nventory balances for the MMM Enterprise for the month of June are as follows: June 1 June 30 Raw materials P 2,250 P 1,750 Work-in-process 4,000 3,100 Finished goods 9,000 7,500 During the month, purchases of direct materials were P 3,000. Direct labor and factory overhead costs were P 5,000 and F How much is the conversion costs? Group of answer choices P 15,500

nventory balances for the MMM Enterprise for the month of June are as follows: June 1 June 30 Raw materials P 2,250 P 1,750 Work-in-process 4,000 3,100 Finished goods 9,000 7,500 During the month, purchases of direct materials were P 3,000. Direct labor and factory overhead costs were P 5,000 and F How much is the conversion costs? Group of answer choices P 15,500

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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Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $33,320 of direct materials. LOOK AT IMAGE TO help solve D. and E Cost per equivalent units of $9.50 for Direct Materials and $2.10 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November.$ 40222 b. Cost of units transferred to the next department during November.$ 368502 c. Cost of ending work in process inventory on November 30.$30753 d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in…
Marigold Company has the following equivalent units of production for July: materials 23240 and conversion costs 18500. Production cost data are: Work in process, July 1 Costs added in July Materials $2.50 $2.50 $2.28 Materials Conversion The unit production costs for July are: $2.28 $5100 53000 Conversion Costs $2.22 $2.40 $2.40 $3400 $2.22 41000
For the month of January, Vista Corporation produced and sold 12,000 units of a product. Manufacturing and selling costs incurred during January were: Direct material and direct labor 4,800,000 Variable factory overhead 1,080,000 Fixed factory overhead 2,400,000 Variable selling costs 1,200,000 How much is the product’s unit cost under absorption costing ? Group of answer choices P 490 P 500 P510 P 520
In a "Cost of Goods Manufactured" report, "COST OF GOODS MANUFACTURED" will be reported at what amount? WIP, beginning 20,000 units Units started during the month 600,000 units WIP, ending (materials complete; 60% complete as to conversion cost) 40,000 Conversion Cost of WIP, beginning P 100,000 Conversion cost for the month P 655,000 Materials Cost of WIP, beginning P 140,000 Materials cost for the month P 790,000
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 8,700 units, 3/5 completed 14,181 31 Direct materials, 156,600 units 203,580 217,761 31 Direct labor 59,950 277,711 31 Factory overhead 33,722 311,433 31 Goods finished, 158,700 units 301,269 10,164 31 Bal., ? units, 2/5 completed 10,164 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during August $fill in the blank 3 4. Cost of units started and completed during August $fill in the blank 4 5. Cost…
Accounting The following information is given for process I for B Ltd. The average method of pricing work-in-progress is used. Work-in-progress in January: Materials on 500 units Labour on 500 units Factory overheads on 500 units Total Production costs for January: Materials Labour Factory overheads Cost for January Rs 7,800 9,150 6,125 23,075 Rs 900 1,000 400 2,300 Production completed during January: 500 units from 1 January, work-in-progress 2,000 units from products received during January 2,500 total units completed Work-in-progress on 31 January: 400 units, 25% completed as to material, labour and overhead. Calculate process I account for January. Pls be fast
Current Attempt in Progress Production costs chargeable to the Sanding Department in July in Monty Company are $41,160 for materials, $14,700 for labor, and $12,740 for manufacturing overhead. Equivalent units of production are 29,400 for materials and 19,600 for conversion costs. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 15.25.) Unit costs $ Materials $ Conversion Costs
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Jeffrey's Bottling Company incurred the following costs during November: Conversion costs $ __________ Prime costs 227,500 Manufacturing overhead 181,000 If direct materials cost was $144,500 in November, what was the conversion cost for November?