From the following information relating to the month of January, 2019, calculate the equivalent production units and the value of finished production and work-in- progress using LIFO method. Opening work-in-progress on 1st January 15,000 units ; 50% complete. Units introduced in the process : 30,000 units Cost Cost Materials Labour Overheads 18,000 24,000 24,000 Materials Labour Overheads 90,000 1,57,500 2,10,000 66,000 4,57,500 During the period 22,500 units were completed and transferred to the next process. Closing vork-in-progress on 31st January : 22,500 units ; 50% complete.

From the following information relating to the month of January, 2019, calculate the equivalent production units and the value of finished production and work-in- progress using LIFO method. Opening work-in-progress on 1st January 15,000 units ; 50% complete. Units introduced in the process : 30,000 units Cost Cost Materials Labour Overheads 18,000 24,000 24,000 Materials Labour Overheads 90,000 1,57,500 2,10,000 66,000 4,57,500 During the period 22,500 units were completed and transferred to the next process. Closing vork-in-progress on 31st January : 22,500 units ; 50% complete.

Name: From the following information relating to the month of January,2019,
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: From the following information relating to the month of January,2019, calculate the equivalent production units and the value of finished production and work-in-progress using LIFO method.Opening work-in-progress on lst January15,000 units; 50% comp

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Peter Senen Manufacturing Company has just completed its production activities for February 2019. The production manager furnished you their data for this month: Department X Department Y Quantity units: In process, February 1 16,000 10,000 Stage of completion 4/5 40% Started in process 64,000 Received from prior department 70,000 In process, February 28 ? 12,000 Stage of completion 2/5 2/3 Costs data: In process, February 1 $21,020 $20,300 Current costs Materials 28,350 46,800 Labor 15,300 25,200 Manufacturing Overhead 9,180 14,400 In Department X, material application is described to you as follows: 10% is applied at the start of the process; 25% when the process reaches the mid-point; and the remainder, when the process reaches 85% completion. Labor and Overhead are applied evenly throughout the process. In Department Y, the application of material is…
calculate unit costs and create cost reconcilliation
In a "Cost of Goods Manufactured" report, "COST OF GOODS MANUFACTURED" will be reported at what amount? WIP, beginning 20,000 units Units started during the month 600,000 units WIP, ending (materials complete; 60% complete as to conversion cost) 40,000 Conversion Cost of WIP, beginning P 100,000 Conversion cost for the month P 655,000 Materials Cost of WIP, beginning P 140,000 Materials cost for the month P 790,000
Using the information below, prepare a Cost of Production Report for CD Corporation's Packaging Department for May 2019 On May 1, 2019 the following were reported: Inventory In-Process-Packaging (5,500 units, 20% complete) Finished Goods (700 units at $7.25 a unit) 17,500 5,075 The following were charged to Work in Process- Packaging during May: Direct Materials transferred from Mixing 14,000 units @ $6.25 a unit. 87,500 Direct Labor 12,000 Factory Overhead 4,800 During May -15,500 units were transferred to finished goods and 13,700 units were sold. On May 30 Inventory was as follows Inventory in Process - Packaging: 4,000 units (40% complete) Finished Goods - 2,500 units
Equivalent Units and Product cost Report-Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $20,335 Conversion costs 55,594 Current period Direct materials (5,000 units) 245,000 Direct labor 417,200 Manufacturing overhead applied 264,600 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out.
The debits to Work-In process for Dep# 2 for the month of March of the current year, together with the information concerning production, are presented below. All direct materials came from Dep# 1. The units completed include 1,200 in process during the beginning of the period. Dep# 2 uses WA costing
The Welding Department of Concord Company has the following production and manufacturing cost data for February 2020. All materials are added at the beginning of the process. Manufacturing Costs Production Data Beginning work in process Beginning work in process 15,100 units, 1/10 complete Materials $18,100 Units transferred out 55,400 Conversion costs 14,960 $33,060 Units started 51,300 Materials 237,540 Ending work in process 11,000 units, 1/5 complete Labor 67,900 Overhead 89,940 Prepare a production cost report for the Welding Department for the month of February. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 1,225.)
The information relating to process1 of a two-stage production process is as fallows for August 2019. Opening inventory 500 units (degree of completion 60%) Cost to date RO 2,800. Costs incurred in August 2019 Direct materials (2,500 units introduced) RO 13,200. Direct labor RO 6,600 Production overhead RO 6,600 Closing inventory 300 units (Degree of completion 80%) There was no loss in the process. Prepare Process Account for the month of august. Prepare (a) Statement of Equivalent Production Equivalent Units Material Output Items Input Units Units Labgur P. Overheads Qty Qty Qty b) Statement of Cost Equivalent Units Element of Cost Cost Cost per unit Material abou Overheads c.) statement of valuation Material Labour Overheads Total Einished Goods Closing WIP
Compute the Equivalent units of production (EUP):Units received from preceding department 25,000 unitsUnits completed and transferred 14,000 unitsUnits in process, end (30% incomplete) 11,000 unitsCompute the equivalent production for conversion if 40% of materials are added at the beginning and the remaining 60% are added 75% completed
The following information was taken from the books of Hunaiza Manufacturing Company for the month of January 2021 Cost of Units in process at beginning: January 1, 2021 Rs. 60,000 Cost of Raw Material used 177,600 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January (40% complete as to material and 60% complete as to conversion cost) 10,000 units Units placed in production during January 26,000 units Units in process at end of January 31 (60% complete as to material and 80% as to conversion cost)…
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,268,894 as follows. Work in process, November 1 Materials Conversion costs Materials added Labor Overhead $78,800 48,800 $127,600 1,581,280 225,000 335,014 Production records show that 35,400 units were in beginning work in process 30% complete as to conversion costs, 656,300 units were started into production, and 25,400 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.