Process Cost - Equivalent UnitsThe following relates to units in WIP for the Test department:Beginning units of 400 were 60% complete as to conversion effort.During the period 4,400 units of production were Transferred-Out to the Packing department.There were 500 units in process at the end of the period that were 45% complete as to conversion effort.Direct Materials are placed into process at the beginning of production.Determine the number of Equivalent Units of Production with respect to Direct Materials and Conversion Costs completing the table below.(Round all answers to the nearest unit if necessary)(Fill in all answer boxes. Use 0 if you believe there should not be a number in a box.)Direct Mat.Conv. CostWholeEquivalentEquivalentUnitsUnitsUnitsBeginning WIP Units 60% completeStarted & Completed during the periodTransferred Out to Packing Dept.Ending WIP Units 45% completeTotal Units

Direct material cost is the direct cost that is added to the cost of the products because the…

Answered: Process Cost - Equivalent Units The…

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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Beginning work in process (40% complete) Direct materials. Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (75% complete) Current period costs Direct materials Conversion cost Total current period costs a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. Required: 1. Using FIFO method of process costing, complete each of the following steps: c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Units Req 1D ? 35,900 34,300 21,350 Costs $ 1,331,500 620,800 $ 1,952,300 $ 2,397,400 1,261,500 $ 3,658,900 Using FIFO method of process costing, reconcile the total cost of work in process. Note: Use Equivalent Units rounded to the nearest whole unit and Cost per Equivalent Unit rounded to 5…
Beginning work in process (30% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (65% complete) Current period costs Direct materials Conversion cost Total current period costs Required: 1. Using FIFO method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Beginning Inventory Started and Completed Ending Inventory Total Using FIFO method of process costing, calculate the number of equivalent units. Equivalent Units Req 1D Physical Units 0 Direct Materials 0 Units 127,800 233,000 333,800 ? Conversion 0 Costs $ 182,000 334,000 $ 516,000 $ 497,400…
Equivalent Units of Production The Converting Department of Comfy Touch Towel and Tissue Company had 2,600 units in work in process at the beginning of the period, which were 35% complete. During the period, 23,800 units were completed and transferred to the Packing Department. There were 7,400 units in process at the end of the period, which were 60% 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 box does not require an entry, leave it blank. Comfy Touch Towel and Tissue Company Number of Equivalent Units of Production Inventory in process, beginning Started and completed Transferred to Packing Department Inventory in process, ending Total Whole Units Direct Materials Equivalent Units Conversion Equivalent Units 00000 00000 ☐☐☐☐
Sheridan Company has gathered the following information. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Cost of beginning work in process, plus costs incurred during the period: Direct materials Direct labor Overhead Completed and transferred out $ 18,400 Ending work in process 150,880 22,080 60 % 100 % Show the assignment of costs to units completed and transferred out and to work in process at the end of the period. $84,640 $151,616 $169,280
The Converting Department of Soft Touch Towel and Tissue Company had 840 units in work in process at the beginning of the period, which were 60% complete. During the period, 17,600 units were completed and transferred to the Packing Department. There were 960 units in process at the end of the period, which were 75% complete. Direct materials are placed into the process at the beginning of production. Soft Touch Towel and Tissue Company Number of Equivalent Units of Production Whole Units Direct Materials Conversion Equivalent Equivalent Units Units Inventory in process, Beginning Started and Completed Transferred to Packing Department Inventory in process ending Tatal
The Converting Department of Soft Touch Towel and Tissue Company had 920 units in work in process at the beginning of the period, which were 60% complete. During the period, 19,200 units were completed and transferred to the Packing Department. There were 1,040 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". Soft Touch Towel and Tissue Company Number of Equivalent Units of Production Whole Units Direct MaterialsEquivalent Units ConversionEquivalent Units Inventory in process, beginning fill in the blank 1 fill in the blank 2 fill in the blank 3 Started and completed fill in the blank 4 fill in the blank 5 fill in the blank 6 Transferred to Packing Department fill in the blank 7 fill in the blank 8 fill in the blank 9…
Equivalent Units of Materials Cost The Filling Department of Eve Cosmetics Company had 4,900 ounces in beginning work in process inventory (30% complete). During the period, 30,700 ounces were completed. The ending work in process inventory was 1,500 ounces (30% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? units
Equivalent Units of Production The Converting Department of Worley Company had 1,000 units in work in process at the beginning of the period, which were 60% complete. During the period, 20,800 units were completed and transferred to the Packing Department. There were 1,120 units in process at the end of the period, which were 25% 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". Worley Company Number of Equivalent Units of Production Inventory in process, beginning Started and completed Transferred to Packing Department Inventory in process, ending Total Whole Units Direct Materials Conversion Equivalent Units Equivalent Units
The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $1.65 and $0.55, respectively. The equivalent units to be assigned costs are as follows: The beginning work in process inventory had a cost of $1,340. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar.
Equivalent Units of Materials Cost The Filling Department of Ivy Cosmetics Company had 4,900 ounces in beginning work in process inventory (70% complete). During the period, 81,000 ounces were completed. The ending work in process inventory was 4,100 ounces (80% complete). What are the total equivalent units for direct materials if materials are added at the beginning of the process? units
Equivalent Units of Production The Converting Department of Comfy Touch Towel and Tissue Company had 1,120 units in work in process at the beginning of the period, which were 40% complete. During the period, 23,600 units were completed and transferred to the Packing Department. There were 1,240 units in process at the end of the period, which were 40% 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 box does not require an entry, leave it blank. Comfy Touch Towel and Tissue CompanyNumber of Equivalent Units of Production WholeUnits DirectMaterialsEquivalentUnits ConversionEquivalentUnits Inventory in process, beginning fill in the blank 1 fill in the blank 2 fill in the blank 3 Started and completed fill in the blank 4 fill in the blank 5 fill in the blank 6 Transferred to Packing Department fill in the blank 7…
H M The Converting Department of Comfy Touch Towel and Tissue Company had 960 units in work in process at the beginning of the period, which were 30% complete. During the period, 20,000 units were completed and transferred to the Packing Department. There were 1,080 units in process at the end of the period, which were 75% 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 box does not requi an entry, leave it blank. Comfy Touch Towel and Tissue Company Number of Equivalent Units of Production Inventory in process, beginning Started and completed Transferred to Packing Department Inventory in process, ending Total Whole Units 22 Direct Materials Equivalent Units Conversion Equivalent Units

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