mont Corporation uses the FIFO method in its process costing system. The company reported 39,000 equivalent units of production for materia th. The company's beginning work in process inventory consisted of 8,000 units, 35% complete with respect to materials. The ending work in ess inventory consisted of 6,000 units, 65% complete with respect to materials. The number of units started during the month was: Multiple Choice 39,800 units 37,900 units 37,200 units 35,900 units

mont Corporation uses the FIFO method in its process costing system. The company reported 39,000 equivalent units of production for materia th. The company's beginning work in process inventory consisted of 8,000 units, 35% complete with respect to materials. The ending work in ess inventory consisted of 6,000 units, 65% complete with respect to materials. The number of units started during the month was: Multiple Choice 39,800 units 37,900 units 37,200 units 35,900 units

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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Hutchcroft Corporation uses the weighted-average method in its process costing. The following data concern the company’s Assembly Department for the month of June. Materials Conversion Cost per equivalent unit $ 25.30 $ 28.10 Equivalent units in ending work in process 730 275 During the month, 6,400 units were completed and transferred from the Assembly Department to the next department. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method.
1. For a company that uses process costing, Processing Department C had the following information for the most recent month: Beginning inventory for the month contained 12,000 units that were 30 percent complete with respect to materials. During the month, 80,000 units were completed and transferred out. Ending inventory was 6,000 units, 60 percent complete with respect to materials. What would be the weighted average equivalent units of production for materials for the month? 2. For a company that uses process costing, Processing Department F had the following information for the most recent month: Units Beginning Work-in-Process Inventory (40 percent complete) 5,000 Units started during the month 18,000 Ending Work-in-Process Inventory (10 percent complete) 4,000 Materials and conversion are incurred uniformly throughout the process. What would be the equivalent units of production for conversion when using the weighted average costing method? 3. New Method Company uses a process…
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow. Units 76,000 Materials $ 68,400 Labor $ 30,200 Overhead $ 41,900 Work in process inventory, beginning Units started in process 719,000 Units transferred out 740,000 Work in process inventory, ending 55,000 Cost added during the month $ 984,725 $ 372,370 $ 517,225 The beginning work in process Inventory was 90% complete with respect to materials and 75% complete with respect to labor and overhead. The ending work in process inventory was 70% complete with respect to materials and 10% complete with respect to labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. (Round your answers to…
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Company A uses the weighted average method in it is process costing system. The data below pertains to operations in the first processing department for the month of February: - Beginning Inventory consisted of 400 units that were 75% complete from a material standpoint and 50% complete from a conversion standpoint. - The value of the beginning inventory consisted of $1,800 of material and $3,300 of conversion cost. - 15,000 units were started in February - Ending Inventory consisted of 1,000 units that were 80% complete from a material standpoint and 40% complete from a conversion standpoint. - The costs added in February consisted of $97,000 of material and $215,000 of conversion costs. Based upon the data provided determine the following: The EU of Material ____________________ The EU of Conversion _________________ The cost per of EU of Material __________ The cost per EU of Conversion ___________ The value of ending inventory __________
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