Inacio Corporation uses the weighted-average method in its processcosting system. Data concerning the first processing department for themost recent month are listed below:Beginning work in process inventory:Units in beginning work in process inventoryMaterials costsConversion costsPercent complete with respect to materialsPercent complete with respect to conversionUnits started into production during the monthUnits transferred to the next department during the monthMaterials costs added during the monthConversion costs added during the monthEnding work in process inventory:Units in ending work in process inventoryPercent complete with respect to materialsPercent complete with respect to conversion2,500$14,600$ 6,70075%20%11,20010,100$ 1,73,700$ 2,43,7003,60090%30%The cost per equivalent unit for materials for the month in the firstprocessing department is

Step 1: Key DataBeginning Work-in-Process Inventory:Units: 2,500Materials cost: $14,600Percent…

Answered: Inacio Corporation uses the…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 23E: The following information concerns production in the Finishing Department for May. The Finishing...

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Data for the two departments of Kimble Pierce Company for June of the current fiscal year are as follows: Production begins in the Drawing Department and finishes in the Winding Department. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for (a) the Drawing Department and (b) the Winding Department.
Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the following: A. Cost of beginning work in process inventory completed in November B. Cost of units transferred to the next department during November C. Cost of ending work in process inventory on November 30 D. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process E. The November increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month
The charges to Work in ProcessAssembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Determine the following: a. The number of units in work in process inventory at the end of the period b. Equivalent units of production for direct materials and conversion c. Costs per equivalent unit for direct materials and conversion d. Cost of the units started and completed during the period
Units of production data for the two departments of Atlantic Cable and Wire Company for July of the current fiscal year are as follows: Each department uses the weighted average method. For each department, assume that direct Materials are placed in process during production. a. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Department. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Winding Department.
Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% 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?
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. a. Determine the number of units in work in process inventory at December 31. b. Determine the equivalent units of production for direct materials and conversion costs in December.
Tanaka Manufacturing Co. uses the process cost system. The following information for the month of December was obtained from the company’s books and from the production reports submitted by the department heads: Required: Prepare cost of production summaries for the Mixing, Blending, and Bottling (Hint: You must calculate the adjusted unit cost from Blending.) departments. Prepare a departmental cost work sheet. Draft the journal entries required to record the month’s operations. Prepare a statement of cost of goods manufactured for December. (Hint: Goods finished but not transferred to finished goods are considered part of work in process inventory.)
The following information concerns production in the Forging Department for June. The Forging Department uses the weighted average method. a. Determine the cost per equivalent unit. b. Determine cost of units transferred to Finished Goods. c. Determine the cost of units in ending Work in Process.
Prepare a cost of production report for the Cutting Department of Dalton Carpet Company for January. Assuming that direct materials are placed in process during production, use the weighted average method with the following data:

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