PAS. LO 5.3 Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs, Use the information provided to complete a production cost report using the weighted-average method, Costs to Account For Units to Account For Beginning inventory: materials Beginning inventory: conversion Direct materilal Direct labor $ 10,000 19,000 50,000 75,000 37,248 Beginning work in process Units started into production Transferred out 5,000 20,000 19,000 Applied overhead Total costs to account for $191,248

PAS. LO 5.3 Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs, Use the information provided to complete a production cost report using the weighted-average method, Costs to Account For Units to Account For Beginning inventory: materials Beginning inventory: conversion Direct materilal Direct labor $ 10,000 19,000 50,000 75,000 37,248 Beginning work in process Units started into production Transferred out 5,000 20,000 19,000 Applied overhead Total costs to account for $191,248

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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REQUIREMENTS Part I - Compute for the Equivalent Units of Production (EUP) for each independent case by preparing a Quantity Schedule. Assume that all product costs (materials and conversion costs) are evenly applied throughout the process. Transferred Out In Process, End Note: In process end is equal to 80% of that in Case 1: 22,000 units ? units, 5/8 done In Process, Beg Stage of Completion 10,000 units 1/4 done 50,000 units Placed in Process beginning work in process In Process, End Stage of Completion 12,000 60% done Case 6: In Process, Beg Placed in Process Transferred Out Finished and on Hand In Process, End ? units, 30% done 120,000 units 130,000 units 10,000 units ? units, 25% incomplete Note: In process end is equal to 75% of that in Case 2: In Process, Beg ? units, ¾ incomplete Placed in Process 40,000 units 50,000 units 12,000 units, 50% complete Transferred Out In Process, End beginning work in process Case 3: In Process, Beg 8,000 units, 40% complete 16,000 units, 5/8…
Question 3: Process Costing Cannondale Bicycle Company manufactures various lines of bicycles. Because of the high volume of each type of product, the company employs a process cost system to determine unit costs. Bicycle parts are manufactured in the Moulding Department and transferred to the Assembly Department where they are assembled. After assembly, the bicycles are sent to the Packing Department. Cost and production figures for the Assembly Department are presented below for the month of June: Production Data (in unit) 70,000 Beginning WIP Inventory (70% complete as to material; 40% complete as to conversion) Started in June Completed and transferred out Ending WIP Inventory (75% complete as to material; 25% complete as to conversion) 460,000 450,000 80,000 Cost Data (in dollar) Material Conversion $36,550 $391,850 $13,500 Beginning WIP Inventory Current period $287,300 Required: (a) Determine the cost per equivalent unit for the Assembly Department's direct materials and…
Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Equivalent units in ending work in process inventory Cost per equivalent unit Materials 2,050 $ 15.76 Conversion 950 $ 4.73 A total of 21,300 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. Note: For all requirements, round your final answers to the nearest whole dollar amount. > Answer is complete but not entirely correct. Materials Conversion Total 1. Cost of ending work in process inventory 2. Cost of units transferred out $ 41,764 $ 4,494 $ 46,258 x $ 335,668 $ 100,719 $ 436,837 X
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! Required information Use the following information for the Exercises below. (Algo) 1 [The following information applies to the questions displayed below.] The first production department in a process manufacturing system reports the following unit data. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory 29,400 units 68,600 units 98,000 units 16,900 units Exercise 3-4 (Algo) Weighted average: Computing equivalent units LO P1 Prepare the production department's equivalent units of production for direct materials under each of the following three separate assumptions using the weighted average method for process costing.
V. Physical Units Data Beginning Work in Process Units Started to WIP 15,000 units 60,000 units Ending Work in Process (100% complete materials, 20% complete for conversion costs 26,000 units Manufacturing Cost Data Beginning work in Process Materials Conversion Costs $ $ 15,000 30,435 Costs added Materials $ $ 180,000 99,645 Conversion Costs Step 1&2. Account for the Physical units and Determine the Equivalent units completed for the month Step 3 Determine the material and conversion costs per unit Step 4 Prepare a cost reconciliation
Part B: Assuming Wildhorse uses the FIFO method of process costing, complete Step 4 to determine its cost per equivalent unit for both DM and conversion costs. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.) DM Conversion Costs Total equivalent units of work done this period (FIFO) 29,000 26,000 STEP 4 Calculate Cost Per Equivalent Unit DM Conversion Cost select an item Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer select an item Correct answer enter a number of unitsCorrect answer enter a number of unitsCorrect answer select a closing name Correct answer $enter a dollar amount rounded to 2 decimal places $enter a dollar amount rounded to 2…
Multiple Choice $3.37. $3.12. $2.82. $2.54.
Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75, 000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252,000 272, 000 $ 126,990 $ 250, 905, Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total f 4. Compute the first production department's cost of the units transferred to the next production department for materials, com and in total for May. Complete this question by entering your answers in…
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