In March, Kelly Company had the following unit production costs: materials$11 and conversion costs $8. On March 1, it had zero work in process.During March, Kelly transferred out 20,250 units. As of March 31, 3,370units that were 40% complete as to conversion costs and 100% completeas to materials were in ending work in process.a) Compute the total units to be accounted for.b) Compute the equivalent units of production.c) Prepare a cost reconciliation schedule, including the costs of materialstransferred out and the costs of materials in process.

a. Computation of total units to be accounted for: Total units to be accounted for= Units…

Answered: In March, Kelly Company had 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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In April, one of the processing departments at Terada Corporation had: • beginning work in process inventory of $40,000 • ending work in process inventory of $46,000. . . During the month, $263,000 of costs were added to production • the cost of units transferred out from the department was $257,000. In the department's cost reconciliation report for April, the total cost to be accounted for under the weighted-average method would be: $606,000 $86,000 $303,000 $566,000
Bryant Company incurred costs of $50,000 for direct materials (raw) purchased. Direct labor was $60,000 and factory overhead was $35,000 for May. Inventories were as follows: Raw materials beginning $14,000; raw materials ending $10,000 Work-in-process beginning $24,000; work-in-process ending $36,000 Finished goods beginning $10,000; finished goods ending $25,000 Required: Calculate the cost of goods manufactured for May for Bryant Company.
In its first month's operations, Allred Company's Department 1 incurred charges of $2,160,000 for direct materials (90,000 units), $594,000 for direct labor, and $1,044,000 for manufacturing overhead. At month- end, 79,200 units had been finished and transferred out. The remaining units were finished with respect to material but only 25% complete with respect to conversion costs. Assuming Allred uses the weighted average method and that materials are added at the beginning of the process and conversion costs occur evenly, compute the following: The equivalent units of materials and conversion costs. The cost per equivalent unit of materials and conversion costs. The total cost assigned to the units transferred out. The total cost assigned to the ending inventory. Prove that your solutions to requirements (c) and (d) sum to the total costs to be accounted for. Round average cost per equivalent unit to two decimal places, if applicable. Round other answers to the nearest whole…
A company has 1,900 units in ending work in process that are 30% complete after transferring out 12,000 units. All materials are added at the beginning of the process. If the cost per unit is $3 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? Cost of units transferred out Ending work in process inventory $
Meman
In March, Kelly Company had the following unit production costs: materials $ 10 and conversion costs $ 8. On March 1, it had no work in process. During March, Kelly transferred out 22,000 units. As of March 31, 4,000 units that were 40% complete as to conversion costs and 100% complete as to materials were in ending work in process. (a) Compute the total units to be accounted for. Total units
In June, one of the processing departments at Furbush Corporation had ending work in process inventory of $12,000. During the month, $404,000 of costs were added to production and the cost of units transferred out from the department was $426,000. In the department's cost reconciliation report for June, the total cost accounted for would be: Multiple Choice $46,000 $842,000 $876,000 $438,000
Photo Frame Company had beginning Work in Process inventory of 1,350 units. There were 3,600 units of product started during the period. Ending Work in Process inventory consisted of 1,650 units that were 50% complete. The total dollar cost associated with production of inventory was $89,500. The cost per equivalent whole unit would be which of the following? (Round your answer to the nearest whole dollar.) $27 $18 $21 $22
Axel Ltd. began operations on October 1 of the current year. Its production requires that direct materials be added at the beginning of the process, and conversion costs are incurred uniformly. Direct materials costs for October were $380,000, and conversion costs were $1,750,000. There were 80,000 units started during the month. The ending inventory was 25,000 units, which were 60% complete. What was the cost per equivalent unit for conversion? Round to the nearest cent. OA. $70.00 OB. $25.00 OC. $21.88 O D. $16.67 OE. $116.67

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