If Opening Work in progress is 10,000 Units, 80% complete with respect to materials and 60% complete with respect to overheads. Units introduced 20,000 and 18000 completed during the year. Closing Work in progress is 12000 units that are 90% completed. What is the number of equivalent material units under FIFO method? 20800 units 22600 units 21800 units 24600 units

If Opening Work in progress is 10,000 Units, 80% complete with respect to materials and 60% complete with respect to overheads. Units introduced 20,000 and 18000 completed during the year. Closing Work in progress is 12000 units that are 90% completed. What is the number of equivalent material units under FIFO method? 20800 units 22600 units 21800 units 24600 units

Name: If Opening Work in progress is 10,000 Units, 80% complete with respec
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Description: If Opening Work in progress is 10,000 Units, 80% complete with respect to materials and 60% complete with respect to overheads. Unitsintroduced 20,000 and 18000 completed during the year. Closing Work in progress is 12000 units that are 90% complete

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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Required information Skip to question [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount, $330,000 was the cost of direct materials and $491,960 was the cost of conversion. The 52,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 110,000 units were transferred out and 34,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,553,600 for direct materials and $3,326,400 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method.
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
4,000 units are introduced in a process. Normal loss is 5%. During the process 3,400 units are completed and transferred to next process. 200 units are lost due to an accident (100% complete) and 400 units are not completed yet. If the degree of completion of incomplete units is material 80% and Labour 50%, completed units for material and labour will be: O a. Material 3,920 units and labour 3,800 units O b. Material 3,800 units and labour 3,725 units O C. Material 3,800 units and labour 3,900 units Od. Material 3,680 units and labour 3,800 units
Department S had 600 units 73% completed in process at the beginning of the period; 8,400 units completed during the period; and 900 units 46% completed at the end of the period. What was the number of equivalent units of production for the period for conversion if the first-in, first-out method is used to cost inventories? Assume the completion percentage applies to both direct materials and conversion cost. a.7,800 b.8,376 c.9,276 d.7,962
Equivalent Units of Conversion Costs The Rolling Department of Oak Ridge Steel Company had 5,236 tons in beginning work in process inventory (70% complete) on July 1. During July, 74,800 tons were completed. The ending work in process inventory on July 31 was 5,984 tons (10% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit.fill in the blank 1 units
The information relating to process1 of a two-stage production process is as fallows for August 2019. Opening inventory 500 units (degree of completion 60%) Cost to date RO 2,800. Costs incurred in August 2019 Direct materials (2,500 units introduced) RO 13,200. Direct labor RO 6,600 Production overhead RO 6,600 Closing inventory 300 units (Degree of completion 80%) There was no loss in the process. Prepare Process Account for the month of august. Prepare (a) Statement of Equivalent Production Equivalent Units Material Output Items Input Units Units Labgur P. Overheads Qty Qty Qty b) Statement of Cost Equivalent Units Element of Cost Cost Cost per unit Material abou Overheads c.) statement of valuation Material Labour Overheads Total Einished Goods Closing WIP
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Production data for the month of September was: 13,400 units Completed and Transferred out 4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material
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