Jones Corporation uses a first-in, first-out (FIFO) process costing system. Jones has the following unit information for the month of August:UnitsBeginning work-in-process inventory, 100%for materials, 75% complete for conversion costUnits completed and transferred outEnding work-in-process inventory, 100% completefor materials, 60% complete for conversion costs8,000The number of equivalent units of production for conversion costs for the month of August is:Select one:10,00090,000a. 88,000b. 92,700c. 87,300d. 92,300

Conversion costs are the costs incurred on the production of the goods. It include the direct labor…

Jones Corporation uses a first-in, first-out (FIFO) process costing system. Jones has the following unit information for the month of August: Units Beginning work-in-process inventory, 100% for materials, 75% complete for conversion cost 10,000 Units completed and transferred out 90,000 Ending work-in-process inventory, 100% complete for materials, 60% complete for conversion costs 8,000 The number of equivalent units of production for conversion costs for the month of August is: Select one: Ⓒa. 88,000 b. 92,700 c. 87,300 d. 92,300

Jones Corporation uses a first-in, first-out (FIFO) process costing system. Jones has the following unit information for the month of August: Units Beginning work-in-process inventory, 100% for materials, 75% complete for conversion cost 10,000 Units completed and transferred out 90,000 Ending work-in-process inventory, 100% complete for materials, 60% complete for conversion costs 8,000 The number of equivalent units of production for conversion costs for the month of August is: Select one: Ⓒa. 88,000 b. 92,700 c. 87,300 d. 92,300

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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How much is the cost per equivalent unit for the month using Average costing? *
The Fremont Company uses the weighted-average method in its process costing system. The company recorded 37,025 equivalent units for conversion costs for November in a particular department. There were 6,700 units in the ending work-in-process inventory on November 30, 75% complete with respect to conversion costs. The November 1 work-in-process inventory consisted of 8,700 units, 50% complete with respect to conversion costs. A total of 32,000 units were completed and transferred out of the department during the month. The number of units started during November in the department was:
Company A uses the weighted average method in it is process costing system. The data below pertains to operations in the first processing department for the month of February: - Beginning Inventory consisted of 400 units that were 75% complete from a material standpoint and 50% complete from a conversion standpoint. - The value of the beginning inventory consisted of $1,800 of material and $3,300 of conversion cost. - 15,000 units were started in February - Ending Inventory consisted of 1,000 units that were 80% complete from a material standpoint and 40% complete from a conversion standpoint. - The costs added in February consisted of $97,000 of material and $215,000 of conversion costs. Based upon the data provided determine the following: The EU of Material ____________________ The EU of Conversion _________________ The cost per of EU of Material __________ The cost per EU of Conversion ___________ The value of ending inventory __________
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ABC Company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process and conversion costs are added proportionately. The production quantity schedule for April is reproduced below: Work in process on April 1 (60% complete as to conversion costs) 1,000 Units started during April 5,000 Total units to account for 6,000 Units completed and transferred out 4,000 Work in process on April 30 (20% complete as to conversion costs) 2,000 Total units accounted for 6,000 Costs pertaining to the month of April are as follows: Beginning inventory costs: (DM, $54,600; Conversion, $35,560) $90,160 Costs incurred during April (DM, $468,000; Conversion $574,060) $1,042,060 Question #1: Using the weighted average method, the equivalent unit materials cost for April is? Question #2: Using the weighted average method, the 4,000 units completed during April will be transferred out at an EUP unit cost of?
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