Loanstar had 150 units in beginning inventory before starting 1,000 units and completing 900 units. The beginning work in process inventory consisted of $2,000 in materials and $4,000 in conversion costs before $9,500 of materials and $14,000 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values. Production Cost Report Work in process completion percent 100% 40% Material Units Conversion Units Total Units Completed and transferred out Ending work in process Total units to account for Costs to account for Materials Conversion Total Beginning work in process $ $ Incurred during the period Total costs to account for $ Equivalent units Cost per equivalent unit for department $4 Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Total costs accounted for Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department. If an amount box does not require an entry, leave it blank.

Loanstar had 150 units in beginning inventory before starting 1,000 units and completing 900 units. The beginning work in process inventory consisted of $2,000 in materials and $4,000 in conversion costs before $9,500 of materials and $14,000 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values. Production Cost Report Work in process completion percent 100% 40% Material Units Conversion Units Total Units Completed and transferred out Ending work in process Total units to account for Costs to account for Materials Conversion Total Beginning work in process $ $ Incurred during the period Total costs to account for $ Equivalent units Cost per equivalent unit for department $4 Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Total costs accounted for Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department. If an amount box does not require an entry, leave it blank.

Name: Loanstar had 150 units in beginning inventory beforestarting 1,000 un
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Description: Loanstar had 150 units in beginning inventory beforestarting 1,000 units and completing 900 units. Thebeginning work in process inventory consisted of $2,000 inmaterials and $4,000 in conversion costs before $9,500 ofmaterials and $14,000 of convers

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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