Muscat Cement Factory had the following production data for 3 months: WIP (End) Units % Complete 7,000 WIP (Beg.) Units Transferred Out Month January February 1,200 45,000 35% 2,000 1,500 30,000 20,000 16,000 10,000 50 March 55 The equivalent units of production for materials for March is: Select one: O a. 26,500 O b. 31,500 O c. 11,500 O d. None of the answers are correct O e. 21,500

Muscat Cement Factory had the following production data for 3 months: WIP (End) Units % Complete 7,000 WIP (Beg.) Units Transferred Out Month January February 1,200 45,000 35% 2,000 1,500 30,000 20,000 16,000 10,000 50 March 55 The equivalent units of production for materials for March is: Select one: O a. 26,500 O b. 31,500 O c. 11,500 O d. None of the answers are correct O e. 21,500

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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Question: Materials are added at the beginning of the production process at Santiago Company, which uses a FIFO process costing system. The following information on the physical flow of units is available for the month of April. Beginning work in process (40% complete) $22,500 10,000 units Started in April 50,000 units $255,000 Completed in April and transferred out $240,000 55,000 units Ending work in process 5,000 units (70% $37,500 complete) Compute the equivalent units for the conversion cost calculation. Equivalent units total:
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Required: a. Hillger Paints production cycle starts in Department A. The following information is available for April: Work in process, April 1 (30% complete) Units 125,000 405,000 67,000 Started in April Work in process, April 30 (70% complete) Materials are added at the beginning of the process in Department A. Using the weighted-average method, what are the equivalent units of production for the month of April? Multiple Choice Materials 347,000; Conversion 372,500 Materials 347,000; Conversion 395,100 Materials 458,000; Conversion 420,500 Materials 530,000; Conversion 509,900 None of the options are correct Check my work
3. The Assembly Department for Bright Company has the following production data for the current month. Beginning Work in Process Units transferred out Ending Work in Process -0- 20,000 10,000 Materials are entered at the beginning of the process. The ending work in process units are 70% complete as to conversion costs. Instructions: Compute the equivalent units of production for (a) materials and (b) conversion costs (2 marks) 4. Tien Group estimates that unit sales will be 20,000 in quarter 1, 24,000 in quarter 2, 27,000 in quarter 3 and 33,000 in quarter 4. Management desires to have an ending finished goods inventory equal to 20% of the next quarter's expected unit sales. Instructions: Prepare a production budget by quarters for the first 6 months of 2020. (*
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Foley Manufacturing uses a process costing system. The following for one department in April: Units 15,000 40,000 Percent Completed Materials 65% 70% Work in Process April 1 Work in Process April 30 The department started 145,000 units during the month. Conversion 45% 50% Required: 1. Determine the physical flow of products. Show reconciliation below. 2. Compute the equivalent units of production for April assuming the company used the weighted-average method of accounting for units and costs.
Muscat Painting Company has the following production data for March. Beginning work process 400,000 units (60% complete), started into production 370,000 units, completed and transferred out 706,000 units, and ending work in process 40,000 units (40% complete). the equivalent units of production for conversion costs will be: Select one: O a. 810,000. O b. 650,000. O c 770,000. O d. None of the answers are correct O e. 722,000.
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