Goode Company has the following production data for selected months. Ending Work in Process Beginning Work in Process Units % Complete as to Conversion Cost Month Transferred Out Units January 36,500 10,600 44 % March 41,000 8,200 73 July 50,800 18,300 24 Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process.

Goode Company has the following production data for selected months. Ending Work in Process Beginning Work in Process Units % Complete as to Conversion Cost Month Transferred Out Units January 36,500 10,600 44 % March 41,000 8,200 73 July 50,800 18,300 24 Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process.

Name: Goode Company has the following production data for selected months.E
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Goode Company has the following production data for selected months.EndingWork in ProcessBeginningWork in ProcessUnits% Complete as toConversion CostMonthTransferred OutUnitsJanuary36,50010,60044 %March41,0008,20073July50,80018,30024Compute equivale

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

Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for June. 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 $18,000 of direct materials. ACCOUNT Work in Process-Forging Department Date Item ACCOUNT NO. Balance Balance Debit Credit Debit Credit June 1 Bal., 1,800 units, 60% completed 30 Direct materials, 25,800 units 30 Direct labor 247,680 43,300 33,740 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 2,800 units, 70% completed Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in June $ b. Cost of units…
Data for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (95% completed) Conversion (55% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (95% completed) Conversion (55% completed) Cost incurred during July: O Direct materials Conversion costs Cost per equivalent unit for conversion under the FIFO method is calculated to be: Multiple Choice $2.94 $ 122,650 77,100 $ 199,750 $2.35. 92,500 106,750 24,250 $ 182,500 290,500
Sur Company uses the weighted-average method in its process costing system. Information for the month of May concerning Department A, the first stage of the company's production process follows: Materials Conversion Work in process, beginning.. OR 4,000 OR 3,000 Current costs added.. 20,000 16,000 Total costs.. Equivalent units... 主 Costs per equivalent unit. Goods completed.. 90,000 units Work in proceSs, ending.. 10,000 units Material costs are added at the beginning of the process. The ending work in process is 50% complete with respect to conversion Costs..
Oslo Company produces large quantities of a standardized product. The following information is available for the first production department for May. Prepare a production cost report for this process using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 4,000 Units started this period 12,000 Completed and transferred out 13,000 Ending work in process inventory 3,000 100% 25% Beginning work in process inventory Direct materials $ 2,880 Conversion 5,358 $ 8,238 Costs added this period Direct materials 197, 120 Conversion 234,992 432, 112 Total costs to account for $ 440,350
How much is the cost of WIP, end using FIFO Dmahirap company add all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in WIP, beg and 50% complete as to 6,000 units in WIP, end. During the month, 12,000 units were completed and transferred to the next department. Analysis of the costs relating to production for October follows: Materials Conversion WIP, Beg P9,600 P4,800 Cost added this month 15,600 14,400
How much is the cost of WIP, end using FIFO
Red Company adds materials at the beginning of the process in Department O. The following data pertains to Department O's work in process during March: Units work in process on March 1: ( 60% complete as to conversion cost ) 3,000 25,000 20,000 Units started in March Units completed in March Units work in process on March 31: ( 75% complete as to conversion cost) 8,000 Under the average costing method, the equivalent units for conversion cost is: а. 21,800 b. 26,000 с. 24,000 d. 25,000
am. 111.
compute the equivalent units of production for direct materials and conversion costs for each independent scenario: 2. units in process at the end of August are 90% complete; materials are added at the beginning of the process.
Current Attempt in Progress Monty Company has the following production data for June: units completed and transferred out, 49,000 and ending work in process inventory, 5,880 units that are 100% complete for materials and 30% complete for conversion costs. Unit materials cost is $5 and unit conversion cost is $7. Determine the costs to be assigned to the units completed and transferred out and the units in ending work in process inventory. Cost assigned to units completed and transferred out Cost assigned to the units in ending work in process inventory Save for Later $ $ Attempts: 0 of 1 used Submit Answer
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $2.55 and $1.35, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs The beginning work in process inventory on October 1 had a cost of $1,300. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 0 39,000 39,000 2,000 41,000 $ $ Equivalent Units Conversion 2,000 39,000 41,000 1,000 42,000 X X X
Question: Bingham Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below. Work in process, beginning: Units in beginning work-in-process inventory 400 Materials costs $6,900 Conversion costs $2,500 Percentage complete for materials 80% Percentage complete for conversion 15% Units started into production during the month 6,000 Units transferred to the next department during the month 5,000 Materials costs added during the month $112,500 Conversion costs added during the month $210,300 Ending work in process: Units in ending work-in-process inventory 1,200 Percentage complete for materials 60% Percentage complete for conversion 30% Required: Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.