Loanstar had 50 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $2,000 in materials and$5,000 in conversion costs before $8,450 of materials and $9,450 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard tomaterials and 50% complete with regard to conversion costs.Use the above information to complete a production cost report. Enter all amount as positive values.Production Cost ReportWork in process completion percent100%50%Material Units Conversion Units Total UnitSCompleted and transferred outEnding work in processTotal units to account forMaterialsConversionTotalCosts to account for$4$4Beginning work in processIncurred during the period$4Total costs to account forEquivalent unitsCost per equivalent unit for department $%24%24%24 Ending work in processTotal units to account forCosts to account forMaterialsConversionTotalBeginning work in process2$%$4Incurred during the periodTotal costs to account for$4Equivalent unitsCost per equivalent unit for department $Transferred-out costsEnd work in process: materials2$End work in process: conversionEnd work in process: total2$Total costs accounted forPrepare 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.中%24%24%24%24%24

Name: Loanstar had 50 units in beginning inventory before starting 900 unit
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Description: Loanstar had 50 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $2,000 in materials and$5,000 in conversion costs before $8,450 of materials and $9,450 of conversi

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Loanstar had 50 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $2,000 in materials and $5,000 in conversion costs before $8,450 of materials and $9,450 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 50% 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% 50% Material Units Conversion Units Total Units Completed and transferred out Ending work in process Total units to account for Materials Conversion Total Costs to account for Beginning work in process Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department

Loanstar had 50 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $2,000 in materials and $5,000 in conversion costs before $8,450 of materials and $9,450 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 50% 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% 50% Material Units Conversion Units Total Units Completed and transferred out Ending work in process Total units to account for Materials Conversion Total Costs to account for Beginning work in process Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department

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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