P104 Queens uses weighted-average process costing. The following data are available for the month: Beginning inventory, 40% completed Units completed Ending inventory, 60% completed Cost of beginning inventory Current period costs 5,000 units 40,000 units 6,000 units P 10,000 P142,600 Required: d. Compute the cost transferred to finished goods. e. Compute the ending inventory of FIFO method was used.

P104 Queens uses weighted-average process costing. The following data are available for the month: Beginning inventory, 40% completed Units completed Ending inventory, 60% completed Cost of beginning inventory Current period costs 5,000 units 40,000 units 6,000 units P 10,000 P142,600 Required: d. Compute the cost transferred to finished goods. e. Compute the ending inventory of FIFO method was used.

Name: P104 Queens uses weighted-average process costing. The following data
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Description: P104 Queens uses weighted-average process costing. The following data are available forthe month:Beginning inventory, 40% completedUnits completedEnding inventory, 60% completedCost of beginning inventoryCurrent period costs5,000 units40,000 units6,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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P104 Queens uses weighted-average process costing. The following data are available for
the month:
Beginning inventory, 40% completed
Units completed
Ending inventory, 60% completed
Cost of beginning inventory
Current period costs
5,000 units
40,000 units
6,000 units
P 10,000
P142,600
Required:
d. Compute the cost transferred to finished goods.
e. Compute the ending inventory of FIFO method was used.

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How to find: * Cost of beginning work in process inventory completed this period. *Cost of units transferred to finished goods during the period. * Cost of ending work in process inventory. * Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent. Work in Process—Assembly Department Bal., 6,000 units, 55% completed 18,540 To Finished Goods, 138,000 units ? Direct materials, 141,000 units @ $2.1 296,100 Direct labor 192,900 Factory overhead 75,000 Bal. ? units, 70% completed ?
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Wildhorse Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped up production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Wildhorse reported the following activity and cost information for its only production process dedicated to these coffee brewers. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion Units 800 13,500 13,400 900 Plastic 100% $3,079 Mesh 100% 100% $306 $68,850 $6,930 0% Conversion Costs 70% $2,329 $86,526 30%