Lumb Corporation uses the weighted-average method in its processing costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 200 $2,800 $ 2,600 60% 35% 7,900 7,400 $1,66,000 $ 2,61,000 700 85% 45% The cost per equivalent unit for conversion costs for the first month is a. $35.88 b. $32.54 c. $34.17 d. $33.83

Lumb Corporation uses the weighted-average method in its processing costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 200 $2,800 $ 2,600 60% 35% 7,900 7,400 $1,66,000 $ 2,61,000 700 85% 45% The cost per equivalent unit for conversion costs for the first month is a. $35.88 b. $32.54 c. $34.17 d. $33.83

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 23E: The following information concerns production in the Finishing Department for May. The Finishing...

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Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the following: A. Cost of beginning work in process inventory completed in November B. Cost of units transferred to the next department during November C. Cost of ending work in process inventory on November 30 D. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process E. The November increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month
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The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
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