Pierce & Company provides the following information concerning the work in process at its plant: • Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 61 percent complete). • Started this month, 60,100 units. • Transferred out, 51,000 units. • Ending inventory, 19,600 units (materials are 100 percent complete; conversion costs are 15 percent complete). Required: a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method. Equivalent Units a. Materials b. Conversion costs

Pierce & Company provides the following information concerning the work in process at its plant: • Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 61 percent complete). • Started this month, 60,100 units. • Transferred out, 51,000 units. • Ending inventory, 19,600 units (materials are 100 percent complete; conversion costs are 15 percent complete). Required: a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method. Equivalent Units a. Materials b. Conversion costs

Name: Pierce & Company provides the following information concerning the wo
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Description: Pierce & Company provides the following information concerning the work in process at its plant:Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 61 percent complete).Started this month, 60,100 unit

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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Lights Incorporated calculates cost for an equivalent unit of production using the weighted - average method. Data for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (95% completed) $ 122, 650 Conversion (55% completed) 77, 100 Balance in work in process inventory, July 1 $ 199, 750 Units started during July 92, 500 Units completed and transferred 106, 500 Work - in - process inventory, July 31: Direct materials (95% completed ) 24, 500 Conversion (55% completed) Cost incurred during July: Direct materials $ 182, 500 Conversion costs 290, 500 The cost of goods completed and transferred out under the weighted average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Multiple Choice $ 586,860. $96,800. $586, 070. $615,320. $576,165.
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Conlon Chemicals manufactures palnt thinner. Information on the work in process follows: • Beginning inventory, 38,900 partially complete gallons. • Transferred out, 212,400 gallons. • Ending inventory (materials are 21 percent complete; conversion costs are 10 percent complete). • Started this month, 240,400 gallons. Required: a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method. Equivalent Units (gallons) a. Materials b. Conversion costs
Oasis Company adds all materials at the beginning of itsmanufacturing process. Production information for selected monthsof the year follows:Required:1. Reconcile the number of physical units to find the missing amounts. Determinethe number of units started and completed each month. 2. Calculate the number of equivalent units for both materials and conversion foreach month using the FIFO method. Requi Required:1. Reconcile the number of physical units to find the missing amounts. Determinethe number of units started and completed each month. 2. Calculate the number of equivalent units for both materials and conversion foreach month using the FIFO method. Required 1 Required 2  Month materials conversion February June September December reconcile the number of physicial units to find the missing amounts. determine the number of units started and completed each month…
The Converting Department of Toren Company had 560 units in work in process at the beginning of the period, which were 75% complete. During the period, 11,600 units were completed and transferred to the Packing Department. There were 640 units in process at the end of the period, which were 30% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0". Toren Company Number of Equivalent Units of Production Line Item Description Inventory in process, beginning Started and completed Transferred to Packing Department Inventory in process, ending Total Feedback Whole Units 560 11,040 11,600 ✓ 640 ✓ 12,240 ✓ Direct Materials Conversion Equivalent Units Equivalent Units 0✔ 140 ✓ 11,040 ✔ 11,180 ✔ 11,040 11,040 ✔ 640 ✔ 11,680 ✔ Check My Work When are the materials added to the units? How much more needs to be done to the…
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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[The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Units Beginning work in process inventory 71,000 Percent Complete 65% Percent Complete 35% Units started this period 377,000 Completed and transferred out 355,000 Ending work in process inventory 93,000 90% 40% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Completed and transferred out Ending work in process Total Equivalent units of production: Weighted average method Direct Materials Conversion Units Percent Complete EUP Percent Complete EUP 355,000 93,000 448,000
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