KETT Ltd uses process costing for its main product, Fitez. You are provided with the following datafor its assembly division:Physicalunits (Fitez)DirectmaterialsConversioncostsBeginning work in process (October)100$1,000$400Started in October 20201,100Completed during October 20201,000Ending work in process (October 2020)200Costs added during October 2020$22,470$12,000Degree of completion of beginning work in process: direct material: 50%;conversion costs: 40%Degree of completion of ending work in process: direct material: 60%; conversioncosts: 20%KETT uses the First In First Out (FIFO) method of process costing for this division.Q17: The total equivalent units for conversion costs are:1,000 units1,070 units1,150 units1,200 units1.100 units

KETT Ltd Calculation of Equivalent Units - FIFO Method S.No Particulars Units Conversion…

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Excel Applications for Accounting Principles

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ISBN:9781111581565

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Publisher:Gaylord N. Smith

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A company is using process costing with the first-in, first-out (FIFO) method, and all costs are added evenly throughout the manufacturing process. If there are 5,000 units in beginning work in process inventory (30% complete), 10,000 units in ending work in process inventory (60% complete), and 25,000 units started in process this period, how many equivalent units are there for this period? a. 22,500 units. b. 26,000 units. c. 24,500 units. d. 25,000 units.
Medical Tape makes two products: Generic and Label. It estimates it will produce 423,694 units of Generic and 652,200 of Label, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: How much is the overhead allocated to each unit of Generic and Label?
K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
Plata Company has identified the following overhead activities, costs, and activity drivers for the coming year: Plata produces two models of microwave ovens with the following activity demands: The companys normal activity is 21,000 machine hours. Calculate the total overhead cost that would be assigned to Model X using an activity-based costing system: a. 230,000 b. 240,000 c. 280,000 d. 190,000
K The assembly division of Walton Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: (Click the icon to view the data.) Requirement Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Enter the physical units in first, then calculate the equivalent units. Flow of Production Work in process, beginning Started during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Equivalent unts of work done in current period Physical Units Data table Physical Units (Watches) 60 485 455 90 Beginning work in process (May 1)ª Started in May 2020 Completed during May 2020 Ending work in process (May 31) Total costs added during May 2020 Dieguepletion: direct materials, 658anversion costs, 35%. Degperpletion: direct materials, 708anversion costs, 40%. Print Done…
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Maxx Inc. has provided the following data from its activity-based costing system:Activity Cost Pools Total Cost Total ActivityDesigning products $383,900 6,580 product design hoursSetting up batches $52,678 7366 batch set-upsAssembling products $25,122 4,018 assembly hoursThe activity rate for the “designing products” activity cost pool is:
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