don't give answer in image format tles have been recorded:• Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs.Units started in July, 81,500 gallons.• Units transferred out in July, 91,500 gallons.• Ending inventory, 31,500 gallons, 55 percent complete with respect to conversion costs.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.Direct MaterialsConversion CostsCost perEquivalent.Unit The following cost information is available for July for the Crest Plant at Calvert Company:Beginning work-in-process inventoryMaterials costConversion costTotalCurrent costsMaterials costConversion costTotal.$ 57,50036,500$ 94,000$ 135,000385,000$ 520,000Materials are added at the beginning of the process. The following quantities have been recorded:Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs.• Units started in July, 81,500 gallons.Units transferred out in July, 91,500 gallons.Ending inventory, 31,500 gallons, 55 percent complete with respect to conversion costs.Required:Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method,A Dona

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Description: don't give answer in image format tles have been recorded:• Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs.Units started in July, 81,500 gallons.• Units transferred out in July, 91,500 gal

EQUIVALENT UNITS OF PRODUCTION Equivalent Production is represents the production of a process in…

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Itles have been recorded: • Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs. Units started in July, 81,500 gallons. • Units transferred out in July, 91,500 gallons. • Ending inventory, 31,500 gallons, 55 percent complete with respect to conversion costs. 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. Direct Materials Conversion Costs Cost per Equivalent. Unit

Itles have been recorded: • Beginning inventory, 41,500 partially complete gallons, 40 percent complete with respect to conversion costs. Units started in July, 81,500 gallons. • Units transferred out in July, 91,500 gallons. • Ending inventory, 31,500 gallons, 55 percent complete with respect to conversion costs. 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. Direct Materials Conversion Costs Cost per Equivalent. Unit

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 3EA: Given the following information, determine the equivalent units of ending work in process for...

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Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
There were 1,700 units in beginning inventory that were 40% complete with regard to conversion. During the month, 8,550 units were started and 9,000 were transferred to finished goods. The ending work in process was 60% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method?
Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
The packaging department began the month with 500 units that were 100% complete with regard to material and 85% complete with regard to conversion. It received 9,500 units from the processing department and ended the month with 750 units that were 100% complete with regard to materials and 30% complete with regard to conversion. With a $5 per unit cost for conversion and a $5 per unit cost for materials, what is the cost of the units transferred out and remaining in ending inventory?
The packaging department began the month with 750 units that were 100% complete with regard to material and 25% complete with regard to conversion. It received 9,500 units from the processing department and ended the month with 500 units that were 100% complete with regard to materials and 75% complete with regard to conversion. With a $7 per unit material cost and a $4 per unit cost for conversion, what is the cost of the units transferred out and remaining in ending inventory?
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 Rolling Department of Kraus Steel Company had 200 tons in beginning work in process inventory (60% complete) on October 1. During October, 3,900 tons were completed. The ending work in process inventory on October 31 was 300 tons (25% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process?
During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
Cost per equivalent unit 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 9,000 of direct materials. A. Determine the number of units transferred to the next department. B. Determine the costs per equivalent unit of direct materials and conversion. C. Determine the cost of units started and completed in November.
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
In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is 3,000,000. The conversion cost for the period in the Rolling Department is 462,600 (275,000 factory overhead applied and 187,600 direct labor). The total cost transferred to Finished Goods for the period was 3,392,400. The Rolling Department had a beginning inventory of 163,800. a. Journalize for the Rolling Department (1) the cost of transferred-in materials, (2) the conversion costs, and (3) the costs transferred out to Finished Goods. b. Determine the balance of Work in ProcessRolling at the end of the period.