[Fact Pattern #1]Kim Manufacturing uses a process costsystem to manufacture Dust DensitySensors for the mining industry. Thefollowinginformationpertainsto operationsfor the month of May.The beginning inventory was 20% completefor materials and 60% complete for conversioncosts. The ending inventory was 40%complete for materials and 90% complete forconversion costs.Costs pertaining to the month of May are asUnitsfollows:Beginning work-in-processinventory,May116,000• Beginning inventory costs are materials,Started in production during May100,000S20,280; direct labor, S20,320; andCompleted production during May92,000factory overhead, S15,240.Ending work-in-process inventory,May 3124,000• Costs incurred during May are materialsused, S467,680; direct labor, s182,800;and factory overhead, $389,200.[3] ( Refers to Fact Pattern 1)Using the weighted-average method, the total cost of the units in the ending work-in-processinventory at May 31 is (Round cost per equivalent unit to the nearest penny)A. S156,960B. $161,640C. $153,168D. $164,400

The equivalent units are calculated on the basis of percentage of the work completed during the…

Answered: Kim Manufacturing uses a process cost…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (40,000 units): Direct materials (92% completed) $ 122,800 Conversion (58% completed) 77,250 Balance in work in process inventory, July 1 $ 200,050 Units started during July 94,000 Units completed and transferred 109,200 Work-in-process inventory, July 31: Direct materials (92% completed) 24,800 Conversion (58% completed) Cost incurred during July: Direct materials $ 184,000 Conversion costs 292,000 1. Cost per equivalent unit for materials under the weighted-average method is calculated to be: 2. Cost per equivalent unit for conversion under the FIFO method is calculated to be:
During December, Krause Chemical Company had the following selected data concerning the manufacture of Xyzine, an industrial cleaner: Physical Units Production Flow Completed and transferred to the next department 100 Add: Ending work-in-process inventory Total units to account for Less: Beginning work-in-process inventory Units started during December All materials are added at the beginning of processing in this department, and conversion costs are added uniformly during the process. The beginning work-in-process inventory had $120 of raw material and $180 of conversion costs incurred. Materials added during December was $540 and conversion costs of $1,484 were incurred. Krause uses the weighted-average process-costing method. The total conversion costs assigned to units transferred to the next department in December were: Select one: 10 (40% complete as to conversion) 110 20 (60% complete as to conversion) 90 a. $1,664 b. $1,600 c. $1,513 d. $1,484
Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 20, 553 Conversion costs 6, 805 Current period costs Direct materials 225, 147 Conversion costs 117,460 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 44,000 units Ending inventory 11,000 units (75% complete as to materials, 35% complete as to conversion) Exercise 8-44 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8 -5) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method.
Lights Incorporated calculates cost for an equivalent unit of production using the weighted - average method. Data for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (95% completed) $ 122, 650 Conversion (55% completed) 77, 100 Balance in work in process inventory, July 1 $ 199, 750 Units started during July 92, 500 Units completed and transferred 106, 500 Work - in - process inventory, July 31: Direct materials (95% completed ) 24, 500 Conversion (55% completed) Cost incurred during July: Direct materials $ 182, 500 Conversion costs 290, 500 The cost of goods completed and transferred out under the weighted average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Multiple Choice $ 586,860. $96,800. $586, 070. $615,320. $576,165.
Materials are added at the beginning of the production process at Campo Company. The following information on the physical flow of units is available for the month of November. Beginning work in process (50% complete) Started in November Completed in November and transferred out Ending work in process (65% complete) Cost data for November show the following. Beginning WIP inventory Direct materials costs Conversion costs Current period costs Direct materials costs Conversion costs $ $ 27,300 49,700 360,950 1,109,550 59,000 520,000 475,000 104,000 Required: a. Compute the cost equivalent units for the conversion cost calculation assuming Campo uses the weighted-average method. b. Compute the cost per equivalent unit for materials and conversion costs for November.
The following cost information is available for July for the Crest Plant at Calvert Company: · ● Beginning work-in-process inventory Materials cost Conversion cost Total . Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 44,800 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 89,600 gallons. Units transferred out in July, 100,800 gallons. Ending inventory, 33,600 gallons, 40 percent complete with respect to conversion costs. $ 62,720 39,648 $ 102,368 $ 138,880 417,312 $ 556,192 Cost of goods transferred out total Ending inventory total Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations.
The following information concerns production in the Forging Department for June. 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 $18,000 of direct materials. ACCOUNT Work in Process-Forging Department Debit Credit Date Item June 1 Bal., 1,800 units, 60% completed 30 Direct materials, 25,800 units 30 Direct labor 30 Factory overhead 30 Goods transferred, ? units 30 Bal., 2,800 units, 70% completed Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in June $ 247,680 43,300 33,740 b. Cost of units transferred to the next department during June $ c. Cost of ending work in process…
Machine Builders Inc. adopted a standard cost system several years ago that it uses in conjunction with its process cost system. The per-unit standard costs for direct materials and direct labor for its single product are as follows: Materials: (7 kilograms × $10 per kilogram) $ 70 Labor: (3 hours × $22 per hour) $ 66 All materials are issued at the beginning of processing. The operating data shown below were taken from the records for July: In-process beginning inventory none In-process ending inventory—90% complete as to labor 900 units Units completed during the month 7,100 units Budgeted output 8,600 units Purchases of materials, in kilograms (AQ) 33,000 Total actual labor costs incurred $ 526,000 Direct labor hours worked (AQ) 22,000 hours Materials purchase-price variance $ 2,900 unfavorable Increase in materials inventory in July 1,300 kilograms Beginning inventory of materials 0 kg.…
Lights Incorporated calculates cost for an equivalent unit of production using the welghted-average method. Data for July: Work-in-process inventory, July 1 (36,000 units): Direct materials (100% completed) $ 122,400 Conversion (5e% completed) 76,800 Balance in work in process inventory, July 1 $ 199, 200 Units started during July Units completed and transferred Work-in-process inventory, July 31: 90,000 102,000 Direct materials (180% completed) Conversion (50% completed) Cost incurred during July: 24,000 Direct materials $ 180,000 Conversion costs 288, 000 Cost per equlvalent unit for materials under the welghted-average method is calculated to be: Multiple Choice $3.10. O $3.20. O $2.00. O $240. $3.00.
Information for the Hi-Test company’s production process for September in the attached picture. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Compute each of the following. The number of equivalent units for materials for the month. The number of equivalent units for conversion for the month. The variable cost per equivalent unit of materials for the month.
Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March. Units Costs Beginning work in process inventory Started 3,000 Beginning work in process inventory 30,000 Direct materials $ 3,180 Ending work in process inventory 6,000 Conversion 13,896 status of ending work in process inventory Direct materials added Materials-Percent complete Direct labor added $ 17,076 212,310 170,910 239,274 $639,570 Conversion-Percent complete Overhead applied (140% of direct labor) Total costs to account for Ending work in process inventory $ 61,500 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) Total Costs to Account for: Total costs to account for: $ 0 Total costs accounted for $ 0 Difference due to rounding cost/unit Unit Reconciliation: *********** *********** OLO 100% 25% 5 of 5 ی
Shown below are units produced and total manufacturing costs for the pastfour months at Minda Manufacturing Corporation: Units Produced Total CostJul 120 P446,000Aug 150 P508,000Sep 180 P638,000Oct 170 P668,000What is Minda's cost formula for total manufacturing costunder the high-lowmethod?

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