Production information shows the following costs and units for the smoothing department in August. Cost Units Work in process Beginning balance: materials $1,500 Beginning units 640 Beginning balance: conversion 2,300 Transferred in 1,750 Materials 7,104 Transferred out 1,730 Labor 14,500 Overhead 6,548 All materials are added at the beginning of the period. The ending work in process is 10% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month? Transferred out $4 Ending inventory $

Production information shows the following costs and units for the smoothing department in August. Cost Units Work in process Beginning balance: materials $1,500 Beginning units 640 Beginning balance: conversion 2,300 Transferred in 1,750 Materials 7,104 Transferred out 1,730 Labor 14,500 Overhead 6,548 All materials are added at the beginning of the period. The ending work in process is 10% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month? Transferred out $4 Ending inventory $

Name: Production information shows the following costs and unitsfor the smo
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Production information shows the following costs and unitsfor the smoothing department in August.CostUnitsWork in processBeginning balance: materials$1,500 Beginning units640Beginning balance: conversion2,300 Transferred in1,750Materials7,104 Transf

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

Use this information about the Assembly Department to answer the question that follows. The debits to Work in Process-Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 7,500 Conversion costs, 3,000 units, 80% completed 6,000 Materials added during April, 10,000 units 29,000 Conversion costs during April 35,000 Goods finished during April, 11,500 units — April 30 work in process, 1,500 units, 60% completed — All direct materials are added at the beginning of the process, and the average cost method is used to cost inventories. The cost per equivalent unit for April is a.$2.70 b.$6.74 c.$6.25 d.$6.40
Badgersize Company has the following information for its Forming Department for the month of August. Work in Process Inventory, August 1: 20,000 units Direct materials: 100% complete Conversion: 20% complete Balance in work in process, August 1 Units started during August Units completed and transferred in August Work in process (70% complete), August 31 Costs charged to Work in Process in August Direct materials Conversion costs: Direct labor Overhead applied Total conversion a. b. Assume materials are added at the start of processing. Required: a. Calculate the equivalent units for the Forming Department for the month of August. b. Find the cost per equivalent unit of direct materials and conversion associated with the units transferred during the month. (Round your answers to 2 decimal places.) Equivalent units Cost per equivalent unit Direct Materials $ 80,000 24,000 $ 104,000 48,000 60,000 ? Conversion $ 130,000 $ 105,000 149,000 $ 254,000
Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion The cost per equivalent unit for materials for the month in the first processing department is closest to: Multiple Choice $16.70 $17.95 800 $ 12,900 $ 5,000 75% 20% 9,500 8,400 $ 172,000 $ 240,200 1,900 90% 30%
Materials are added at the beginning of the production process at Campo Company. The following information on the physical flow of units is available for the month of November. Beginning work in process (50% complete) Started in November Completed in November and transferred out Ending work in process (65% complete) Cost data for November show the following. Beginning WIP inventory Direct materials costs Conversion costs Current period costs Direct materials costs Conversion costs $ $ 27,300 49,700 360,950 1,109,550 59,000 520,000 475,000 104,000 Required: a. Compute the cost equivalent units for the conversion cost calculation assuming Campo uses the weighted-average method. b. Compute the cost per equivalent unit for materials and conversion costs for November.
Bachelet Incorporated uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion Required: Using the weighted-average method: 580 72% 58% $ 1,656 $ 5,384 15,100 14,200 $ 30,867 $ 363,441 280 68% 48% a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of units transferred…
Marvellous Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month: Work in process, beginning: Units in process Stage of completion with respect to materials Stage of completion with respect to conversion Costs in the beginning inventory: Materials cost 800 50% 20% $2,440 $4,928 Conversion cost Units started into production during the month Units completed and transferred out 15,000 15,600 Costs added to production during the month: Materials cost $96,470 $476,362 Conversion cost Work in process, ending: Units in process Stage of completion with respect to materials Stage of completion with respect to conversion 200 50% 90% Using the weighted-average method, a. Determine the equivalent units of production for materials and conversation costs b. Determine the cost per equivalent unit for materials and conversion costs c. Determine the cost of units transferred out of…
Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs. Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion Multiple Choice $198,105 $188,805 The total cost transferred from the first processing department to the next processing department during the month is closest to: Note: Round "Cost per equivalent unit" to 3 decimal places. $171,263 1,100 $ 7,500 $ 2,800 $213,795 55% 25%…
Shirley Processing, Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Beginning work-in-process Started To account for Transferred out Ending work in process Accounted for Physical units Percentage Complete. Materials 107,000 100% Conversion 40% 957,000 1,064,000 975,500 100% 100% 88,500 100% 20% 1,064,000 Cost Beginning work-in-process Current period Total $ 186,570 1,871,298 Direct Materials $ 167,180 1,234,530 Conversion $ 19,390 636,768 Total $ 2,057,868 $ 1,401,710 $ 656,158 Required: a. Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing. Incorporated uses the weighted-average method. b. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method. Complete this question by entering your answers in the tabs below. Required A Required B Compute…
Process Costing A department begins the month with 100 units at a cost of $7,500 and 25% complete in goods in process. An additional 1,000 units are started during the month and additional costs incurred are $12,500. At the end of the month, there are 200 units still in the process which are 50% complete. Using FIFO, the ending balance in the Work in Process Inventory is
Prepare a Production Cost Report Troika Company The production information for Troika's Smoothing department for August is as follows: Work in process Beginning balance: materials Beginning balance: conversion Materials Labor Overhead Cost $ 1,550 2,500 7,441 14,520 7,930 Beginning units Transferred in Transferred in Transferred out Units 650 1,780 1,810 All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. Prepare a production cost report for August for the Smoothing Department.
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion Required: Using the FIFO method: 400 50% 30% 610 $ 2,156 16,000 16,100 $ 47,436 $439,552 a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units…
Shirley Processing. Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Beginning work-in-process Started To account for Transferred out Ending work in process Accounted for Cost Beginning work-in-process Current period Total Physical 108,000 957,588 1,065,500 976,588 89,000 1,065,508 Total $ 188,570 1,891,498 $ 2,088,068 Equivalent units Percentage Complete Conversion 48% Materials 100% 100% 100% Required A Direct Materials $ 168,180 1,244,750 $ 1,412,938 Required: a. Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing, Incorporated uses the weighted-average method. b. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method. Complete this question by entering your answers in the tabs below. 100% 28% Conversion $ 28,390 646,748 $ 667,138 Required…