Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1: Direct materials (99% completed) Conversion (51% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (99% completed) Conversion (51% completed) Cost incurred during July: Direct materials Conversion costs 36,500 units $ 122,450 $ 76,850 $ 199,300 D. $3.09. E. $3.19. 90,500 units 102,900 units 24,100 units $ 180,500 $ 288,500 Cost per equivalent unit for materials under the weighted-average method is calculated to be: A. $1.99. B. $2.39. C. $2.99.

Lights Incorporated calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1: Direct materials (99% completed) Conversion (51% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (99% completed) Conversion (51% completed) Cost incurred during July: Direct materials Conversion costs 36,500 units $ 122,450 $ 76,850 $ 199,300 D. $3.09. E. $3.19. 90,500 units 102,900 units 24,100 units $ 180,500 $ 288,500 Cost per equivalent unit for materials under the weighted-average method is calculated to be: A. $1.99. B. $2.39. C. $2.99.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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
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.
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:
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.
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.
Equivalent Units of Materials Cost The Rolling Department of Jabari Steel Company had 4,500 tons in beginning work in process inventory (30% complete) on October 1. During October, 74,300 tons were completed. The ending work in process inventory on October 31 was 3,700 tons (50% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? X units
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $1.70 and $2.40, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials 0 Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs 72,000 The beginning work in process inventory on October 1 had a cost of $2,900. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 65,000 65,000 7,000 Equivalent Units Conversion 4,600 65,000 69,600 S 2,800 72,400
A department adds raw materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of July, there were no units in the beginning work in process inventory; 60,000 units were started into production in July; and there were 15,000 units that were 40% complete in the ending work in process inventory at the end of July. What were the equivalent units of production for conversion costs for the month of July?
The following information summarizes the activities in the Mixing Department for the month of March. Beginning inventory 8,000 units, 80% complete Started and completed 196,000 units Ending inventory 24,000 units, 25% complete Material is added at the beginning of the process, and conversion costs are incurred evenly throughout the process. Calculate the equivalent units of production with respect to materials during the month of March using the weighted average method. Select one: a. 228,000 b. 212,000 c. 208,000 d. 244,000 e. 210,000