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 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. 200 S2,200 S1,000 50% 10% 6,500 6,100 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, carry out all computations to at least three decimal places. What are the equivalent units for materials for the month in the first processing department? O 480 O 6,700 O 6,580 O 6,100 What are the equivalent units for conversion costs for the month in the first processing department? O 360 6,700 O 6,100 O 6,460 The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: $24,983 $33,310 $41,638 $27,484
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 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. 200 S2,200 S1,000 50% 10% 6,500 6,100 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, carry out all computations to at least three decimal places. What are the equivalent units for materials for the month in the first processing department? O 480 O 6,700 O 6,580 O 6,100 What are the equivalent units for conversion costs for the month in the first processing department? O 360 6,700 O 6,100 O 6,460 The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: $24,983 $33,310 $41,638 $27,484
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text: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, carry out all computations to at least three decimal places.
What are the equivalent units for materials for the month in the first processing department?
O 480
O 6,700
O 6,580
6,100
What are the equlvalent units for conversion costs for the month in the first processing department?
O 360
O 6,700
6,100
O 6,460
The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:
$24,983
$33,310
$41,638
O $27,484
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