Process Cost Practice Quiz - Part 1 The following information is related to the blending department: |1. 1,900 units in beginning WIP, 60% completed as to conversion costs 2. Direct Materials added: 22,000 units 3. Goods completed and transferred total 21,800 units 4. All materials are added at the beginning of the process. 5. Beginning WIP was $7,657 6. Cost of DM added during the month: $77,000 |7. Cost of DL added during the month: $14,200 8. Factory overhead applied during the month: $6,880 9. Ending WIP inventory is 20% completed as to conversion costs Required: 1. Compute total units to be assigned costs 2. Compute Group 1-3 whole units and equivalent units 3. Compute cost per equivalent unit for materials and conversion costs 4. Using cost per equivalent unit above, determine (A) cost transferred out of WIP to next department and (B) cost assigned to ending WIP Units to be Assigned Costs: Whole Equivalent Units Units % DM Direct Materials % Conv. Conversion Group 1 Beginning Group 2 Start + Compl. Total Completed and Transferred Group 3 Ending Total Units to be Assigned Costs Cost/Equivalent Unit DM Cost = Conv Cost = DM EU Conv EU Costs Allocated to Completed and Ending Inventory Units Direct Material Conversion Total Group 1 Group 2 Total Completed Group 3 Total Costs Assigned by Blending Dept.
Process Cost Practice Quiz - Part 1 The following information is related to the blending department: |1. 1,900 units in beginning WIP, 60% completed as to conversion costs 2. Direct Materials added: 22,000 units 3. Goods completed and transferred total 21,800 units 4. All materials are added at the beginning of the process. 5. Beginning WIP was $7,657 6. Cost of DM added during the month: $77,000 |7. Cost of DL added during the month: $14,200 8. Factory overhead applied during the month: $6,880 9. Ending WIP inventory is 20% completed as to conversion costs Required: 1. Compute total units to be assigned costs 2. Compute Group 1-3 whole units and equivalent units 3. Compute cost per equivalent unit for materials and conversion costs 4. Using cost per equivalent unit above, determine (A) cost transferred out of WIP to next department and (B) cost assigned to ending WIP Units to be Assigned Costs: Whole Equivalent Units Units % DM Direct Materials % Conv. Conversion Group 1 Beginning Group 2 Start + Compl. Total Completed and Transferred Group 3 Ending Total Units to be Assigned Costs Cost/Equivalent Unit DM Cost = Conv Cost = DM EU Conv EU Costs Allocated to Completed and Ending Inventory Units Direct Material Conversion Total Group 1 Group 2 Total Completed Group 3 Total Costs Assigned by Blending Dept.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question #4 please. Thank you.
Transcribed Image Text:Process Cost Practice Quiz - Part 1
The following information is related to the blending department:
|1. 1,900 units in beginning WIP, 60% completed as to conversion costs
2. Direct Materials added: 22,000 units
3. Goods completed and transferred total 21,800 units
4. All materials are added at the beginning of the process.
5. Beginning WIP was $7,657
6. Cost of DM added during the month: $77,000
|7. Cost of DL added during the month: $14,200
8. Factory overhead applied during the month: $6,880
9. Ending WIP inventory is 20% completed as to conversion costs
Required:
1. Compute total units to be assigned costs
2. Compute Group 1-3 whole units and equivalent units
3. Compute cost per equivalent unit for materials and conversion costs
4. Using cost per equivalent unit above, determine (A) cost transferred
out of WIP to next department and (B) cost assigned to ending WIP
Transcribed Image Text:Units to be Assigned Costs:
Whole
Equivalent Units
Units
% DM
Direct Materials
% Conv.
Conversion
Group 1
Beginning
Group 2
Start + Compl.
Total Completed and Transferred
Group 3
Ending
Total Units to be Assigned Costs
Cost/Equivalent Unit
DM Cost =
Conv Cost =
DM EU
Conv EU
Costs Allocated to Completed and Ending Inventory Units
Direct Material
Conversion
Total
Group 1
Group 2
Total Completed
Group 3
Total Costs Assigned by Blending Dept.
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