Highlands Company uses the weighted-average method in its process costing system. It processes wood pulp for variousmanufacturers of paper products. Data relating to tons of pulp processed during June are provided below:Percent CompletedLabor andOverheadTons of Pulp Materials80,50050,300302,00085%21 %Work in process, June 1Work in process, June 30Started into production during June40 %20 %kRequired:1. Compute the number of tons of pulp completed and transferred out during June.2. Compute the equivalent units of production for materials and for labor and overhead for June.ntencesComplete this question by entering your answers in the tabs below.Required 1Required 2Compute the number of tons of pulp completed and transferred out during June.Tons completed and transferred out Highlands Company uses the weighted-average method in its process costing system. It processes wood pulp for variousmanufacturers of paper products. Data relating to tons of pulp processed during June are provided below:Percent CompletedLabor andTons of Pulp Materials80,50050,300302,000OverheadWork in process, June 1Work in process, June 30Started into production during June85 %21 %40 %20 %Required:1. Compute the number of tons of pulp completed and transferred out during June.2. Compute the equivalent units of production for materials and for labor and overhead for June.cesComplete this question by entering your answers in the tabs below.Required 1Required 2Compute the equivalent units of production for materials and for labor and overhead for June.Labor andMaterialsOverheadEquivalent units of production

Equivalent units represent the number of units used in the production process of the company.

Answered: Highlands Company uses the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Pureform, Incorporated, uses the weighted-average method of process costing. It manufactures a product passing through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 650,000 45,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 54,800 Materials $ 725,300 $ 276,175 The beginning work in process inventory was 70% complete for materials and 55% complete for labor and overhead. The ending work in process inventory was 50% complete for materials and 30% complete for labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. Note: Round your answers to 2 decimal places. Labor $…
Entries for Flow of Factory Costs for Process Costing Keoni Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $522,500, $182,900, and $120,200, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,300, and work in process at the end of the period totaled $36,100. a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. If an amount box does not require an entry, leave it blank. 1. 2. 3. b. Journalize the entry to record the transfer of production costs to the second department, Sifting. If an amount box does not require an entry, leave it blank.
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Highlands Company uses the weighted-average method in its process costing system. It processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp processed during June are provided below: Percent Completed Labor and Overhead 24 % Work in process, June 1 Work in process, June 30 Started into production during June Tons of Pulp 80, 300 50,300 301,500 Materials 89 % 50 % 14 % Required: 1. Compute the number of tons of pulp completed and transferred out during June. 2. Compute the equivalent units of production for materials and for labor and overhead for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number of tons of pulp completed and transferred out during June. Tons completed and transferred out Recuired 1 Required 2 > to search Desktop
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Equivalent Units of Production The following information concerns production in the Finishing Department for July. The Finishing Department uses the weighted average cost (WAC) method. Work in Process-Finishing Department Date July 1 Bal., 20,000 units, 40% completed 31 Direct materials, 144,000 units started 31 Direct labor Item 24,600 345,000 163,200 31 Factory overhead 86,700 31 Goods transferred, 142,500 units -578,550 40,950 31 Bal., ? units, 60% completed a. Determine the number of units in work-in-process inventory at the end of the month. 68,250 X b. Determine the number of units to be accounted for and to be assigned costs and the equivalent units of production for July. Units to be accounted for Units to be assigned costs Equivalent units of production Feedback Previous Next
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 57,000 539,000 560,000 36,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 238,370 $ 344,290 The beginning work in process inventory was 75% complete with respect to materials and 60% complete with respect to labor and overhead. The ending work in process inventory was 55% complete with respect to materials and 35% complete with respect to labor and overhead. Materials $ 51,000 Labor Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for…
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Highlands Company uses the weighted-average method of process costing. It processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp processed during June are provided below: Work in process, June 1. Work in process, June 30 Started into production during June Required: Percent Completed Labor and Tons of Pulp Materials 80,400 82% 50,300 49% 301,200 Overhead 28% 17% 1. Compute the number of tons of pulp completed and transferred out during June. 2. Compute the equivalent units of production for materials and for labor and overhead for June.
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding department: Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Molding department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 58,000 Units 40,000 140,000 180,000 37,500 63,850 $ 121,850 $ 302,000 614, 150 Calculate equivalent units of production for conversion. 916,150 Direct materials Percent Complete. 100% 100% Conversion Percent Complete 55% 25%
The following data are given on the production of Perez Mfg for July: Total Equivalent Production 28,500 Placed in Process, Finished, and Transferred 20,000 Finished and on hand 6,000 units In process, end 8,000 units 1/8 done In process beginning ? 1/4 done Placed in Process ? The FIFO costing method was used. How many units were there in the beginning inventory of work in process?
Accounting Use the FIFO method of process costing. Prepare schedules to accomplish each of the following process-costing steps for the month of April. l. Analysis of physical flow of units. 2. Calculation of equivalent units. 3. Computation of unit costs. 4. Analysis of total costs Moravia Company processes and packages cream cheese. The following data have been compiled for the month of April. Conversion activity occurs uniformly throughout the production process. Work in process, April 1—10,000 units: Direct material: 100% complete, cost of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,000 Conversion: 20% complete, cost of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 Balance in work in process, April 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26,500 Units started during April . . . . . . . . . . . . . . . . . . . . . . . . .…

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