How much is the cost of WIP, end using FIFO * Dmahirap company adds 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 Cost WIP,beg Costs added this month 15,600 P9,600 P4,800 14,400
Q: The Converting Department of Osaka Napkin Company uses the average cost method and had 2,200 units…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: Carlberg Company has two manufacturing departments, assembly and painting. The assembly department…
A: The Numerical has covered the concept of process costing. In the Weighted average method of process…
Q: Radford Products adds materials at the beginning of the process in Department A. The following…
A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…
Q: Clonex Labs, Incorporated, uses the FIFO method in its process costing system. The following data…
A: Under FIFO method equivalent units of beginning work in process remaining are calculated first,…
Q: Radford Products adds materials at the beginning of the process in Department A. The following…
A: Inventory, based on its intended use and where it is in the manufacturing or distribution process.…
Q: Richards Corporation uses the FIFO method of process costing. The following information is available…
A: Equivalent units of materials = (Beginning inventory x % of completion) + (Units started and…
Q: 1)Ladders Company has the following information available for May (All materials are added at the…
A: Solution... Units completed and transferred out = 100,000 Ending work in process inventory =…
Q: For the month of November, Department B completed and transferred to the next department 5,000 units…
A: The objective of the question is to calculate the cost per equivalent unit for the month of November…
Q: EXVAWY118 Corporation uses the weighted-average method in its process costing system. EXVAWY118's…
A: Given, Units transferred to next department = 7,100 Ending work in process inventory = 2,800
Q: Magic Company adds materials at the beginning of the process in Department A. The following…
A: Working: Calculation of equivalent units: Under weighted average method = Units completed and…
Q: Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning…
A:
Q: The Converting Department of Tender Soft Tissue Company uses the average cost method and had 2,100…
A: EQUIVALENT UNITS OF PRODUCTION Equivalent Units Production is the Cost Accounting Technique on…
Q: Penny, Inc. employs a process costing system. Direct materials are added at the beginning of the…
A: Cost of good manufactured and transfered out has been work out by preparing the Statement of…
Q: PROBLEM: The Cutting Department uses process costing. Data are as follows: Jan 1 (beginning…
A: FIFO means “First-In, First-Out”. The method takes into consideration that products which are…
Q: Penny, Inc. employs a process costing system. Direct materials a added at the beginning of the…
A: Equivalent units of production are calculated in process costing in order to assign total…
Q: The Converting Department of Tender Soft Tissue Company uses the weighted average method and had…
A: Number of whole units to be accounted = Units transferred + Ending work in progress Equivalent…
Q: Trek Company has the following production data for April: units transferred out 41,400, and ending…
A: Given; Units transferred out 41,400 unitsWork in progress 5,620 units
Q: Production costs chargeable to the Finishing Department in June in Hollins Company are materials…
A: Cost per equivalent units :— It is calculated by dividing total costs by total equivalent units of…
Q: Swifty Company has the following production data for June: units completed and transferred out,…
A: Equivalent Production is represents the production of a process in terms of completed units. In…
Q: Required: Part A: Calculate the value of ending WIP, and prepare an Income Statement for the month…
A: A manufacturer uses process costing. Process costing is used when homogenous items are to be…
Q: Compute for the unit cost of tranferred unit to Department 2 using average method. Luisita Corp.…
A: Department-1 Equivalent Units of Production (EUP) - Weighted Average Method…
Q: The Cutting Department of Lasso Company has the following production and cost data for August. 1.…
A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…
Q: The following partially completed process cost summary describes the July production activities of…
A: Solution: Introduction: Process Costing is a determination of cost for each process. It is…
Q: 2. TheNitrogen Fixation Department of Tomco Company began the month of December with begiming work…
A: Financial statements are statements which states the business activities performed by the company .…
Q: What are the equivalent units for conversion cost? blank What is the unit material cost? blank…
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: berg Company facturing departments, Assembly and Painting. Assembly department started 12,200 units…
A: Under FIFO method of accounting the units in beginning inventory are also taken into account while…
Q: cost added in march $250, 575a. determine the equivalent units of production for materials and…
A: Equivalent units represent a standardized measure used in process costing to quantify partially…
Q: Wildhorse Company has the following production data for selected months. Ending Work in Process…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units are calculated by adding equivalent…
Q: The following cost information is available for July for the Crest Plant at Calvert Company:…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units are calculated by adding equivalent…
Q: Freddie Company adds direct materials at the beginning of the process and adds conversion costs…
A: The equivalent units are calculated as the percentage of the work complete during the period. The…
Q: Using average costing, compute the UNIT MATERIALS COST at the end of the month.
A: Process costing: process costing is a costing method used by companies that produce homogeneous…
Q: The Samrock Paint Company uses a process-costing system. Materials are added at the beginning of a…
A: In the process costing system, the equivalent number of units are obtained by multiplying the number…
Q: Richards Corporation uses the weighted-average method of process costing. The following information…
A: Conversion cost is the cost incurred by the entity on the making of the goods. It includes the cost…
Q: The Chart Company has a process costing system. All materials are added when the process is first…
A: Equivalent units is a term used in cost accounting which describes the work-in-process inventory at…
Q: ABC Products Company uses process costing to manufacture its products. For June, the company had the…
A: What is meant by equivalent production units? This term is mainly used in process costing wherein…
Q: The assembly department has the following production and cost data for the current month. Beginning…
A:
Q: Betty DeRose, Inc. operates two departments, the handling department and the packaging department.…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units are calculated by adding equivalent…
Q: The Assembling Department of Fletcher Company has the following cost and production data for the…
A: Process Costing:-It is a method that is used in the manufacturing process and costs get calculated…
Q: Hendrix, Inc. employs a process costing system. Direct materials are added at the beginning of the…
A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…
Q: Current Attempt in Progress Monty Company has the following production data for June: units…
A: EQUIVALENT UNITS OF PRODUCTION Equivalent Production is represents the production of a process in…
Q: The following cost information is available for July for the Crest Plant at Calvert Company:…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: Saddleback Company makes camping lanterns using a single production process. All direct materials…
A: The total cost of producing a product, including raw materials and operating costs, is detailed in a…
Q: Production information shows the following costs and units for the smoothing department in August.…
A: Work in process are the company’s partially finished goods which are yet to be completed. The…
Q: Dätă för June are as föllows for Superior Corp., which uses FIFO process costing: Beginning work in…
A: The equivalent units are calculated on the basis of percentage work completed during the period.
