DirecConvCost inMara uses weighted-average process costing. It had the following data in10,000 unitsDireConWorkTotaTotaCosCosCoProblem 6: Cost of Production Report50,000 units5,000 unitsP105,000P831,000Beginning inventory, 60% completeUnits completedUnits in ending inventory, 40% completeCost of beginning inventoryCurrent period production costsAugust.Jaa. Compute the equivalent unit production for August.b. Compute the unit cost for August.Compute the ending inventory of work in process.d. Compute the cost transferred to finished goods.Com.с.

Equivalent units of products concept came in to existence when some units are not fully completed at…

Answered: Problem 6: Cost of Production Report…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 7PB: The following data show the units in beginning work in process inventory, the number of units...

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Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
Summarized data for Backdraft Co. for its first year of operations are as follows: A. Prepare an income statement under absorption costing B. Prepare an income statement under variable costing
a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory b. Did the production costs change from the preceding period? Explain. c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory. Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units EUP 72,000 882,000 775,000 179,000 $ 558,090 84,660 3,734,910 1,608,540 Direct Materials Percent Complete 100% 3. Assign costs to the department's output-specifically, to the units…
Ayala Inc. has conducted the following analysis related to its product lines, using a traditional costing system (volume-based) and an activity-based costing system. Both the traditional and the activity-based costing systems include direct materials and direct labor costs. Products Product 540X Product 137Y Product 2495 Sales Revenue $208,000 155,000 92.000 Total Costs Traditional $54,000 48,000 23.000 ABC $49,000 30,000 46,000
Assuming a FIFO method of process costing, compute the cost per EUP for Conversion
Mara uses the weighted-average process costing. It had the following data in August:
The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory Units started in production Units finished during the period Units in process at the end of the period (complete as to materials, % complete as to labor and overhead) Cost of materials used Labor and overhead costs Total cost of the 16,400 units finished is: -0- 20,800 16,400 4,400 $39,780 $42,000
Assuming a FIFO method of process costing (for both of the following situations), determine the equivalent units of production for labor and overhead. c. Beginning WIP Inventory (25% complete) 10,800 Units started in production ? Units transferred out 351,600 Ending WIP Inventory (45% complete) 18,300 d. Beginning WIP Inventory (55% complete) 15,000 Units started in production 405,000 Units transferred out 415,800 Ending WIP Inventory (90% complete) ?
Boston Company uses the weighted-average method in its process-costing system. Operating data for the first processing department for September appear below for the physical flow of units, and for direct materials (DM) and conversion costs (CC). % of % of completion: completion: Units DM СС Beginning WIP inventory Started into production during September Ending WIP inventory 700 60% 50% 11,760 2,000 90% 70% DM CC Beginning WIP inventory Cost added during September 7,425 $ 60,005 $S 13,409 81,471 24 2$ 19 Compute the equivalent units of production for the processing department Direct materials 12,260 units 12,960 units 12,460 units 10,460 units E. None of the above. Conversion 11,860 units. A. В. 12,760 units 13,760 units 10,460 units С. D. 20 Determine the cost of WIP inventory ending balance: A. $ B. $ 27,000 24,300 18,900 C. $ D. $ 21,100 E. None of the above.

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