Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing is a one-step process where the bands 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 600 600 250 Started Total units to accounted for 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 21,400 22,000 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 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 600 600 250 Started Total units to accounted for 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 21,400 22,000 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 $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March follows: Beginning work in process (30% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started i Number of units completed and transferred to finished goods Ending work in process (65% complete) Current period costs: Direct materials Conversion cost Total current period costs a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. Units 124,800 c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. 239,000 334,400 Costs $ 188,000 340,000 $ 520,000 Required: 1. Using the weighted-average method of process costing, complete each of the following steps: $ 503,400 644,000 1,147,400
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
The Bottling Department of Mountain Springs Water Company had 4,400 liters in beginning work in process inventory (25% complete). During the period, 55,400 liters were completed. The ending work in process inventory was 3,000 liters (65% complete). All inventories are costed by the first-in, first-out method. What are the equivalent units for conversion costs under the FIFO method? what are the equivalent units for conversion costs
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).
The Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Department had 3,300 liters in beginning work in process inventory (30% complete). During the period 61,990 liters were completed. The ending work in process was 6,450 liters (70% completed). All inventories are costed by the first-in, first-out method. What is the total equivalent units for direct materials (using the FIFO method) if materials were added at the beginning of the process?fill in the blank 1 equivalent unitsThe Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Department had 3,300 liters in beginning work in process inventory (30% complete). During the period 61,990 liters were completed. The ending work in process was 6,450 liters (70% completed). All inventories are costed by the first-in, first-out method. What is the total equivalent units for direct materials (using the FIFO method) if materials were added at the beginning of the…
Meman
Stone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical Units Percent Complete for Conversion Beginning work in process 68,000 55% Ending work in process 91,000 70% Stone adds all materials at the beginning of its manufacturing process. During the month, it started 178,000 units. Required: Using the FIFO method, reconcile the number of physical units. Using the FIFO method, calculate the number of equivalent units.
Cullumber Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. To assign costs to inventories, the company uses weighted-average process costing. The following information was available for 2022: Sales (selling price per unit, $43) Actual manufacturing overhead Selling and administrative expenses Unit production costs: Direct materials (1 kilogram) Direct labour (1/2 hour) Manufacturing overhead Total $5,000,900 752,400 373,920 $6.00 8.00 9.00 $23.00 Units completed and transferred to finished goods Materials purchased Materials used in process (a) Raw materials Work in process inventory (45% complete) Finished goods An inventory count at year end (December 31, 2022) revealed that the inventories had the following balances: Calculate the following amounts for Cullumber Inc.: 159,600 units The January 1, 2022, work in process inventory units…