Q: Goody Company adds direct materials at the beginning of the process and adds conversion costs…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units are calculated by adding equivalent…
Step by step
Solved in 3 steps
- Gunnison Company had the following equivalent units schedule and cost information for its Sewing Department for the month of December: Direct Materials Conversion Costs Units started and completed 49,000 49,000 Add: Units in beginning work in process × Percentage complete: 5,000 × 0% direct materials — 5,000 × 50% conversion Costs 2,500 Add: Units in ending work in process × Percentage complete: 13,000 × 100% direct materials 13,000 — 13,000 × 35% conversion Costs — 4,550 Equivalent units of output 62,000 56,050 Costs: Work in process, December 1: Direct Material $25,000 Conversion Costs 5,000 Total work in process $30,000 Current costs: Direct Material $372,000 Conversion Costs 224,200 Total current costs…Production costs chargeable to the Finishing Department in June in Hollins Company are materials $15,428, labor $39,952, overhead $18,800. Equivalent units of production are materials 20,300 and conversion costs 19,200. Production records indicate that 18,100 units were transferred out, and 2,200 units in ending work in process were 50% complete as to conversion costs and 100% complete as to materials. Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, eg. 2.25 and final answers to O decimal places, e.g. 125.) Cost Reconciliation Cost accounted for Transferred out Work in process Materials Conversion costs Total cost accounted for e Textbook and Media Save for Later M debe alhilling 64 $ 1530 25 25 Attempts: 0 of 2 used Submit ApcworRadford Products adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of January is available. Units started in January 892,000 Units completed in January 916,000 Work in process, January 1 (25% complete with respect to conversion) 97,000 Work in process, January 31 (40% complete with respect to conversion) 73,000. Compute the equivalent units for materials costs and for conversion costs using the FIFO method.
- 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-12,800Data 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…Production Information shows the following costs and units for the smoothing department in August. Units Work in process Beginning balance: materials $1,550 Beginning units 640 Beginning balance: conversion 2,500 Transferred in 1,790 Materials Labor Overhead 7,135 All materials are added at the beginning of the period. The ending work in process is 20% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP Inventory at the end of the month? Transferred out Cost Ending Inventory 6,955 Transferred out 1,810 14,540
- Materials are added at the beginning of the production process at Campo Company. The following information on the physical flow of units is available for the month of November. Beginning work in process (50% complete) Started in November Completed in November and transferred out Ending work in process (65% complete) Cost data for November show the following. Beginning WIP inventory Direct materials costs Conversion costs Current period costs Direct materials costs Conversion costs $ $ 27,300 49,700 360,950 1,109,550 59,000 520,000 475,000 104,000 Required: a. Compute the cost equivalent units for the conversion cost calculation assuming Campo uses the weighted-average method. b. Compute the cost per equivalent unit for materials and conversion costs for November.The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $1.80 and $1.95, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 4,100 Started and completed during the period 51,000 51,000 Transferred out of Filling (completed) 51,000 55,100 Inventory in process, end of period 3,000 900 Total units to be assigned costs 54,000 56,000 The beginning work in process inventory had a cost of $2,870. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred-out production Inventory in process, endingThe Mixing Department of Foods for You had 50,000 units to account for in October. Of the 50,000 units, 15,000 units were completed and transferred to the next department, and 35,000 units were 45% complete for conversion work. All of the materials are added at the beginning of the process. Conversion costs are added evenly throughout the mixing process and the company uses the weighted-average method. Compute the total equivalent units of production for direct materials and conversion costs for October. Foods for You Production Cost Report - Mixing Department (Partial) Month Ended October 31 UNITS Units accounted for: Completed and transferred out Ending work-in-process Total units accounted for Physical Units 15,000 35,000 50,000 Equivalent Units Direct Materials 15,000 35,000 50,000 Conversion Costs 15,000 15000 35000 ...
- Prepare a Production Cost Report Troika Company The production information for Troika's Smoothing department for August is as follows: Work in process Beginning balance: materials Beginning balance: conversion Materials Labor Overhead Cost $ 1,550 2,500 7,441 14,520 7,930 Beginning units Transferred in Transferred in Transferred out Units 650 1,780 1,810 All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. Prepare a production cost report for August for the Smoothing Department.Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. 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 $109,020 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 7,900 units, 60% completed 118,026 30 Direct materials, 72,000 units 979,200 1,097,226 30 Direct labor 62,610 1,159,836 30 Factory overhead 86,450 1,246,286 30 Goods finished, 2 units ? 30 Bal., 6,300 units, 90% completed ? 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 November. b. Cost of units transferred to the next department during…Jackson Company has the following information for the current period for the Mixing Department: Costs of beginning work-in-process: Direct materials Conversion costs Costs added during the period: Direct materials Conversion costs Equivalent units of production for: Direct materials Conversion costs $15,000 26,000 100,000 150,000 12,600 units 9,100 units Using the weighted-average method, what is the cost per equivalent unit for conversion costs? A.$ 3.25 B.$ 9.13 C.$ 19.84 D.S 19.34