Peridot Company's grinding department had the following data for the month of January:Production:Units in process, January 1, 75% completeUnits completed and transferred outUnits in process, January 31, 45% completeCosts:Work in process, January 113,000 tons39,000 tons20,000 tonsCosts added during January$6,265$20,135Determine the cost to be assigned to ending work-in-process (EWIP) using the weighted average method. (Note: Round the unit cost to two decimal places.)a. $4,950Ob. $7,565○ c. $8,984Od. $3,790

Given Information:Units in process, January 1, 75% complete: 13,000 tonsUnits completed and…

Answered: Peridot Company's grinding department…

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 debits to Work in Process—Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $9,000 Conversion costs, 3,000 units, 80% completed 5,600 Materials added during April, 10,000 units 27,500 Conversion costs during April 32,800 Goods finished during April, 11,500 units — April 30, work in process, 1,500 units, 60% completed — All direct materials are placed in process at the beginning of the process, and the weighted average method is used to cost inventories. The conversion cost per equivalent unit (to the nearest cent) for April is a.$3.84 b.$2.95 c.$3.34 d.$3.10
Hutchcroft Corporation uses the weighted-average method in its process costing. The following data concern the company’s Assembly Department for the month of June. Materials Conversion Cost per equivalent unit $ 25.30 $ 28.10 Equivalent units in ending work in process 730 275 During the month, 6,400 units were completed and transferred from the Assembly Department to the next department. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method.
Use this information about the Assembly Department to answer the question that follows. The debits to Work in Process-Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 7,500 Conversion costs, 3,000 units, 80% completed 6,000 Materials added during April, 10,000 units 29,000 Conversion costs during April 35,000 Goods finished during April, 11,500 units — April 30 work in process, 1,500 units, 60% completed — All direct materials are added at the beginning of the process, and the average cost method is used to cost inventories. The cost per equivalent unit for April is a.$2.70 b.$6.74 c.$6.25 d.$6.40
Badgersize Company has the following information for its Forming Department for the month of August. Work in Process Inventory, August 1: 20,000 units Direct materials: 100% complete Conversion: 20% complete Balance in work in process, August 1 Units started during August Units completed and transferred in August Work in process (70% complete), August 31 Costs charged to Work in Process in August Direct materials Conversion costs: Direct labor Overhead applied Total conversion a. b. Assume materials are added at the start of processing. Required: a. Calculate the equivalent units for the Forming Department for the month of August. b. Find the cost per equivalent unit of direct materials and conversion associated with the units transferred during the month. (Round your answers to 2 decimal places.) Equivalent units Cost per equivalent unit Direct Materials $ 80,000 24,000 $ 104,000 48,000 60,000 ? Conversion $ 130,000 $ 105,000 149,000 $ 254,000
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Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in ProcessHolmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared forthe first department: Costs assigned to beginning work in process: direct materials, $90,000; conversion costs,$33,750. Manufacturing costs incurred during April: direct materials, $75,000; conversion costs,$220,000. Holmes uses the weighted average method.Required:1. Compute the unit cost for April.2. Determine the cost of ending work in process and the cost of goods transferred out.
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Hutchcroft Corporation uses the weighted-average method in its process costing. The following data concern the company's Assembly Department for the month of June. Materials $ 29.30 1,130 Conversion $ 32.10 475 Cost per equivalent unit Equivalent units in ending work in process During the month, 7,200 units were completed and transferred from the Assembly Department to the next department. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method. (Round your answers to 2 decimal places.) Materials Conversion $ 33,109.00 $ 15,248.00 $ 210,960.00 $ 231,120.00 Cost of ending work in process inventory Cost of units completed and transferred out
Shirley Processing, Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Beginning work-in-process Started To account for Transferred out Ending work in process Accounted for Physical units Percentage Complete. Materials 107,000 100% Conversion 40% 957,000 1,064,000 975,500 100% 100% 88,500 100% 20% 1,064,000 Cost Beginning work-in-process Current period Total $ 186,570 1,871,298 Direct Materials $ 167,180 1,234,530 Conversion $ 19,390 636,768 Total $ 2,057,868 $ 1,401,710 $ 656,158 Required: a. Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing. Incorporated uses the weighted-average method. b. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method. Complete this question by entering your answers in the tabs below. Required A Required B Compute…
The debits to Work in Process—Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 8,142 Conversion costs, 3,000 units, 40% completed 5,220 Materials added during April, 10,000 units 25,698 Conversion costs during April 32,143 Goods finished during April, 12,000 units 0 April 30 work in process, 1,000 units, 40% completed 0 All direct materials are added at the beginning of the process, and the first-in, first-out method is used to cost inventories. The conversion cost per equivalent unit for April is a.$3.21 b.$2.47 c.$2.80 d.$2.87
1) A company uses process costing and provides the following information for the month of August: Physical Flow in August Cost Data for August Units in Process, Aug. 1 100 Materials Conversion Total Units Started in August 1100 Beg. WIP: $734 $1,547 $2,281 Units Completed in August 1120 Current Period: 12,708 $13,897 $26,605 Units in Process, Aug. 30 80 Total: $13,442 $15,444 $28,886 Units in process at the end of August were 30% complete with respect to materials and conversion costs. How much cost should be assigned to ending work-in-process inventory for the month of August? (Round all intermediate calculations and the final answer to the nearest dollar and cents.)2) A company uses process costing. The following information pertains to the Assembly Department for the month of June: Assembly Department physical inventory for June: 100 units completed and transferred out 20 units in ending work‐in‐process inventory Ending work-in-process inventory is 10% complete with respect to…
Ling Company has two departments, Assembly and Finishing. Consider the following data for the Assembly Department Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Units 3,300 19,300 16,300 6,300 Direct Direct % Complete Material Labor Overhead 90% b. Calculate the cost per equivalent unit. Note: Round your answer to 4 decimal places. 60% a. Equivalent units b. Cost per equivalent unit c. Costs transferred out d. Ending inventory cost $13,000 $8,050 $4,310 a. Compute the number of total equivalent units for the Assembly Department. Ling uses the weighted average method to determine equivalent units. c. Compute the amount of costs that should be transferred to the Finishing Department. Note: Round your answer to the nearest cent. d. Compute the amount of costs that should be assigned to the 6,300 units in ending inventory. Note: Round your answer to the nearest cent. per unit Total $2,735 $25,360

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