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

Glencove Company makes one model of radar gun used by law enforcement officers. All direct materials are added at the beginning of the manufacturing process. Information for the month of September follows: Units Costs Beginning work in process (40% complete) ? Direct materials $ 1,341,500 Conversion cost 630,800 Total cost of beginning work in process $ 1,972,300 Number of units started 36,900 Number of units completed and transferred to finished goods 35,300 Ending work in process (75% complete) 22,350 Current period costs Direct materials $ 2,407,400 Conversion cost 1,271,500 Total current period costs $ 3,678,900 Required: 1. Using FIFO method of process costing, complete each of the following steps: Reconcile the number of physical units worked on during the period. Calculate the number of equivalent units. Calculate the cost per equivalent unit. Reconcile the total cost of work in process.
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…
Glencove Co. makes one model of radar gun used by law enforcement officers. All direct materials are added at the beginning of the manufacturing process. Information for the month of September follows: Units Costs Beginning work in process (40% complete) ? Direct materials $ 1,336,500 Conversion cost 625,800 Total cost of beginning work in process $ 1,962,300 Number of units started 36,400 Number of units completed and transferred to finished goods 34,800 Ending work in process (75% complete) 21,850 Current period costs Direct materials $ 2,402,400 Conversion cost 1,266,500 Total current period costs $ 3,668,900 Required: 1. Using the weighted-average method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in…
Anlo Corp makes bottles using the latest automated technology. The company applies FOH cost to product on the basis of machine hours. The following are estimate used to determine factory overhead rate at the start of the year Machine hours 150,000 Factory Overhead Cost 1,800,000 The company cost records shows the following actual cost incurred for the year, Machine hours 120,000 Factory Overhead Cost 1,700,000 Raw Materials 60,000 Work in Process (Includes FOH applied of P72,000) 200,000 Finished Goods (includes FOH applied of P360,000) 1,000,000 Cost of Goods Sold (includes FOH applied of P1,008,000)…
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).
Lee is a manufacturer of Jeanswear. It produces all of its products in one section. The information for the current month is as follows: Beginning work in process 22,000 units Units started 44,000 units Units completed 55,000 units Ending work in process 10,000 units Spoilage 1,000 units Beginning work-in-process direct materials ID 15,000 Beginning work-in-process conversion 6,000 JD
Brighto processes a single type of paint for commercial use. For the current period the following information is given: Material Costs Conversion Costs Units Beginning Work-in-Process 13,000 (WIP) $ 47,300 $ 49,400 Started During the Current Period $ 520,000 $ 784,225 80,000 Ending Work-in-Process (WIP) 7,500 All materials are added at the beginning of the production process. The beginning WIP was 40% complete as to conversion, while the ending WIP was 30% completed for conversion purposes. b. Calculate:- Brighto’s *physical flow of units: *equivalent units: *cost per equivalent unit: *assign costs to Finished Goods: *and Ending Work-in-Process (WIP) inventories using the WEIGHTED AVERAGE method of process costing. Clearly indicate the costs assigned to inventory categories:
Meman
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…
Blossom Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2025, inventories consisted of Raw Materials $26,520, Work in Process- Mixing $0, Work in Process-Packaging $255,000, and Finished Goods $294,780. The beginning inventory for Packaging consisted of 10,200 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 51,000 units were started into production in the Mixing Department and the following transactions were completed. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased $306,000 of raw materials on account. Issued direct materials for production: Mixing $214,200 and Packaging $45,900. Incurred labor costs of $284,478. (Use Wages Payable.) Used factory labor: Mixing $186,150 and Packaging $98,328. Incurred $826,200 of manufacturing overhead on account. Applied manufacturing overhead on the basis of $23 per machine…