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Kramer Corp. began the current period with 4,030 units in process that were 100% complete as to materials and 60% complete as to conversion. Costs of $7,500 in direct materials and $4,720 in conversion costs were incurred in manufacturing those units in the previous period. Kramer ended the current period with 20,100 units completed and 5,010 units still in process. Work in process was 100% complete as to materials and 70% complete as to conversion costs. Kramer incurred $68,000 in direct materials costs, $7,190 in direct labor costs, and $40,100 in manufacturing overhead costs during the period. Required: a. Using the weighted average method, compute the equivalent units of production for materials. Equivalent Units b. Using the weighted average method, compute the equivalent units of production for conversion. Equivalent Units c. Using the weighted average method, compute the cost per equivalent unit for materials. (Round your answer to 2 decimal places.) Cost per Equivalent Unit

Kramer Corp. began the current period with 4,030 units in process that were 100% complete as to materials and 60% complete as to conversion. Costs of $7,500 in direct materials and $4,720 in conversion costs were incurred in manufacturing those units in the previous period. Kramer ended the current period with 20,100 units completed and 5,010 units still in process. Work in process was 100% complete as to materials and 70% complete as to conversion costs. Kramer incurred $68,000 in direct materials costs, $7,190 in direct labor costs, and $40,100 in manufacturing overhead costs during the period. Required: a. Using the weighted average method, compute the equivalent units of production for materials. Equivalent Units b. Using the weighted average method, compute the equivalent units of production for conversion. Equivalent Units c. Using the weighted average method, compute the cost per equivalent unit for materials. (Round your answer to 2 decimal places.) Cost per Equivalent Unit

FINANCIAL ACCOUNTING
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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d. Using the weighted average method, compute the cost per equivalent unit for conversion. (Round your answer to 2 decimal places.) Cost per Equivalent Unit e. Using the weighted average method, compute the cost assigned to ending Work in Process Inventory. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Cost Assigned f. Using the weighted average method, compute the cost assigned to goods completed and transferred out. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Cost Assigned
Transcribed Image Text:d. Using the weighted average method, compute the cost per equivalent unit for conversion. (Round your answer to 2 decimal places.) Cost per Equivalent Unit e. Using the weighted average method, compute the cost assigned to ending Work in Process Inventory. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Cost Assigned f. Using the weighted average method, compute the cost assigned to goods completed and transferred out. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Cost Assigned
Kramer Corp. began the current period with 4,030 units in process that were 100% complete as to materials and 60% complete as to conversion. Costs of $7,500 in direct materials and $4,720 in conversion costs were incurred in manufacturing those units in the previous period. Kramer ended the current period with 20,100 units completed and 5,010 units still in process. Work in process was 100% complete as to materials and 70% complete as to conversion costs. Kramer incurred $68,000 in direct materials costs, $7,190 in direct labor costs, and $40,100 in manufacturing overhead costs during the period. Required: a. Using the weighted average method, compute the equivalent units of production for materials. Equivalent Units b. Using the weighted average method, compute the equivalent units of production for conversion. Equivalent Units c. Using the weighted average method, compute the cost per equivalent unit for materials. (Round your answer to 2 decimal places.) Cost per Equivalent Unit
Transcribed Image Text:Kramer Corp. began the current period with 4,030 units in process that were 100% complete as to materials and 60% complete as to conversion. Costs of $7,500 in direct materials and $4,720 in conversion costs were incurred in manufacturing those units in the previous period. Kramer ended the current period with 20,100 units completed and 5,010 units still in process. Work in process was 100% complete as to materials and 70% complete as to conversion costs. Kramer incurred $68,000 in direct materials costs, $7,190 in direct labor costs, and $40,100 in manufacturing overhead costs during the period. Required: a. Using the weighted average method, compute the equivalent units of production for materials. Equivalent Units b. Using the weighted average method, compute the equivalent units of production for conversion. Equivalent Units c. Using the weighted average method, compute the cost per equivalent unit for materials. (Round your answer to 2 decimal places.) Cost per Equivalent Unit
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