How much is the cost of WIP, end using FIFO Dmahirap company add all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in WIP, beg and 50% complete as to 6,000 units in WIP, end. During the month, 12,000 units were completed and transferred to the next department. Analysis of the costs relating to production for October follows: Materials Conversion WIP, Beg P9,600 P4,800 Cost added this month 15,600 14,400

How much is the cost of WIP, end using FIFO Dmahirap company add all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in WIP, beg and 50% complete as to 6,000 units in WIP, end. During the month, 12,000 units were completed and transferred to the next department. Analysis of the costs relating to production for October follows: Materials Conversion WIP, Beg P9,600 P4,800 Cost added this month 15,600 14,400

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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Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for June. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $18,000 of direct materials. ACCOUNT Work in Process-Forging Department Date Item ACCOUNT NO. Balance Balance Debit Credit Debit Credit June 1 Bal., 1,800 units, 60% completed 30 Direct materials, 25,800 units 30 Direct labor 247,680 43,300 33,740 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 2,800 units, 70% completed Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in June $ b. Cost of units…
using the physical quantities method
The Samrock Paint Company uses a process-costing system. Materials are added at the beginning of a particular process, and conversion costs are incurred uniformly. Work in process at the beginning of the month is 30% complete, while at the end it is 25% complete. One gallon of material makes one gallon of product. Data is as follows: Beginning inventory 900 gal Direct materials added 9,300 gal Ending inventory 2,400 gal Conversion costs incurred $39,800 Cost of direct materials added $82,950 Conversion costs, beginning inventory $1,700 Cost of direct materials, beginning inventory $2,900 Use the weighted average method. Prepare a schedule of output in equivelent units and a schedule of application of costs to products. Show the costs of goods completed and cost of ending work in process.
Equivalent Units of Production The Converting Department of Girders Company uses the weighted average cost (WAC) method and had 3,500 units in work in process that were 60% complete at the beginning of the period. During the period, 24,900 units were started and 25,200 units were completed and transferred to the Packing Department. There were 3,200 units in process that were 30% complete at the end of the period. a. Determine the number of units to be accounted for and to be assigned costs for the period. Whole Units Units to be accounted for Units to be assigned costs b. Determine the number of equivalent units production for the period. 27,000 X Feedback. 24,900 X 27,000 X Check My Work (a) Recall that the numberof units to be accounted for is the sum of the units in beginning work in process and the units started during the period. Also know that the number of units to be assigned costs s the sum of the units transferred to the Packing Department during the period and the ending…
The Chart Company has a process costing system. All materials are added when the process is first begun. At the beginning of September, there were no units of product in process. During September 50,000 units were started; 5,000 of these were still in process at the end of September and were 3/5 finished. The equivalent units for the conversion costs in September were: Materials Cost Conversion Costs Beginning work in process $46,000 $78,000 Current period costs $92,000 $124,000 TOTAL COSTS $138,000 $202,000 None of the choices is correct. $3.45; $4.04 $2.30; $2.48 $1.76; $1.94 $1.15; $1.56
Clonex Labs, Incorporated, uses the FIFO method of process costing. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 26,000 14,000 Percent Completed Materials 58% 76% Conversion 27% 44% The department started 174,000 units into production during the month and transferred 186,000 completed units to the next department. Required: Compute the equivalent units of production for materials and conversion for October. Equivalent units of production Materials Conversion
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: work in process, April 1 units started during April work in process, April 30 work in process, April 1 costs added during April total costs units Calculate the conversion costing method. 27,000 59,000 34,000 % complete DM 60% 70% The cost of beginning work in process and the costs added during April were as follows: % complete 85% 40% conversion Conversion $191,175 $208.985 $400,160 DM $ 25,310 $190.720 $216,030 unit cost using the weighted average process Total cost $216,485 $399,705 $616,190
Data for June are as follows for Superior Corp., which uses FIFO process costing: Units Beginning work in process Units started in process 5,600 114,000 Costs Beginning work in process: $18,500 $3,700 Materials Conversion June's costs: Materials $444,300 Conversion 190,700 All materials are added at the beginning of the process. The beginning work in process was 20 percent complete for conversion costs. During June, 116,200 units were completed. The ending work in process was 30 percent complete as to conversion costs. Cost of ending work in process = $
Goody Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. The company uses the weighted-average method for process costing. Data for the finishing department follows: WIP, April 1 Transferred-in costs in WIP, April 1 Direct materials (100%) in WIP, April 1 Conversion costs (70%) in WIP, April 1 Units transferred-in Transferred-in costs during April Units completed April direct materials cost April conversion costs WIP, April 30 (100% for materials and 60% for conversion costs) 12,000 units $78,940 $22,420 $21,385 45,000 $4.80 $4.42 $5.13 $4.95 $540,900 42,000 $157,500 $230,837 15,000 units At the Goody Company the cost per equivalent unit for conversion costs would be closest to
Subject: acounting
The Kirkland Department of Delta Company began the month of December with beginning work in process of 4,000 units that are 80% complete as to materials and 20% complete as to conversion costs. Units transferred out are 12,000 units. Ending work in process contains 2,000 units that are 80% complete as to materials and 60% complete as to conversion costs. Compute the equivalent units of production for materials using the FIFO method? a-10,000 b-12,000 c-12,400 d-10,400 e-12,800
Data for June are as follows for Superior Corp., which uses FIFO process costing: Units Beginning work in process 5,600 Units started in process 114,000 Costs Beginning work in process: Materials $18,500 Conversion $3,700 June's costs: Materials $444,300 Conversion 190,700 All materials are added at the…