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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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).
The Filling Department of Eve Cosmetics Company had 3,100 ounces in beginning work in process inventory (20% complete). During the period, 52,000 ounces were completed. The ending work in process inventory was 2,600 ounces (20% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process?
The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $0.55 and $0.60, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 2,200 Started and completed during the period 55,000 55,000 Transferred out of Filling (completed) 55,000 57,200 Inventory in process, end of period 6,000 1,800 Total units to be assigned costs 61,000 59,000 The beginning work in process inventory had a cost of $1,390. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred out of production $ Inventory in process, ending $
The Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Department had 3,300 liters in beginning work in process inventory (30% complete). During the period 61,990 liters were completed. The ending work in process was 6,450 liters (70% completed). All inventories are costed by the first-in, first-out method. What is the total equivalent units for direct materials (using the FIFO method) if materials were added at the beginning of the process?fill in the blank 1 equivalent unitsThe Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Department had 3,300 liters in beginning work in process inventory (30% complete). During the period 61,990 liters were completed. The ending work in process was 6,450 liters (70% completed). All inventories are costed by the first-in, first-out method. What is the total equivalent units for direct materials (using the FIFO method) if materials were added at the beginning of the…
The cost per equivalent unit of direct materials and conversion in the Bottling Department of Beverages on Jolt Company is $0.70 and $0.10, respectively. The equivalent units to be assigned costs are as follows: Direct Materials Conversion Inventory in process, beginning of period 3,160 Started and completed during the period 51,950 51,950 Transferred out of Bottling (completed) 51,950 55,110 00 57,810 Inventory in process, end of period 099 Total units to be assigned costs The beginning work in process inventory had a cost of $3,950. Determine the cost of completed and transferred-out production and the ending work in process inventory. When required, round your answers to the nearest dollar. Completed and transferred out production Inventory in process, ending items Previous ( XƏN へ nere to search 9:44 PM 53°F Cloudy (中岁 12/6/2021 a. SU delete 144 ZA pause alt alt ctrl USE YOL
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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…
The cost of direct materials transferred into the Bottling Department of the Mountain Springs Water Company is $1,000,500. The conversion cost for the period in the Bottling Department is $648,000. The total equivalent units for direct materials and conversion are 34,500 liters and 7,200 liters, respectively. Determine the direct materials and conversion cost equivalent unit. Cost per equivalent unit of materials Cost per equivalent unit of conversion

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