**V. Physical Units Data**- **Beginning Work in Process:** 15,000 units- **Units Started to WIP:** 60,000 units- **Ending Work in Process:** 26,000 units - (100% complete materials, 20% complete for conversion costs)**Manufacturing Cost Data**- **Beginning Work in Process:** - Materials: $15,000 - Conversion Costs: $30,435**Costs Added**- Materials: $180,000- Conversion Costs: $99,645**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

Name: **V. Physical Units Data**- **Beginning Work in Process:** 15,000 uni
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: **V. Physical Units Data**- **Beginning Work in Process:** 15,000 units- **Units Started to WIP:** 60,000 units- **Ending Work in Process:** 26,000 units - (100% complete materials, 20% complete for conversion costs)**Manufacturing Cost Data**- **

Process costing: It is a type of costing method, where the direct costs are accumulated and indirect…

Business

Accounting

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

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

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

Current Attempt in Progress The Smelting Department of Crane Company has the following production data for November. Beginning work in process 1,640 units that are 100% complete as to materials and 20% complete as to conversion costs; units completed and transferred out 7,380 units; and ending work in process 5,740 units that are 100% complete as to materials and 40% complete as to conversion costs. Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November. Total equivalent units eTextbook and Media Materials Conversion Costs
The following information relates to the Blending Department of Monster Inc. for the month of March: Units Percentage Completed (With respect to conversion) Units started 55,000 Completed and transferred 50,000 Beginning work in process 15,000 70% Ending work in process 16,000 40% Materials Labor and Overhead Transferred- In Costs for March: Beginning work in process P 48,000 P 37,100 P 76,000 Added during the month P232,000 P171,500 P274,000 All materials are added at the beginning of the process. Inspection occurs 80 percent of the way through the process. Normal spoilage is 5 percent of the good units completed. Required:a. Determine the weighted average equivalent units for materials, transferred-in, and conversion. b.Determine the first-in, first-out (FIFO) equivalent units for materials, transferred-in, andconversion. c. Compute the weighted average cost per unit for…
Computing EUP, second department The Packaging Department started the month with 600 units in process, received 1,200 units from the Finishing Department, and transferred 1,500 units to Finished Goods. Direct materials are added at the beginning of the process and conversion costs are incurred evenly. The units still in process at the end of the month are 60% complete for conversion costs. Calculate the number of units still in process at the end of the month and the equivalent units of production. The company uses the weighted-average method.
i need urgent i will 10 upvotes
Department A of Muscat Company has the following production and cost data for April. Production: Beginning work in process 10,000 units that are 100% complete as to materials and 20% complete as to conversion costs; units transferred out 17,000 units; and ending work in process 1,000 units that are 100% complete as to materials and 40% complete as to conversion costs. An analysis of the costs relating to work in process at April 1 and to production activity for April as follows: Materials Conversion OMR Work in process 4/1 . OMR30,000 135,000 OMR OMR Costs added during April... 600,000 300,000 Instructions (a) Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of April. (b) The total cost per equivalent unit for April
Equivalent units of materials costs The Rolling department of kraus steel company had 5,100 tons in beginning work in process inventory ( 60% complete) on October 1st. During October, 84500 tons were completed. The ending work in process inventory on October 31 was 4,200 tons (10% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? ________ UNITS
Shirley Processing, Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Physical units Percentage Complete Materials Conversion Beginning work-in-process 105,000 100% 40% Started 956,000 To account for 1,061,000 Transferred out 973,500 100% 100% Ending work in process 87,500 100% 20% Accounted for 1,061,000 Cost Total Direct Materials Conversion Beginning work-in-process $ 182,570 $ 165,180 $ 17,390 Current period 1,830,970 1,214,120 616,850 Total 2,013,540 $ 1,379,300 $ 634,240 Required: Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing, Incorporated uses the weighted-average method. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method.
Assad Company uses the process costing method with the following data for the month of July. Work-in-process, July 1, 30,000 units: Direct material: 100% completed $ 65,500 Conversion: 30% completed 51,910 Balance in work in process, July 1 $117,410 Units started during July 40,000 Units finished 50,000 Work in process, July 31, 20,000 units: Direct material: 100% completed Conversion: 60% completed Cost incurred during July: Direct materials $ 120,000 Conversion costs 199,810 Total $ 319,810 Required: (1) Compute cost per equivalent unit under the weighted - average method. (2) Compute cost per equivalent unit under FIFO method.
How much is the cost of WIP, end using FIFO Dmahirap company add all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in WIP, beg and 50% complete as to 6,000 units in WIP, end. During the month, 12,000 units were completed and transferred to the next department. Analysis of the costs relating to production for October follows: Materials Conversion WIP, Beg P9,600 P4,800 Cost added this month 15,600 14,400
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 292,000 385,000 Total cost $ 302,000 $ 400,000 Using the weighted-average method, the total cost of the units completed during the period and transferred out to the next department with respect to materials is closest to:
How much is the cost of WIP, end using FIFO
Given the following information, calculate the direct materials equivalent units for the period (assume all materials are added at the beginning of the process): % Complete as to Conversion costs Beginning work in process 15,000 units 25% Ending work in process 20,000 units 70% Units started during the period 53,000 units Units completed and transferred out 48,000 units Multiple choice question. A. 62,000 B. 50,000 C. 68,000 D. 42,000