Kimball Manufacturing uses a process-costing system to manufacture Dust Density Sensors for the mining industry. The following information pertains to operations and costs for the month of May, Year 5 (Click the icon to view the information) (Click the icon to view May's costs) The beginning inventory was 75% complete for direct materials and 40% complete for conversion costs. The ending inventory was 75% complete for direct materials and 35% complete for conversion costs Using the weighted average method, the equivalent unit conversion cost for May is (Round your answer to the nearest cent) 01. 1683 02 30 31 03. $566 04 5921 Data table Beginning work-in-process inventory, May 1 Started in production during May Completed production during May Ending work in process inventory, May 31 Units 30,000 110.000 70,000 70.000 - X More info D Beginning inventory costs are direct materals $70.000, direct manufacturing labor $28,000, and manufacturing overhead, 121,000 Costs incurred during May are direct materials used, $482000 dec manufacturing labor, $100,000, and manufacturing overhead $400.000

Kimball Manufacturing uses a process-costing system to manufacture Dust Density Sensors for the mining industry. The following information pertains to operations and costs for the month of May, Year 5 (Click the icon to view the information) (Click the icon to view May's costs) The beginning inventory was 75% complete for direct materials and 40% complete for conversion costs. The ending inventory was 75% complete for direct materials and 35% complete for conversion costs Using the weighted average method, the equivalent unit conversion cost for May is (Round your answer to the nearest cent) 01. 1683 02 30 31 03. $566 04 5921 Data table Beginning work-in-process inventory, May 1 Started in production during May Completed production during May Ending work in process inventory, May 31 Units 30,000 110.000 70,000 70.000 - X More info D Beginning inventory costs are direct materals $70.000, direct manufacturing labor $28,000, and manufacturing overhead, 121,000 Costs incurred during May are direct materials used, $482000 dec manufacturing labor, $100,000, and manufacturing overhead $400.000

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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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.
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.…
Compute for the total cost accounted for using FIFO.
The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 980 Conversion costs 557 Current period costs Direct materials 27,220 Conversion costs 16,803 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 800 units (65% complete as to materials,56% complete as to conversion) Current period units started 5,900 units Ending inventory 1,500 units (45% complete as to materials,15% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs.
. Quality Tea manufacturing company has given the following details for a particular process: During the month of June, 1,600 units were already in process, and another 10,000 units were started. At the end of the period, 8,600 units were completed. All of the Direct Materials (DM) are added at the beginning of the process; however, Conversion Costs (CC) are added evenly throughout the process. Quality follows the Weighted-Average method of inventory valuation. Ending Work-in-Progress (WIP) Inventory was two-thirds complete with respect to Conversion Costs. Find equivalent units in the ending WIP Inventory with respect to Conversion Costs. (Round units to whole number.) A) 1,000 units B) 2,000 units C) 3,000 units D) 8,600 units
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…
Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in Process—Filling on April 1 and debits to the account during April were as follows:Bal., 800 units, 30% completed:Direct materials (800 × $4.30) $ 3,440Conversion (800 × 30% × $1.75) 420 $ 3,860From Cooking Department, 7,800 units $34,320Direct labor 8,562Factory overhead 6,387During April, 800 units in process on April 1 were completed, and of the 7,800 units entering the department, all were completed except 550 units that were 90% completed.Charges to Work in Process—Filling for May were as follows:From…
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The Finishing Department had 5,100 incomplete units in its beginning Work-in-Process Inventory which were 100% complete as to materials and 40 % complete as to conversion costs. 15,200 units were received from the previous department. The ending Work-in- Process Inventory consisted of 2,100 units which were 50% complete as to materials and 40% complete as to conversion costs. The Finishing Department uses first-in, first-out (FIFO) process costing. What are the equivalent units of production for materials during the period? Multiple Choice 13,100. 15,200. 14,150. 12,200.
Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 27,553 Conversion costs 8,905 Current period costs Direct materials 166,592 Conversion costs 86,000 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 45,400 units Ending inventory 25,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method. Note: Do not round intermediate calculations.
Debco limited is a leading manufacturer of tables in the area. The following information was extracted from the books for the current period which 800 tables were produced, Prepare a manufacturing account for Debco limited for the period ending May 31,201. Also calculate the production cost per unit of tables and the total cost per unit to produce tables. Work in progress inventory, beginning of year $32,400 Raw materials inventory, beginning of year $42,000 Finished goods inventory, beginning of year $90,000 Sale $1376400 Indirect labour $80,000 Sale commission expense $165,168 raw materials purchased (net) $441,600 carriage on raw materials $5,000 rent of plant $20640 advertising expense $30,000 factory supplies used $41,400 Depreciation - Office equipment $59,400 Direct labour $236,400 Plant utilities- electricity and water rates $16,440 administrative office salaries $188,640 insurance on plant $10920