Assume the following information:Materials$ 10,000291,600$301,600Conversion$15,000387,000$ 402,000Milling DepartmentTotalCost of beginning work in process inventoryCosts added during the period$ 25,000678,600$703,600Total costts00:13:14Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units,respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, thenwhat is the total cost of ending work in process for the Milling Department?Multiple Choice$29,280$59,280$49.280

Materials Conversion Total cost $301,600 $402,000 / Equivalent units / 5,200 / 5,000…

Answered: Milling Department Cost of beginning…

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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Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $0.70 and $0.70, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 2,000 Started and completed during the period 39,000 39,000 Transferred out of Filling (completed) 39,000 41,000 Inventory in process, end of period 4,000 2,400 Total units to be assigned costs 43,000 43,400 The beginning work in process inventory had a cost of $1,220. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred out of production $fill in the blank 1 Inventory in process, ending $fill in the blank 2
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Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $0.60 and $0.25, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 2,400 Started and completed during the period 62,000 62,000 Transferred out of Filling (completed) 62,000 64,400 Inventory in process, end of period 10,000 2,500 Total units to be assigned costs 72,000 66,900 The beginning work in process inventory had a cost of $4,500. Determine the cost of completed and transferred-out production and the ending work in process inventory. Completed and transferred out of production $ Inventory in process, ending
Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Multiple Choice C Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department? $49,520 $29,520 $39,520 Materials $10,000 291,600 $ 301,600 $59,520 Conversion $ 15,000 393,000 $ 408,000 Total $ 25,000 684,600 $ 709,600
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 Oak Ridge Steel Company are $1.20 and $1.35, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 0 4,000 Started and completed during July 67,000 67,000 Transferred out of Rolling (completed) 67,000 71,000 Inventory in process, July 31 9,000 4,500 Total units to be assigned costs 76,000 75,500 The beginning work in process inventory on July 1 had a cost of $2,600. 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, ending $ Total costs assigned by the Rolling Department $
A) what is the equivalent units of production for materials? B) what is the equivalent units of production for conversion ?
Carmelita Inc., has the following information available: Costs from beginning Costs from current Direct materials Conversion costs inventory $2,500 $6,200 period $22,252 $150,536 At the beginning of the period, there were 500 units in a process that was 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The total costs that will be transferred into Finished Goods for units started and completed were a. $162,855 b. $161,775 c. $156,960 d. $161,505 man Corporation basarguided t Requ 1400 $80,000 ** =
Equivalent Units of Conversion Costs The Rolling Department of Kraus Steel Company had 7,220 tons in beginning work in process inventory (50% complete) on October 1. During October, 72,200 tons were completed. The ending work in process inventory on October 31 was 3,610 tons (90% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit. units
Equivalent Units of Conversion Costs The Rolling Department of Kraus Steel Company had 8,448 tons in beginning work in process inventory (80% complete) on October 1. During October, 70,400 tons were completed. The ending work in process inventory on October 31 was 3,520 tons (50% complete). What are the total equivalent units for conversion costs?
Question 3: Process Costing Cannondale Bicycle Company manufactures various lines of bicycles. Because of the high volume of each type of product, the company employs a process cost system to determine unit costs. Bicycle parts are manufactured in the Moulding Department and transferred to the Assembly Department where they are assembled. After assembly, the bicycles are sent to the Packing Department. Cost and production figures for the Assembly Department are presented below for the month of June: Production Data (in unit) 70,000 Beginning WIP Inventory (70% complete as to material; 40% complete as to conversion) Started in June Completed and transferred out Ending WIP Inventory (75% complete as to material; 25% complete as to conversion) 460,000 450,000 80,000 Cost Data (in dollar) Material Conversion $36,550 $391,850 $13,500 Beginning WIP Inventory Current period $287,300 Required: (a) Determine the cost per equivalent unit for the Assembly Department's direct materials and…
Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 7,400 units, 60% completed $73,556* *Direct materials (7,400 x $7.60) $56,240 Conversion (7,400 x 60% x $3.90) 17,316 $73,556 Materials added during January from Weaving Department, 114,000 units $877,800 Direct labor for January 201,888 Factory overhead for January 246,752 Goods finished during January (includes goods in process, January 1), 115,400 units Work in process, January 31, 6,000 units, 20% completed a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places. Karachi Carpet Company Cost of Production Report-Cutting Department For the Month Ended January 31 Unit Information Units charged to production: Inventory in process,…
Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Blackrock Steel Company is $625,500 from the Casting Department. The conversion cost for the period in the Rolling Department is $157,680 ($94,600 factory overhead applied and $63,080 direct labor). The total cost transferred to Finished Goods for the period was $724,000. The Rolling Department had a beginning inventory of $38,020. a1. Journalize the cost of transferred-in materials. If an amount box does not require an entry, leave it blank. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process—Rolling at the end of the period.

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