Grosseiller Corporation uses the weighted average method in its process costingsystem. This month, the beginning inventory in the first processing departmentconsisted of 1,950 units. The costs and percentage completion of these units inbeginning inventory wereComplete Materials costs: Cost: $23,600 Percent: 70% Conversion costs: Cost $29,800Percent: 50%A total of 13,400 units were started and 10,200 units were transferred to the secondprocessing department during the monthThe following costs were incurred in the first processing department during the monthMaterials costs: $827,400Conversion costs: $255,300The ending inventory was 65% complete with respect to materials and 15% completewith respect to conversion costs. Note: Your answers may differ from those offeredbelow due to rounding error. In all cases, select the answer that is the closest to theanswer you computed. To reduce rounding error, carry out all computations to at leasttwo decimal places. The cost per equivalent unit for materials for the month in the firstprocessing department is:A. $62.82B. $113.34C. $45.88D. $51.27

Definition of Equivalent UnitsEquivalent units are a concept used in cost accounting to allocate…

Answered: Grosseiller Corporation uses the…

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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Mundes Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in its Painting Department consisted of 2,900 units that were 60% complete with respect to materials and 40% complete with respect to conversion costs. The cost of the beginning work in process inventory in the department was recorded as $9,700. During the period, 8,900 units were completed and transferred on to the next department. The costs per equivalent unit for the period were $4.90 for material and $5.90 for conversion costs. The cost of units transferred out during the month was: Multiple Choice $52,510 $82,600 О $96,120 $65,000
Kurtulus 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: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month O $40,868 O $40,535 O $59,904 $ $ O $46,991 1900 8300 3600 55% 25% Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round your intermediate calculations to 3 decimal places.) 7800 7000 $…
Superior Micro Products uses the weighted-average method of process costing. During January, the Assembly Department completed its processing of 25,600 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January totaled $706,840. The ending work in process inventory in January consisted of 3,300 units, which were 70% complete for materials and 50% complete for labor and overhead. The costs per equivalent unit for the month were as follows: Cost per equivalent unit Required 1 Required 2 Materials $ 14.00 Required: For January: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total. 4. Prepare a cost reconciliation report. Complete this question by…
Domingo Corporation uses the weighted average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,700 units. The costs and percentage completion of these units in beginning inventory were: Materials costs Conversion costs Cost $6,800 $3,000 Materials costs Conversion costs A total of 8,100 units were started and 7,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Percent Complete 50% 20% Cost $160,000 $121,700 The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department?
Mundes Corporation uses the weighted-average method in its process costing system. The beginning work in process Inventory In Its Painting Department consisted of 3,800 units that were 60% complete with respect to materials and 40% complete with respect to conversion costs. The cost of the beginning work in process Inventory in the department was recorded as $10,600. During the period, 9,800 units were completed and transferred on to the next department. The costs per equivalent unit for the period were $5.80 for material and $6.80 for conversion costs. The cost of units transferred out during the month was: Multiple Choice О $66,800 $123,480 $66,640 $84,400 13
Block Company uses the weighted-average method in its process costing system. The Packaging Department started the month with 260 units in process, started 1,460 units, and had 120 units in process at the end of the period. All materials are added at the beginning of the process, and conversion costs are incurred uniformly. The units in process at the end of the month are 10% complete with respect to conversion costs. During the month 1,600 units were completed and transferred out. The department incurred the following costs: (Click on the icon to view the costs.) The cost per equivalent unit for direct materials is (Round your answer to two decimal places.) OA. $7.67 OB. $1.94 OC. $5.47 OD. $1.80 Data table Direct Materials Conversion Costs Total $ $ Beginning WIP Added this month 300 $ 600 900 $ Print Done 2,800 $ 5,710 8,510 S Total 3,100 6,310 9,410 P X
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 800,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 194,000 units that are 80% complete with respect to conversion. Beginning work in process inventory had $516,880 of direct materials and $191,040 of conversion cost. The direct material cost added in November is $3,459,120, and the conversion cost added is $3,629,760. Beginning work in process consisted of 79,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 79,000 were from beginning work in process and 721,000 units were started and completed during the period.
Barnett Corporation uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in Department M. Conversion costs were 75% complete with respect to the 4,000 units in work in process at May 1 and 50% complete with respect to the 6,000 units in work in process at May 31. During May, 12,000 units were completed and transferred to the next department. An analysis of the costs relating to work in process at May 1 and to production activity for May follows: The total cost per equivalent unit for May was: material conversion work in process May 1 $13,800 $3,740 cost added during May $42,000 $26,260
Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing departm of 2,800 units. The costs and percentage completion of these units in beginning inventory were: Percent Cost Complete Materials costs $12,600 $14,800 65% 34 Conversion costs 30% A total of 10,500 units were started and 9,400 units were transferred to the second processing department during the month. The following costs were ine first processing department during the month: Cost Materials costs $144,100 $361,500 Conversion costs The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to:
Domingo Corporation uses the weighted-average method in its process costing system. The costs of these units in beginning inventory were: Materials costs Conversion costs A total of 6,700 units were completed and transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost $ 159,300 $ 121,000 Materials costs Conversion costs Cost $ 6,100 $ 2,300 The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to: $19.14 $18.62 $20.31 $19.39
Sagar
Mullins Corporation uses the first-in, first-out method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 700 Materials costs $ 11,500 Conversion costs $ 22,200 Percent complete with respect to materials 75% Percent complete with respect to conversion 65% Units started into production during the month 8,600 Units transferred to the next department during the month 7,800 Materials costs added during the month $ 159,300 Conversion costs added during the month $ 348,500 Ending work in process inventory: Units in ending work in process inventory 1,500 Percent complete with respect to materials 65% Percent complete with respect to conversion 50% The cost of ending work in process inventory in the first processing department according to the company’s cost system is closest to:

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