PROBLEM 16: Cost of Production ReportSpiderman Corp. has two departments. The following are the data of the twodepartments.QuantityBeginning WIP October 1Incomplete as to materiaComplete as to conversion costDepartmant 132,500Department 222,50030%40%20%75%Units started in OctoberUnits Completed in OctoberEnding WIP October 31Complete as to materialIncomplete as to conversion cost120,000112,50027,50060%0%80%60%CostsBeginning WIPTransferred in287,500120,00042,500Materials200,000187,500ConversionCurrent PeriodTransferred inMaterialsConversion875,000500,000125,000300,000Required:Compute the ending inventory costs for the two departments.• Using Weighted methoda. Compute the EUP of the two departments.b. Compute the unit cost of the two departments.c. Compute the costs transferred to out the two departments.d. Compute the ending inventory costs for the two departments.

Given that, For Department 1 : On October 1, Beginning inventory = 32500 units Incomplete as…

PROBLEM 16: Cost of Production Report Spiderman Corp. has two departments. The following are departments. Quantity Beginning WIP October 1 Incomplete as to material Complete as to conversion cost Departmont 1 32,500 20% 75% Units started in October Units Completed in October Ending WIP October 31 Complete as to material Incomplete as to conversion cost 120,000 ? 27,500 60% 80% Costs Beginning WIP Transferred in Materials 200,000 187,500 Conversion Current Period Transferred in Materials Conversion 875,000 500,000 Required: Compute the ending inventory costs for the two department -Using Weighted method a. Compute the EUP of the two departments. b. Compute the unit cost of the two departments. c. Compute the costs transferred to out the two departn d. Compute the ending inventory costs for the two depat

PROBLEM 16: Cost of Production Report Spiderman Corp. has two departments. The following are departments. Quantity Beginning WIP October 1 Incomplete as to material Complete as to conversion cost Departmont 1 32,500 20% 75% Units started in October Units Completed in October Ending WIP October 31 Complete as to material Incomplete as to conversion cost 120,000 ? 27,500 60% 80% Costs Beginning WIP Transferred in Materials 200,000 187,500 Conversion Current Period Transferred in Materials Conversion 875,000 500,000 Required: Compute the ending inventory costs for the two department -Using Weighted method a. Compute the EUP of the two departments. b. Compute the unit cost of the two departments. c. Compute the costs transferred to out the two departn d. Compute the ending inventory costs for the two depat

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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Question Content Area Use this information about Department G to answer the question that follows. Department G had 2,040 units 25% completed at the beginning of the period, 12,400 units were completed during the period, 1,700 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $33,300 Costs added during period: Direct materials (12,060 units at $9) 108,540 Direct labor 85,610 Factory overhead 24,460 All direct materials are added at the beginning of the process, and the first-in, first-out cost flow method is used. Determine the total cost of the inventory in process at the end of the period. Round the unit cost computation to the nearest cent. a. $18,360 b. $23,868 c. $15,300 d. $17,680
Question Content Area Department G had 2,400 units 25% completed at the beginning of the period, 13,500 units were completed during the period, 2,000 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period: Work in process, beginning of period $27,200 Costs added during period: Direct materials (13,100 units at $8) 104,800 Direct labor 79,800 Factory overhead 26,600 All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. The total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places and round your final answer to the nearest dollar)? a.$18,400 b.$19,200 c.$16,000 d.$24,960
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ABC company accumulated the following cost in Department B During the Month of November: 田 Cost Transferred from Dept. A Material Total P 17,050 184.000 P 201,050 Conversion Costs P 5,450 104.000 P 109,450 P 22,500 322,000 P344,500 Beginning Inventory Current Period Cost Р 34.000 P 34,000 Production for November in Department B (in units): 2,000 60% complete 20,000 5,000 40% complete WIP-November 1 Complete period transferred WIP-November 30 Materials are not added in Department B until the very end of processing Department B. Required: Compute the value of ending WIP Using FIFO method:
Problem 1 Delta Corporation uses a process cost system and the FIFO cost flow assumption. Production begins in the Assembly Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On December 1, the beginning work in process inventory consisted of 20,000 units, which were 25% complete (conversion costs) and had a cost of $80,000. During March, the following occurred: Materials added Conversion costs incurred Units started during March Units in ending work in process March 31 (30% complete) Required: Prepare a Production Cost Report for the month ended December 31, 2017. $260,000 $75,000 65,000 19,000
Compute for Equivalent Units of Production by preparing a Quantity Schedule
Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory
View Policies Current Attempt in Progress The Smelting Department of Kiner Company has the following production data for November. Production: Beginning work in process 2,800 units that are 100% complete as to materials and 24% complete as to conversion costs; units transferred out 9,100 units; and ending work in process 7,200 units that are 100% complete as to materials and 46% complete as to conversion costs. Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November. Materials Conversion Costs Total equivalent units Save for Later Attempts: 0 of 3 used Submit Answer O 4) to search
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ces Beginning work in process inventory Units started this period Beginning work in process Direct materials Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Conversion Costs added this period Direct materials Conversion Total costs to account for Required A Required B Required C Units Costs of beginning work in process Costs added this period Total costs Equivalent units of production (from part a) Cost per equivalent unit of production 320,000 312,000 35,000 $ $ $ 40,000 16,100 Complete this question by entering your answers in the tabs below. 1,660,000 929,300 a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming departm c. Using the weighted average method, assign costs to the forming department's output-specifically, its units…