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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Sur Company uses the weighted-average method in its process costing system. Information for the month of May concerning Department A, the first stage of the company's production process follows: Materials Conversion Work in process, beginning OR 4,000 OR 3,000 Current costs added 20,000 16,000 Total costs Equivalent units Costs per equivalent unit Goods completed Work in process, ending 90,000 units 10,000 units Material costs are added at the beginning of the process. The ending work in process is 50% complete with respect to conversion costs. Instructions: What are the equivalent units of production and Cost Per Equivalent Unit
Question: Bingham Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below. Work in process, beginning: Units in beginning work-in-process inventory 400 Materials costs $6,900 Conversion costs $2,500 Percentage complete for materials 80% Percentage complete for conversion 15% Units started into production during the month 6,000 Units transferred to the next department during the month 5,000 Materials costs added during the month $112,500 Conversion costs added during the month $210,300 Ending work in process: Units in ending work-in-process inventory 1,200 Percentage complete for materials 60% Percentage complete for conversion 30% Required: Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.
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Savita
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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 Cost Beginning work-in-process Current period Total Physical 108,000 957,588 1,065,500 976,588 89,000 1,065,508 Total $ 188,570 1,891,498 $ 2,088,068 Equivalent units Percentage Complete Conversion 48% Materials 100% 100% 100% Required A Direct Materials $ 168,180 1,244,750 $ 1,412,938 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. 100% 28% Conversion $ 28,390 646,748 $ 667,138 Required…

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