ChangesFIFO Aluminum processes a single type of aluminum. During the current period the following information was given:Units Material Costs Conversion Costs$5,60066,4005,000$5,100Beginning InventoryStarted During the Current PeriodEnding Inventory20,00048,000me:2,700All materials are added at the beginning of the production process. The beginning inventory was 25% complete as to conversion, while the ending inventory was40% completed for conversion purposes.e:st Worked:FIFO Aluminum uses the first - in, first - out system of process costing.urrent ScoreWhat were the costs assigned to the units transferred out this period (Round intermediary calculations to the nearest cent)?tempts:ate SubmissiO A. $144,215O B. $236,180O C. $110,195-8 (1/1)18.1-2 (1/1O D. $115,370|-1 (1/1)V 18.2-1 (1/1|-9a (1/1)1923(1/1

The first in, first out (FIFO) accounting principle asserts that assets purchased or acquired first…

Answered: FIFO Aluminum processes a single type…

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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Aurora Company produces special kitchen utensils using the JIT system. Transactions for the current period are as follow:(1) Raw materials purchased, P1,590,000(2) Direct labor costs of P2,500,000 were incurred.(3) Actual overhead costs of P3,500,000 were incurred.(4) Conversion costs are directly charged to cost of sales.(5) Finished goods, end amounted to P420,000 of which P200,000 is materials.(6) Finished goods, beg amounted to P600,000 of which P350,000 is materials(7) RIPI, beginning P850,000, of which materials is P600,000.(8) RIPI, ending P750,000, of which materials is P500,000. The cost of sales for the period amounted to
Pittsburgh Steel processes a single type of steel. For the current period the following information is given: Material Costs Conversion Costs $4800 $5800 O $115,050 $112,761 O $121,600 O $91,200 3100 Beginning Inventory Started During the Current Period Ending Inventory 3400 All materials are added at the beginning of the production process. The beginning inventory was 50% complete as to conversion, while the ending inventory was 25% completed for conversion purposes. Pittsburgh uses the weighted-average costing method. What is the total cost assigned to the units completed and transferred this period? (Round intermediary dollar amounts to the nearest cent and total costs to the nearest whole dollar.) 20,400 Units 32,300 78,700
Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April.The beginning inventory on the first of April was 100% complete as to materials and 60% as to conversions costs.Beginning WIP included: 4,400 units, which amounted to $23,600. Spacely Sprockets used direct materials for $251,000 and had conversions costs of $142,900 to place 80,500 sprockets into production. Ending WIP amounted to 8,500 units, which were 100% completed for materials and 20% completed to conversions costs.Prepare a production report using the FIFO Method.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).
Carmelita Inc., has the following information available: Direct materials Conversion costs Costs from Costs from Beginning Inventory Current Period $2,000 6,200 $22,252 150,536 At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The equivalent units of production for direct materials and conversion costs, respectively, were a. 5,340 for direct materials and 4,902 for conversion costs b. 4,902 for direct materials and 4,802 for conversion costs c. 4,602 for direct materials and 4,802 for conversion costs d. 4,840 for direct materials and 4,802 for conversion costs
Required: Trout, Incorporated, adds direct materials at the beginning of the process, while conversion costs are incurred uniformly throughout the process. At the beginning of the period, Work In Process Inventory was 40% complete. At the end of the period, Work in Process Inventory was 70% complete. Trout, Incorporated, started the following production report: Complete the production report by filling in the missing amounts. Note: Round your "Cost per Equivalent Unit" answers to 2 decimal places. UNITS Units to be accounted for Beginning Work in Process Started into Production Total units Units accounted for: TROUT, INCORPORATED Process Costing Production Report (Weighted Average Method) Step 1: Physical Units Completed and transferred Ending Work in Process Total units COSTS Beginning inventory Current period costs Total manufacturing costs 3,000 7,800 $3,900 3,900 7,800 Step 2 Equivalent Units Direct Materials Conversion Cost 3,900 3,900 7,800 6,630 Step 3: Cost per Equivalent Unit…
The Jamaica Company manufactures a product in a single process. The following information is available: Beginning WIP Inventory -0-Units Input Material Direct Labour Cost Incurred Manufacturing Overhead Incurred 18,000 units valued at $213,885 $577,500 $391,875 Units Completed & Transferred Out 12,000 Ending WIP Inventory 6,000 units The units still in process are 45% complete with respect to direct materials and 35% complete with respect to conversion costs. The cost per equivalent unit for direct materials is? Select one $17.81 Ob $15.00 O $14.55- Od. $12.87 0
Blossom Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2025, inventories consisted of Raw Materials $26,520, Work in Process- Mixing $0, Work in Process-Packaging $255,000, and Finished Goods $294,780. The beginning inventory for Packaging consisted of 10,200 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 51,000 units were started into production in the Mixing Department and the following transactions were completed. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased $306,000 of raw materials on account. Issued direct materials for production: Mixing $214,200 and Packaging $45,900. Incurred labor costs of $284,478. (Use Wages Payable.) Used factory labor: Mixing $186,150 and Packaging $98,328. Incurred $826,200 of manufacturing overhead on account. Applied manufacturing overhead on the basis of $23 per machine…

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