8. The Molding Department of PQR Company has the following production and manufacturing costdata for September. Materials are entered at the beginning of the process.Production: Beginning inventory 1,600 units that are 100% complete as to materials and 30%complete as to conversion costs; units started during the period are 18,400; ending inventory of5,000 units 10% complete as to conversion costs.Manufacturing costs: Beginning inventory costs, comprised of $20,000 of materials and $43,180of conversion costs; materials costs added in Polishing during the month, $177,200; labor andoverhead applied in Polishing during the month, $102,680 and $257,140, respectively.Instructions(a) Compute the equivalent units of production for materials and conversion costs for the monthof September.(b) Compute the unit costs for materials and conversion costs for the month.(c) Determine the costs to be assigned to the units transferred out and in process.

Cost during a period has to allocated to the units that are actually produced.

Production: Beginning inventory 1,600 units th omplete as to conversion costs; units started ,000 units 10% complete as to conversion cos Manufacturing costs: Beginning inventory cos: of conversion costs; materials costs added in verhead applied in Polishing during the month

Production: Beginning inventory 1,600 units th omplete as to conversion costs; units started ,000 units 10% complete as to conversion cos Manufacturing costs: Beginning inventory cos: of conversion costs; materials costs added in verhead applied in Polishing during the month

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $1.05 and $0.80, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 0 3,500 Started and completed during July 50,000 50,000 Transferred out of Rolling (completed) 50,000 53,500 Inventory in process, July 31 5,000 2,000 Total units to be assigned costs 55,000 55,500 The beginning work in process inventory on July 1 had a cost of $2,000. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production $fill in the blank 1 Inventory in process, ending $fill in the blank 2 Total costs assigned by the Rolling Department $fill in the blank 3
Calculate Equivalent Units, Unit Costs, and Transferred Costs-Weighted Average Method Godfrey Manufacturing, Inc., operates a plant that produces its own regionally-marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the start of the process, and labor and overhead are incurred evenly throughout the process. Godfrey uses the weighted average method. The following data from the Work in Process—Blending Department account for January is missing a few items: Work in Process-Blending Department January 1 inventory (5,000 gallons, 60% processed) Direct material Conversion costs Transferred to Bottling Department (60,000 gallons) January charges: Direct material (61,000 gallons) Direct labor $18,000 8,850 228,750 110,400 73,200 Manufacturing overhead January 31 inventory [? gallons, 70% processed] Required Assuming Godfrey uses the weighted average method in process costing, calculate the following…
Gallons Beginning Work-in-Process Inventory = 400 gallons Started in production = 8,700 gallons Completed and transferred out to Packaging in March = 7,900 gallons Ending Work-in-Process Inventory (80% of the way = 1,200 gallons through the fermenting process) Costs Beginning Work-in-Process Inventory: Direct materials =$6,370 Direct labor = 250 Manufacturing overhead allocated = 260 Costs added during March: Direct materials = 4,550 Direct labor = 196 Manufacturing overhead allocated = 4,610 Total costs added during March = $9,356
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $0.55 and $2.55, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 0 4,100 Started and completed during October 59,000 59,000 Transferred out of Rolling (completed) 59,000 63,100 Inventory in process, October 31 7,000 3,500 Total units to be assigned costs 66,000 66,600 The beginning work in process inventory on October 1 had a cost of $2,500. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $1.70 and $2.40, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials 0 Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs 72,000 The beginning work in process inventory on October 1 had a cost of $2,900. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 65,000 65,000 7,000 Equivalent Units Conversion 4,600 65,000 69,600 S 2,800 72,400
takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse Calculator A company started the month with 8,333 units in work in process inventory. It started 23,146 units and had an ending inventory of 9,322. The units were 100% complete to materials and 67% complete with conversion. How many units were transferred out during the period? Units transferred out Previous Next Email Instructor Submit Test for Grading All work saved. 5:18 PM 10/2/2020 arch O
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $2.35 and $0.70, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Equivalent Units Direct Materials 0 Equivalent Units Conversion 3,200 54,000 54,000 54,000 7,000 Total units to be assigned costs 61,000 The beginning work in process inventory on October 1 had a cost of $2,080. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 57,200 2,100 59,300
Equivalent Units of Conversion Costs The Rolling Department of Jabari Steel Company had 2,814 tons in beginning work in process inventory (20% complete) on October 1. During October, 40,200 tons were completed. The ending work in process inventory on October 31 was 2,010 tons (10% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit. units
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $2.30 and $1.85, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 1,500 Started and completed during October 30,000 30,000 Transferred out of Rolling (completed) 30,000 31,500 Inventory in process, October 31 3,000 1,800 Total units to be assigned costs 33,000 33,300 The beginning work in process inventory on October 1 had a cost of $920. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production 181,000 x Inventory in process, October 31 Total costs assigned by the Rolling Department Feedback TCheck My Work The assumption would be that units that had been in beginning work in…
Data Table Gallons Beginning Work-in-Process Inventory 200 gallons Started in production 9,700 gallons Completed and transferred out to Packaging in March 4,800 gallons Ending Work-in-Process Inventory (80% of the way 5,100 gallons through the fermenting process) Costs Beginning Work-in-Process Inventory: Direct materials $ 4,005 Direct labor 150 Manufacturing overhead allocated 240 Costs added during March: Direct materials 9,360 Direct labor 2,726 3,100 Manufacturing overhead allocated $ 15,186 Total costs added during March %24
Units in beginning WIP Inventory completed this period Units Started and completed this period Units in ending WIP Inventory Total units accounted for Total equivalent units of work done this period Costs in beginning WIP Inventory (from last period) Costs added to WIP Inventory this period Total costs to account for Total cost of units completed $ Step 3: Account for costs Total number of units completed Physical Units What is The Skysong Company's total cost units completed? Actual unit cost for units completed $ 1,500 15,100 How many total units did the company complete this period? Total cost per equivalent unit this period $ The actual cost for the units completed this period is 500 17,100 Total Costs The Skysong Company uses the FIFO method of process costing. $1,155 26,895 $28,050 % Added This Period DM 100% 100% $755 0% 8.580 $9,335 DM Equivalent Units Equiv. Units 15,100 500 15,600 Conversion Costs $400 What was the actual per-unit cost for those units completed? (Round answer…
Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Credit Date Item Debit Debit Credit March 1 Bal., 7,200 units, 2/5 completed 20,160 201,600 31 Direct materials, 129,600 units 181,440 251,780 31 Direct labor 50,180 31 Factory overhead 28,228 280,008 271,152 31 Goods finished, 131,400 units 8,856 8,856 31 Bal.? units, 2/5 completed a. Determine the number of units in work in process inventory at March 31. units b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount is zero, enter in "0"