Highlands Company uses the weighted-average method of process costing. It processes wood pulp for various manufacturers ofpaper products. Data relating to tons of pulp processed during June are provided below:Work in process, June 1Work in process, June 30Started into production during JuneRequired:Percent CompletedTons of Pulp81,500Materials82%Labor andOverhead25%50,700300,70046%16%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 2Compute the number of tons of pulp completed and transferred out during June.

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Answered: Highlands Company 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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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 Tons of Pulp Work in process, June 1 80,600 Materials 83% Overhead 25% 21:45 Work in process, June 30 51,900 41% 11% Started into production during June 300,000 Required: k 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 equivalent units of production for materials and for labor and overhead for June. Materials Labor and Overhead Equivalent units of production ces
Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Direct Materials Units completed Units, ending work in process Percentage complete: 8,000 x 100% 8,000 x 50% 4,000 Equivalent units of output 31,000 Costs assigned to beginning work in process: direct materials, $80,000; conversion costs, $45,750, Manufacturing costs incurred during April: direct materials, $95,000, conversion costs, $210,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. If required, round your answer to the nearest cent. per equivalent unit 2. Determine the cost of ending work in process and the cost of goods transferred out. Cost of ending work in process Cost of goods transferred out 27,000 8,000 Conversion Costs 27,000 35,000
•) Mccabe Corporation uses the weighted average Method in it's process Costing. The following data pertain to its Assembly Department for September. Work in process, September Units Started into production doring September Units Completed during September and transferred to the next department Work in process, September 30 Percentage Complete Units Material Conversion 800 55% 10.1. 8,200 7,300 1,700 25% 25.1. Compute the equivalent units of production for both materials and Conversion Cost for the Assembly Department for September Using the weighted average method.
1
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
Peridot Company's grinding department had the following data for the month of January: Production: Units in process, January 1, 75% complete Units completed and transferred out Units in process, January 31, 45% complete Costs: Work in process, January 1 13,000 tons 39,000 tons 20,000 tons Costs added during January $6,265 $20,135 Determine the cost to be assigned to ending work-in-process (EWIP) using the weighted average method. (Note: Round the unit cost to two decimal places.) a. $4,950 Ob. $7,565 ○ c. $8,984 Od. $3,790
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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.
Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 49,000 29,000 Equivalent units of production Percent Completed Materials 85% 70% The department started 391,000 units into production during the month and transferred 411,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion 55% 49% Conversion
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?

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