**Production Cost Analysis: Pant Risers**Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing involves a one-step process where the bands are cut and sewn. Here is the production data for this year:### Units to Account For- **Beginning Work in Process Inventory** - Units: 600 - Materials: 600 - Conversion: 250- **Started** - Units: 21,400- **Total Units to Account For** - Units: 22,000### Inventory Completion- **Ending Inventory**: - 100% complete for materials - 70% complete for conversion### Costs- **Total Materials Cost**: $59,840- **Total Conversion Cost**: $37,648### Weighted-Average Method TaskCalculate the unit costs for 18,000 units transferred out using the weighted-average method. Round final answers to two decimal places.#### Cost per Unit Calculation- Materials: $____- Conversion: $____### Inventory Valuation TaskUsing the weighted-average method, calculate:- **Inventory Transferred Out**: $____- **Ending WIP Inventory**: $____This document is aimed at helping students understand production costing and inventory accounting in manufacturing processes. For further assistance, please consult your course materials or instructor.

The question is based on the concept of Cost Accounting.

Answered: Pant Risers manufactures bands for…

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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The Blacksmith’s Cabin has two main processes, forging and packaging. Material is introduced at the start of both processes and conversion costs are applied uniformly throughout. Data for March are as follows: Forging Packaging Opening work in process 6,000 units that are 60% converted, comprising materials $72,000 and conversion cost $45,900 2,000 units that are 80% converted, comprising previous process cost of $91,800, materials $12,000 and conversion costs $38,400 Units started during the period 16,000 18,000 Closing work in process 4,000 units that are 75% complete 8,000 units that are 50% complete Materials costs incurred during the period 192,000 60,000 Conversion costs incurred during the period 225,000 259,200 Required:Using the first-in first-out (FIFO) method, calculate the following for the forging process:1. The cost per equivalent unit.2. The cost of goods completed and transferred out during March.3. The cost of the 31 March work in process…
The Filling Department of Ivy Cosmetics Company had 2,000 ounces in beginning work in process inventory (20% complete). During the period, 33,900 ounces were completed. The ending work-in process inventory was 1,700 ounces (50% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process?( ) units
Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April.The beginning inventory on the first of April was 100% complete as to materials and 60% as to conversions costs.Beginning WIP included: 4,400 units, which amounted to $23,600. Spacely Sprockets used direct materials for $251,000 and had conversions costs of $142,900 to place 80,500 sprockets into production. Ending WIP amounted to 8,500 units, which were 100% completed for materials and 20% completed to conversions costs.Prepare a production report using the FIFO Method.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).
Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing is a one-step process where the bands are cut and sewn. This is the information related to this year's production: Units to Account For Units Materials Conversion 250 Beginning work in process inventory 600 600 Started 21,400 Total units to accounted for 22,000 Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is $59,840 and the total conversion cost is $37,980. Using the weighted-average method, what are the unit costs if the company transferred out 19,000 units? If required, round final answers to two decimal places. Materials Cost per unit Conversion $ Using the weighted-average method, what is the value of the inventory transferred out and the value of the ending WIP inventory? Inventory transferred out $ Ending WIP inventory $
Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing is a one-step process where the bands are cut and sewn. This is the information related to this year’s production: Units to Account For Units Materials Conversion Beginning work in process inventory 500 500 250 Started 21,500 Total units to accounted for 22,000 Ending inventory was 100% complete as to materials and 80% complete as to conversion, and the total materials cost is $60,500 and the total conversion cost is $38,010. Using the weighted-average method, what are the unit costs if the company transferred out 17,000 units? If required, round final answers to two decimal places. Costper unit Materials $fill in the blank 1 Conversion $fill in the blank 2 Using the weighted-average method, what is the value of the inventory transferred out and the value of the ending WIP inventory? Inventory transferred out $fill in the blank 3…
Moon Company produces baseball bats and cricket paddles. It has two departments that process all products – Cutting Department and Finishing Department. In Finishing Department, direct materials (DM) are added at the start of the process and conversion costs (CC) are added evenly during the process. Company is using Weighted Average method for the Finishing Department. During July, beginning work in process in the Finishing Department was 80% complete as to conversion. Beginning inventories included $30,800 for transferred-in costs, $13,200 for direct materials, and $27,500 for conversion costs. Ending inventory was 30% complete as to CC. Additional information about the Finishing Department follows: Finishing Beginning work-in-process units 26,400 Units transferred in this period 74,800 Units completed & transferred out 79,200 Ending work-in-process units 22,000 Material costs added $37,400 Conversion costs $75,460…
Re - Tire produces bagged mulch from recycled tires. Production involves shredding tires and packaging the pieces in the Bagging department. All direct materials enter in the Shredding process. A predetermined overhead rate of 185% of direct labor costs is used in both departments. The following describes production operations for October. Direct materials used (Shredding) $ 224,000 Direct labor used (Shredding) 37, 800 Direct labor used (Bagging) 70, 200 Costs transferred from Shredding to Bagging 202,000 Costs transferred from Bagging to Finished Goods 596, 000 Sales (on credit) for the month total $450,000 and cost of goods sold for the month is $250,000. Prepare journal entries dated October 31 to record October production activities for (1) direct materials usage, (2) direct labor usage, (3) overhead applied, (4) costs transfer from Shredding to Bagging, (5) costs transfer from Bagging to finished goods, (6) credit sales, and (7) cost of goods sold.

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