i / Weighted Average costing ii / First-in,First-out Costing 1- Nov : Balance on hand 500g at $3 per gram : 1500$ | 3 : Issued 300g 10 : Purchase 800g at 3.2$ per gram :2560$ 12 : Return 200g to Supplier from 10 Nov purchase 20 : Issued 500g to Production 22 : 100g Return to store as excess 24 : Purchase 300g at 3$ per gram : 900$ 28 : Issued 20g to production

i / Weighted Average costing ii / First-in,First-out Costing 1- Nov : Balance on hand 500g at $3 per gram : 1500$ | 3 : Issued 300g 10 : Purchase 800g at 3.2$ per gram :2560$ 12 : Return 200g to Supplier from 10 Nov purchase 20 : Issued 500g to Production 22 : 100g Return to store as excess 24 : Purchase 300g at 3$ per gram : 900$ 28 : Issued 20g to production

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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Hi, Kindly answer no. 5, 6 and 7. Thank you :)
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TB MC Qu. 8-74 (Algo) Bentwood Corporation uses the FIFO method in its... Bentwood Corporation uses the FIFO 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 Material's costs 1,900 $ 36,100 $ 20,900 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 70% 25% 9, зе 8,100 $156, 200 $255,5e0 3,100 80% 35% What are the equivalent units for materlals for the month in the first processing department? Multiple Choice Activate Window
. . Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2, 5) . The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 49,500 partially complete gallons, 15 percent complete with respect to conversion costs. Units started in July, 89,500 gallons. . Units transferred out in July, 99,500 gallons. Ending inventory, 39,500 gallons, 65 percent complete with respect to conversion costs. $ 65,500 44,500 $ 110,000 Direct Materials Conversion Costs $ 215,000 465,000 $ 680,000 Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit
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Please assist with the questions (d) and (e)
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E3.3 (LO 2, 3, 4), AP The ledger of American Company has the following work in process inventory account. Work in Process-Painting 5/1 5/31 5/31 5/31 5/31 Balance Direct materials Direct labor Manufacturing overhead Balance 3,590 5/31 Completed and transferred out ? 5,160 Instructions a. How many units are in process at May 31? b. What is the unit materials cost for May? 2,530 1,380 P Production records show that there were 400 units in the beginning inventory, 30% complete, 1,600 units started into production, and 1,700 units completed and transferred out. The beginning work in process had materials cost of $2,040 and conversion costs of $1,550. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process. c. What is the unit conversion cost for May? d. What is the total cost of units completed and transferred out in May? e. What is the cost of…