percentage completion of ending inventory 70% 30% 90% 30% The cost of beginning inventory according to the company's costing system was $7,811 of which $4,806 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $178,937. The costs per equivalent unit for the month were: Materials Conversion $23.00 Cost per equivalent unit $18.00 Required: 1. Compute the total cost per equivalent unit for the month. 2. Compute the equivalent…
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Midterm Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured Beginning work in process inventory Direct materials used in production Manufacturing overhead applied to work in process Total manufacturing costs added to production What is the ending work in process inventory? Multiple Choice O $118,300 O $98,300 $68,300 O $158,300 $ 158,000 $ 26,300 $ 50,000 $ 90,000 $ 200,000
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ces Beginning work in process inventory Units started this period Beginning work in process Direct materials Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Conversion Costs added this period Direct materials Conversion Total costs to account for Required A Required B Required C Units Costs of beginning work in process Costs added this period Total costs Equivalent units of production (from part a) Cost per equivalent unit of production 320,000 312,000 35,000 $ $ $ 40,000 16,100 Complete this question by entering your answers in the tabs below. 1,660,000 929,300 a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming departm c. Using the weighted average method, assign costs to the forming department's output-specifically, its units…