provided for the first week in March:Physical flow schedule:Units to account for:Units in BWIPUnits startedTotal units to account forUnits accounted for:Units completed:From BWIPStarted and completedUnits in EWIPTotal units accounted forRequired:Direct MaterialsDirect MaterialsConversion$30,000InputsUnit conversion costTotal unit cost046,0001. Calculate the equivalent units for each input category.Equivalent Units$$50,20060,00060,000Conversion Costs046,00014,00060,0002. Calculate the unit cost for each category and in total. If required, round your answers to the nearest cent.Unit direct materials cost $3. What if a different type of materials is also added at the end of the process (a candy wrapper), costing $9,200? Calculate the new unit cost. If required, round your answer to the nearest cent.$per unit

Name: provided for the first week in March:Physical flow schedule:Units to
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Description: provided for the first week in March:Physical flow schedule:Units to account for:Units in BWIPUnits startedTotal units to account forUnits accounted for:Units completed:From BWIPStarted and completedUnits in EWIPTotal units accounted forRequired:Dir

Conversion cost gets its name because the costs that make up conversion cost are all the costs…

Business

Accounting

provided for the first week in March: Physical flow schedule: Units to account for: Units in BWIP Units started Total units to account for Units accounted for: Units completed: From BWIP Started and completed Units in EWIP Total units accounted for Direct Materials Direct Materials Conversion $30,000 Inputs Unit conversion cost Total unit cost Required: 1. Calculate the equivalent units for each input category. Conversion Costs Equivalent Units 60,000 60,000 46,000 46,000 14,000 60,000 $50,200 0 2. Calculate the unit cost for each category and in total. If required, round your answers to the nearest cent. Unit direct materials cost 3. What if a different type of materials is also added at the end of the process (a candy wrapper), costing $9,200? Calculate the new unit cost. If required, round your answer to the nearest cent. $ per unit

provided for the first week in March: Physical flow schedule: Units to account for: Units in BWIP Units started Total units to account for Units accounted for: Units completed: From BWIP Started and completed Units in EWIP Total units accounted for Direct Materials Direct Materials Conversion $30,000 Inputs Unit conversion cost Total unit cost Required: 1. Calculate the equivalent units for each input category. Conversion Costs Equivalent Units 60,000 60,000 46,000 46,000 14,000 60,000 $50,200 0 2. Calculate the unit cost for each category and in total. If required, round your answers to the nearest cent. Unit direct materials cost 3. What if a different type of materials is also added at the end of the process (a candy wrapper), costing $9,200? Calculate the new unit cost. If required, round your answer to the nearest cent. $ per unit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 Blackrock Steel Company are $45 and $12, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, beginning of period Started and completed during the period Transferred out of Rolling (completed) Inventory in process, end of period Total units to be assigned costs Equivalent Units Direct Materials Conversion 0 11,900 11,900 2,000 13,900 LA 640 LA 11,900 12,540 600 The beginning work in process inventory had a cost of $38,020. Determine the cost of completed and transferred-out production and the ending work in process inventory. Completed and transferred out of production Inventory in process, ending 13,140
a. Determine the number of units transferred to the next department. b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places. Cost per equivalent unit of direct materials Cost per equivalent unit of direct materials c. Determine the cost of units started and completed in November.
GROUPER COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2022 Equivalent Units of Production Physical QUANTITIES Units Materials Units to be accounted for Work in process, May 1 7,360 Started into production 29,440 Total units to be accounted for 36,800 Units accounted for Completed and transferred out 32,200 Work in process, May 31 4,600 Total units accounted for 36,800 COSTS Unit costs Costs in May Materials $128,800 Conversion Costs Conversion Costs $148,580 Total $277,380
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
Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for October: All materials are added at the beginning of the process. Beginning work in process had 80,500 units, 30 percent complete with respect to conversion costs. Ending work in process had 14,000 units, 40 percent complete with respect to conversion costs. Started in process, 91,000 units. Required: 1. Prepare a physical flow schedule. Middelton Company Physical Flow Schedule Units to account for: Total units to account for Units accounted for: Units completed and transferred out: Total units accounted for 2. Compute equivalent units using the weighted average method. Weighted average method: Equivalent Units Direct Materials Conversion Costs 3.…
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View Policies Current Attempt in Progress The Smelting Department of Kiner Company has the following production data for November. Production: Beginning work in process 2,800 units that are 100% complete as to materials and 24% complete as to conversion costs; units transferred out 9,100 units; and ending work in process 7,200 units that are 100% complete as to materials and 46% complete as to conversion costs. Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November. Materials Conversion Costs Total equivalent units Save for Later Attempts: 0 of 3 used Submit Answer O 4) to search
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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
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Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $33,320 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 3,400 units, 70% completed 38,080 30 Direct materials, 31,000 units 294,500 332,580 30 Direct labor 28,000 360,580 30 Factory overhead 38,675 ? 399,255 30 Goods finished, ? units ? 30 Bal., 2,700 units, 90% completed ? Cost per equivalent units of $9.50 for Direct Materials and $2.10 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers…