Jimmy Corporation uses the weighted-averagemethod in its process costing system. The endingwork in process inventory consists of 20,000 units.The ending work in process inventory is 100%complete with respect to materials and 80%complete with respect to labor and overhead. If thecost per equivalent unit for the period is $4.00 formaterial and $1.20 for labor and overhead, what isthe balance of the ending work in process inventoryaccount would be: (Do not round Cost per equivalentunit)- $99,200- $90,700$104,000- $79,500

The ending inventory work in process is 20,000 units out of which material is 100% completed and…

Answered: Jimmy Corporation uses 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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A Company produced 80,900 units during its first year of operations and sold 77,100 at 21.60 per unit. The company chose practical activity-at 80,900 units to compute its predetermined overhead rate. Manufacturing costs are as follows: Direct materials Direct labor Expected and actual variable overhead Expected and actual fixed overhead 457,085 87,372 300,139 432,006 Calculate the unit cost and the cost of finished goods inventory under absorption costing and calculate the unit cost and the cost of finished goods inventory under variable costing.
Assuming a weighted average method of process costing, compute the average cost per unit for Material A.
Assuming that there was no beginning work in process inventory, and the ending work in process inventory is 30% complete as to direct materials costs, the number of equivalent units for direct materials costswould be: a) less than the units started in production b) less than the units completed c) equal to the units completed d) equal to the units started in production
Assuming that there was no beginning work in process inventory, and the ending work in process inventory is 30% complete as to direct materials costs, the number of equivalent units for direct materials costswould be a) less than the units started in production b) less than the units completed c) equal to the units completed d) equal to the units started in production
The total costs of goods allocated to units transferred out is:
how many units were in ending Work in Process Inventory?
The JG Company uses JIT operating system with backflush costing. During the month of October, direct material costing P100,00 was used for completed work with conversion costs of P500,000. At the end of the month, P100,000 was assigned to work in process inventory account. The ending balance of finished goods inventory was P150,000. Required: a. The cost charged to the company's cost of goods sold b. The ending balance of cost of goods sold
Bixby Carpet Manufacturing Inc. uses a process costing system and calculates per-unit costs using the weighted average method. The following data relates to the first production department (the Weaving Department) of its Rayon carpet brand for the month of November. Note that since carpet is sold by the square yard, each “unit” refers to a square yard of carpet: Beginning Work in Process Inventory: 300 units, 40% complete with respect to conversion. Ending Work in Process Inventory: 400 units, 25% complete with respect to conversion. All direct materials are added at the beginning of the process, and conversion costs are assumed to be incurred uniformly throughout production. The cost of direct materials in beginning Work in Process Inventory was $21,200, and conversion costs in beginning Work in Process were $4,900.During the month, $110,800 of direct materials were added to production. Direct labor for the period was $23,120. Overhead is allocated on at 25% of direct…
The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 20,000 units, The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit for the period $3.20 for the materials and $2.00 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost per equivalent unit) A. $104,000 B. $63,500 C. $92,000 D. $83,500
CAVS Inc. employs weighted average process costing system regarding its cross-over protector product. The following data are provided for the year ended December 31, 2016:a. The January 1, 2016 work-in-process inventory consists of 4,000 units which have the following costs: P100,000-direct material, 250,000-direct labor and PI50.000-factory overhead. The beginning inventory is 60% incomplete as to conversion cost.b. The units started during the year totaled 6,000 units while the units completed during the period totaled 5,000 units.c. The December 31, 2016 work-in-process inventory consists of 3,000 units which is 90% complete as to conversion cost.d. The normal spoilage for the company is 20% of units started.e. The total manufacturing costs added during the year consist of P2M-direct material, P1.5M-direct labor and PIM-factory overhead.f. The company inspects the products when the percentage of completion in conversion cost is 70%.g. The company adds direct labor and factory…
Compute the total costs of the units (gallons) (a) completed and transferred out to the Packaging Department, and (b) in the Department ending Work-in-Process Inventory. Complete the Production Cost Report that you began in Requirement 1 by calculating the costs per equivalent unit in this step, and then by calculating the the total cost of units completed and transferred out and of units in ending inventory in the following step. (Complete all input fields. Enter a "0" for any zero balances. Round the cost per equivalent unit amounts to the nearest cent and all other amounts to the nearest dollar. Abbreviation used: EUP = equivalent units of production.)
Domestic

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