Process Cost Practice Quiz - Part 1The following information is related to the blending department:|1. 1,900 units in beginning WIP, 60% completed as to conversion costs2. Direct Materials added: 22,000 units3. Goods completed and transferred total 21,800 units4. All materials are added at the beginning of the process.5. Beginning WIP was $7,6576. Cost of DM added during the month: $77,000|7. Cost of DL added during the month: $14,2008. Factory overhead applied during the month: $6,8809. Ending WIP inventory is 20% completed as to conversion costsRequired:1. Compute total units to be assigned costs2. Compute Group 1-3 whole units and equivalent units3. Compute cost per equivalent unit for materials and conversion costs4. Using cost per equivalent unit above, determine (A) cost transferredout of WIP to next department and (B) cost assigned to ending WIP WIP- Blending Dept.UnitsUnitsGroup 17,657 BeginningCost to CompleteBeginning1,900 $TotalDM|Group 2Start + Compl.DLFOHTotalCompletedTotalUnitsGroup 3Ending

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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PR 17-2A Cost of Production Report Obj. 2, 4 Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department Date July Item 1 Bal., 30,000 units, 10% completed 31 Direct materials, 155,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 149,000 units 31 Bal.,? units, 45% completed Instructions Answer Check Figure: Conversion cost per equivalent unit, $0.76 Debit Credit 620,000 90,000 33,272 PICTIO ? ACCOUNT NO. Balance Debit Credit 121,800 741,800 831,800 865,072 1. Prepare a cost of production report, and identify the missing amounts for Work in Process -Roasting Department. ? 2. Assuming that the July 1 work in process inventory includes $119,400 of direct materials, determine the…
Period Ccb Home | bartl... of 15 ! 2 Required information [The following information applies to the questions displayed below.] my.post.edu... X 9- Unit 1 - C... Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and sells 10,000 units, its average costs per unit are as follows: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Fixed selling expense Fixed administrative expense Sales commissions Variable administrative expense Total fixed manufacturing cost Okay 3 9. If 8,000 units are produced, what is the total amount of fixed manufacturing cost incurred to support this level of production? 4 5 G what is the h... Init 1 - C... CO 6 7 Average Cost per Unit $ 7.00 $ 4.50 $ 1.40 $ 4.00 $ 4.00 $ 2.10 $ 1.10 $ 0.55 You 8 9 0 ct de
Subject: acounting
Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 25,000 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Amount $ 12,000 Direct materials Conversion costs $ 310,200 396,800 Total costs added $ 707,000 $ 27,800 29,320 $ 57,120 $ 69,120 100% 80% During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in September. Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40,000…
Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 242,055 9,676 Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. $ 903,625 103,140 The ending inventory has 14,500 units, which are 90 percent complete with respect to Refining Department costs.
Required information [The following information applies to the questions displayed below.] Units of Percent of Blending Process Beginning work in process Product Conversion 164,000 345,000 375,000 134,000 85% Goods started 100 Goods completed Ending work in process 100 40 Compute the total equivalent units of production for conversion using the weighted-average method. Equivalent units of production (EUP) with respect to conversion - weighted average method Units % Conversion EUP Total
E4-2A Equivalent Units Calculations--Weighted Average Method The following are selected operating data for Jackson Company's Blending Department for April 2019. Tinting and packaging operations are carried out subsequently in other departments. Beginning inventory 4,000 units, 60% complete Started and completed 68,000 units Ending inventory 6,000 units, 30% complete Calculate the equivalent units completed using the weighted average method, assuming that the materials are added at the beginning of the process and conversion costs are incurred evenly throughout.
royalty-free image X A Login Homework i X https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducati... A Question 11 - Ch 17-18 Homew X Cost Data: Bonding Department Direct materials costs in beginning inventory, September 1 Conversion costs in beginning inventory, September 1 Direct materials costs incurred in September Conversion costs incurred in September Physical Units: Bonding Department Units in process, September 1 Units transferred out during September Units in process, September 30 Percentages of Completion: Bonding Department Direct materials, September 1 Conversion, September Direct materials, September 30 Conversion, September 30 Cost per equivalent unit Direct Materials Required information [The following information applies to the questions displayed below.] Lavalear Corporation uses a process costing system and traces costs through several processing departments, starting with the Bonding Department.…
Planned amount A - 100 units, planned amount B - 150 units Actual amoint A - 80 units, actual amount B - 200 units Fixed overhead costs - 60000$ Fixed overhead costs for the actual volume of product B - ?
Question Content Area The cost per equivalent units of direct materials and conversion in the Bottling Department of Beverages on Jolt Company is $0.40 and $0.20, respectively. The equivalent units to be assigned costs are as follows: DirectMaterials Conversion Inventory in process, beginning of period 0 3,390 Started and completed during the period 51,330 51,330 Transferred out of Bottling (completed) 51,330 54,720 Inventory in process, end of period 3,080 2,500 Total units to be assigned costs 54,410 57,220 The beginning work in process inventory had a cost of $3,180. Determine the cost of completed and transferred out production, and the ending work in process inventory. Completed and transferred out production $fill in the blank 1 Inventory in process, ending
PAS. LO 5.3 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. Costs to Account For Units to Account For Beginning inventory: materials Beginning inventory: conversion Direct materilal Direct labor $ 10,000 19,000 50,000 75,000 37,248 $191,248 5,000 20,000 19,000 Beginning work in process Units started into production Transferred out Applied overhead Total costs to account for

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