Exercise 4A-9 (Algo) Equivalent Units; Equivalent Units of Production; Assigning Costs-FIFO Method(LO4-6, LO4-7, LO4-8]Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month ofoperations in one of the company's processing departments:Units in beginning inventoryUnits started into productionUnits in ending inventoryUnits transferred to the next department3704,3103204,360MaterialsConversionPercentage completion of beginning inventoryPercentage completion of ending inventory70%30%90%30%The cost of beginning inventory according to the company's costing system was $7,811 of which $4,806 was for materials and theremainder was for conversion cost. The costs added during the month amounted to $178,937. The costs per equivalent unit for themonth were:MaterialsConversion$23.00Cost per equivalent unit$18.00Required:1. Compute the total cost per equivalent unit for the month.2. Compute the equivalent units of material and conversion in the ending inventory.3. Compute the equivalent units of material and conversion that were required to complete the beginning inventory.4. Compute the number of units started and completed during the month.5. Compute the cost of ending work in process inventory for materials, conversion, and in total for the month.6. Compute the cost of the units transferred to the next department for materials, conversion, and in total for the month.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Required 4Required 5Required 6Compute the total cost per equivalent unit for the month. (Round your answer to 2 decimal places.)( Required 1Required 2 >

The question is based on the concept of Cost Accounting. As per Bartleby guidelines we are allowed…

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company's processing departments: Units in beginning inventory Units started into production Units in ending inventory Units transferred to the next department 370 4,310 320 4,360 Materials Conversion Percentage completion of beginning inventory Percentage completion of ending inventory 70% 90% 30% 30% The cost of beginning inventory according to the company's costing system was $7811 of uhich 11 00 remainder wac

Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company's processing departments: Units in beginning inventory Units started into production Units in ending inventory Units transferred to the next department 370 4,310 320 4,360 Materials Conversion Percentage completion of beginning inventory Percentage completion of ending inventory 70% 90% 30% 30% The cost of beginning inventory according to the company's costing system was $7811 of uhich 11 00 remainder wac

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Inacio Corporation uses the weighted-average 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 Materials costs 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 The cost per equivalent unit for materials for the month in the first processing department is closest to: Multiple Choice $16.70 $17.95 800 $ 12,900 $ 5,000 75% 20% 9,500 8,400 $ 172,000 $ 240,200 1,900 90% 30%
Pureform, Incorporated, uses the weighted-average method of process costing. It manufactures a product passing through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 650,000 45,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 54,800 Materials $ 725,300 $ 276,175 The beginning work in process inventory was 70% complete for materials and 55% complete for labor and overhead. The ending work in process inventory was 50% complete for materials and 30% complete for labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. Note: Round your answers to 2 decimal places. Labor $…
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 57,000 539,000 560,000 36,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 238,370 $ 344,290 The beginning work in process inventory was 75% complete with respect to materials and 60% complete with respect to labor and overhead. The ending work in process inventory was 55% complete with respect to materials and 35% complete with respect to labor and overhead. Materials $ 51,000 Labor Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for…
The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory Units started in production Units finished during the period Units in process at the end of the period (complete as to materials, % complete as to labor and overhead) Cost of materials used Labor and overhead costs Total cost of the 16,400 units finished is: -0- 20,800 16,400 4,400 $39,780 $42,000
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…
Domestic
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding department: Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Molding department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 58,000 Units 40,000 140,000 180,000 37,500 63,850 $ 121,850 $ 302,000 614, 150 Calculate equivalent units of production for conversion. 916,150 Direct materials Percent Complete. 100% 100% Conversion Percent Complete 55% 25%
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company's processing departments: Units in beginning inventory Units started into production Units in ending inventory Units transferred to the next department Percentage completion of beginning inventory Percentage completion of ending Inventory 390 4,330 320 4,408 Materials $18.00 The cost of beginning Inventory according to the company's costing system was $7,880 of which $4,807 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $179.771. The costs per equivalent unit for the month were: Conversion $ 23,00 Materials 70% 70% Cost per equivalent unit Required: 1. Compute the total cost per equivalent unit for the month. Conversion 30x 40x 4
Sarfina Corporation uses the FIFO method in its process costing system. Operating data for the Casting Department for the month of September appear below: Units Percent Complete with Respect to Conversion Beginning work-in-process inventory 15,000 20 % Transferred in from the prior departmentduring September 89,000 Ending work-in-process inventory 24,000 90 % According to the company's records, the conversion cost in beginning work-in-process inventory was $15,660 at the beginning of September. Additional conversion costs of $526,524 were incurred in the department during the month.What would be the cost per equivalent unit for conversion costs for September? (Round your answer to 3 decimal places.) $5.220. $5.916. $5.213. $5.340.
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion Required: Using the FIFO method: 400 50% 30% 610 $ 2,156 16,000 16,100 $ 47,436 $439,552 a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units…
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 59,000 Materials $ 61,600 Labor $ 15,700 Overhead $ 29,100 559,000 580,000 38,000 $ 815,215 $ 193,285 $ 359,015 ces The beginning work in process inventory was 85% complete with respect to materials and 70% complete with respect to labor and overhead. The ending work in process inventory was 65% complete with respect to materials and 45% complete with respect to labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. (Round your answers…
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 71,000 679,000 700,000 50,000 Materials $ 61,700 Labor $ 26,800 Overhead $ 38,100 $ 330,700 $ 815,550 $ 469,550 The beginning work in process inventory was 70% complete with respect to materials and 55% complete with respect to labor and overhead. The ending work in process inventory was 50% complete with respect to materials and 30% complete with respect to labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month.