8:06Problem 6-11 The WireOne Company manufactureshigh-quality coated electrical wire in two departments,Weaving and Coating. Materials are introduced at variouspoints during work in the Weaving Department. After theweaving is completed, the materials are transferred into theCoating Department, where specialty plastic coating isapplied. Selected data relating to the Weaving Departmentduring May are given below:Production data:Kilograms in process, May 1 (materials 100% complete; conversion 80% complete).Kilograms started into production during MayKilograms completed and transferred to CoatingKilograms in process, May 31 (materials 658 complete; conversion 30% complete).Cost data:Work in process inventory, May 1:Materials costConversion costCost added during May:Materials costConversion cost.Equivalent units of productionThe company uses the weighted-average method.1. Compute the equivalent units of production.Cost of ending work in process inventoryCost of units completed and transferred outMaterials ConversionCost ReconciliationCosts to be accounted for:Cost of beginning work in process inventoryCosts added to production during the periodTotal costCosts accounted for as follows:Transferred to the Coating DepartmentWork in process, May 31MaterialsConversionCompute the costs per equivalent unit for May. (Round your answers to 2 decimal places.)Total ending Work in processTotal costCost per equivalent unit3. Determine the cost of ending work in process inventory and of the units transferred to the Coating Department.(Round intermediate calculations to 2 decimal places, and final answers to the nearest whole dollar.)$8+Materials$Materials Conversion000$$88,000402,0004. Prepare a cost reconciliation between the costs determined in (3) above and the cost of beginning inventory andcosts added during the period. (Round intermediate calculations to 2 decimal places, and final answers to the nearestwhole dollar.)?69,000Total$ 62,480$ 93,28000$645,612$392,590Conversion

Name: Production data: Kilograms in process, May 1 (materials 100% complete; conversion 80% complete) Kilograms started into production during May Kilograms completed and transferred to…
Rating: 5 (1 reviews)

Business

Accounting

Production data: Kilograms in process, May 1 (materials 100% complete; conversion 80% complete) Kilograms started into production during May Kilograms completed and transferred to Coating Kilograms in process, May 31 (materials 65% complete; conversion 30% complete) Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 88,000 402,000 ? 69,000 $ 62,480 $ 93,280 $645,612 $392,590 The company uses the weighted-average method.

Production data: Kilograms in process, May 1 (materials 100% complete; conversion 80% complete) Kilograms started into production during May Kilograms completed and transferred to Coating Kilograms in process, May 31 (materials 65% complete; conversion 30% complete) Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 88,000 402,000 ? 69,000 $ 62,480 $ 93,280 $645,612 $392,590 The company uses the weighted-average method.

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
Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory
Materials are added at the beginning of the production process. Conversion costs are added uniformly throughout the production process. Assuming a FIFO flow of costs, what is this company's computed total production cost transferred out during the period?
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
2
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
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…
3