H 2345 3 Data 4 Beginning work in process inventory: Units in process A Chapter 4: Applying Excel 6 7 8 9 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period: 13 Materials cost 14 Conversion cost 15 16 678 17 18 Completion with respect to materials Completion with respect to conversion Costs in the beginning work in process inventory: Materials cost Ending work in process inventory: Units in process Completion with respect to materials Completion with respect to conversion $ S B 500 30 % 95 % 2,380 23,101 13,200 $ 210,092 S 942,499 C 200 60 % 50 %

H 2345 3 Data 4 Beginning work in process inventory: Units in process A Chapter 4: Applying Excel 6 7 8 9 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period: 13 Materials cost 14 Conversion cost 15 16 678 17 18 Completion with respect to materials Completion with respect to conversion Costs in the beginning work in process inventory: Materials cost Ending work in process inventory: Units in process Completion with respect to materials Completion with respect to conversion $ S B 500 30 % 95 % 2,380 23,101 13,200 $ 210,092 S 942,499 C 200 60 % 50 %

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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Raider Corporation uses the weighted average method in its process costing system. The Molding Department is the second department in its production process: The data below summarize the department's operations in January. Beginning work in process inventory Transferred in from the prior department during January Completed and transferred to the next department during January Ending work in process inventory Multiple Choice $24,096 80 Units $6,024.20 8,900 76,000 75,800 9,100 The Molding Department's cost per equivalent unit for conversion cost for January was $3.31. How much conversion cost was assigned to the ending work in process inventory in the Molding Department for January? Percent Complete with Respect to Conversion 10% 80%
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Question 9 of 17 Cullumber Company reported the following amounts for 2022: Manufacturing overhead costs applied Beginning work in process inventory Ending work in process inventory Cost of materials used in production $ (b) Calculate total manufacturing costs. Total manufacturing costs $ tA $108,800 +A 6,656 5.760 9,728 10,240 (a) Calculate the cost of materials used in production. 25,600 38,400 7,808 8,064
Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75,000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252, 000 272,000 $ 126, 990 $ 250, 905, Required: . Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for 4. Compute the first production department's cost of the units transferred to the next production department for materials, conve and in total for May. Complete this question by entering your answers…
QUESTION 17 Hanson 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 200 S2,200 S1,000 50% 10% 6,500 6,100 month Materials costs added during the month. Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials. Percent complete with respect to conversion.. S135,000 $312,600 600 80% 60% Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error,…
Appendix EX 20-28 Cost per equivalent unit: average cost method The following information concerns production in the Forging Department for June. The Forging Department uses the average cost method. ACCOUNT Work in Process–Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit June 1 Bal., 500 units, 40% completed 5,000 Direct materials, 3,700 units 30 Factory overhead 54,200 79,400 30 49,200 Direct labor 25,200 30 25,120 104,520 30 Goods transferred, 3,600 units ? ? 30 Bal., 600 units, 70% completed ? a. Determine the cost per equivalent unit. b. Determine cost of units transferred to Finished Goods. c. Determine the cost of units in ending Work in Process.
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Costs Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for September in Rolling Department Total equivalent units Cost per equivalent unit (b) 2$ Costs assigned to production: Inventory in process, September 1 Costs incurred in September Total costs accounted for by the Rolling Department 2$ Costs allocated to completed and partially completed units: Inventory in process, September 1 balance (c) To complete inventory in process, September 1 (c) Cost of completed September 1 work in process Started and completed in September (c) Transferred to finished goods in September (c) Inventory in process, September 30 (d) Total costs assigned by the Rolling Department !!!
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