Exercise 8-21 (Static) Compute Equivalent Units: FIFO Method (LO 8-1, 5) Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: . Beginning inventory, 16,000 partially complete units, 10 percent complete with respect to conversion costs. • Units started in December, 77,000 units. • Units transferred out in December, • 73,000 units. Ending inventory, 20,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method. Materials Conversion Costs Equivalent Units

Exercise 8-21 (Static) Compute Equivalent Units: FIFO Method (LO 8-1, 5) Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: . Beginning inventory, 16,000 partially complete units, 10 percent complete with respect to conversion costs. • Units started in December, 77,000 units. • Units transferred out in December, • 73,000 units. Ending inventory, 20,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method. Materials Conversion Costs Equivalent Units

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 14E: Cost per equivalent unit The following information concerns production in the Forging Department for...

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Cost per equivalent unit The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of 9,000 of direct materials. A. Determine the number of units transferred to the next department. B. Determine the costs per equivalent unit of direct materials and conversion. C. Determine the cost of units started and completed in November.
Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?
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Required Information Problem 8-57 (Static) Compute Equivalent Units (LO 8-1, 3, 5) [The following information applies to the questions displayed below.] Select the best answer for each of the following independent multiple-choice questions. Problem 8-57 (Static) Part a Required: a. Hillger Paints production cycle starts in Department A. The following Information is available for April: Work in process, April 1 (30% complete) Started in April Work in process, April 30 ( 70% complete) Materials are added at the beginning of the process in Department A. Using the weighted-average method, what are the equivalent units of production for the month of April? Multiple Choice Materials 343,000; Conversion 368,500 Materials 343,000: Conversion 387100 Materials 450,000; Conversion 412,500 Materials 450,000; Conversion 431,100 Units 85,000 365,000 63,000 None of the options are correct
Exercise 8-20 (Algo) Compute Equivalent Units: Weighted-Average Method (LO 8-1, 3) revor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in- process in December follows: Beginning Inventory, 18,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 79,000 units. Units transferred out In December, 75,000 units. Ending Inventory, 22,000 units, 62 percent complete with respect to conversion costs. equired: Compute the equivalent units for materials and conversion costs for December using the weighted-average method. Materials Conversion Costs Equivalent Units
Exercise 8-37 (Algo) Compute Costs per Equivalent Unit: Weighted-Average Method (LO 8-2, 3) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 47,000 partially complete gallons, 95 percent complete with respect to conversion costs. • Units started in July, 87,000 gallons. Units transferred out in July, 97,000 gallons. • Ending inventory, 37,000 gallons, 40 percent complete with respect to conversion costs. Cost per equivalent unit $ 63,000 42,000 $ 105,000 Required: Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average method. Note: Round your answers to 2 decimal places. Direct Materials $ 190,000 440,000 $630,000 Conversion Costs
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provided for the first week in March: Physical flow schedule: Units to account for: Units in BWIP Units started Total units to account for Units accounted for: Units completed: From BWIP Started and completed Units in EWIP Total units accounted for Required: Direct Materials Direct Materials Conversion $30,000 Inputs Unit conversion cost Total unit cost 0 46,000 1. Calculate the equivalent units for each input category. Equivalent Units $ $50,200 60,000 60,000 Conversion Costs 0 46,000 14,000 60,000 2. Calculate the unit cost for each category and in total. If required, round your answers to the nearest cent. Unit direct materials cost $ 3. What if a different type of materials is also added at the end of the process (a candy wrapper), costing $9,200? Calculate the new unit cost. If required, round your answer to the nearest cent. $ per unit