Question 18 Not yet answered Marked out of 0.33 Flag question Assume Towery Company uses a process costing system based on the weighted average method. Towery's accountant produces the following equivalent unit calculations for the month of July for the first department: Where do the units come from? Beginning Inventory Started Total 700 5,000 5,700 Where do the units go? Complete/Transferred Ending Inventory Total Equivalery Units 4,800 % Work Done? 100% 900 100% 5,700 Direct Work Materials Done? 4,800 100% 900 70% 5,700 Conversion Costs 4,800 630 5,430 Also assume that current costs included $34,998 of materials and $97,412 of conversion costs. Finally, assume that during the month of July, the average cost per equivalent unit of materials and conversion costs were $6.64 and $19.40, respectively. Calculate the dollar amount accumulated in the beginning inventory for direct materials from the prior period. Select one: о a. $2,850 b. $40,698 c. $72,846 d. $132,410 e. None of the above

Question 18 Not yet answered Marked out of 0.33 Flag question Assume Towery Company uses a process costing system based on the weighted average method. Towery's accountant produces the following equivalent unit calculations for the month of July for the first department: Where do the units come from? Beginning Inventory Started Total 700 5,000 5,700 Where do the units go? Complete/Transferred Ending Inventory Total Equivalery Units 4,800 % Work Done? 100% 900 100% 5,700 Direct Work Materials Done? 4,800 100% 900 70% 5,700 Conversion Costs 4,800 630 5,430 Also assume that current costs included $34,998 of materials and $97,412 of conversion costs. Finally, assume that during the month of July, the average cost per equivalent unit of materials and conversion costs were $6.64 and $19.40, respectively. Calculate the dollar amount accumulated in the beginning inventory for direct materials from the prior period. Select one: о a. $2,850 b. $40,698 c. $72,846 d. $132,410 e. None of the above

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter6: Process Costing

Section: Chapter Questions

Problem 46E: Weighted Average Method, Unit Costs, Valuing Inventories Byford Inc. produces a product that passes...

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Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the following: A. Cost of beginning work in process inventory completed in November B. Cost of units transferred to the next department during November C. Cost of ending work in process inventory on November 30 D. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process E. The November increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month
Assume Towery Company uses a process costing system based on the weighted average method. Towery's accountant produces the following equivalent unit calculations for the month of July for the first department: Where do the units come from? Beginning Inventory Started Total 700 5,000 5,700 Where do the units.go? Completel Transferred Ending Inventory Total % Work Done? 4,800 100% 900 100% 5,700 Equivalent Units Direct % Work Materials Done? 4,800 900 5,700 100% 70% Conversion Costs 4,800 630 5,430 Also assume that the beginning inventory had accumulated $2,850 of materials and $7,930 of conversion costs in the previous month. During the month of July, current costs included $34,998 of materials and $97,412 of conversion costs. Calculate the average cost per equivalent unit for materials costs for the month of July. a. $0.15 b. $0.50 c. $6.14 $6.64 e. $6.97
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Assume Towery Company uses a process costing system based on the weighted average method. Towery's accountant produces the following equivalent unit calculations for the month of July for the first department: Equivalent Units Direct Materials Conversion Costs % Done Units % Done Units Completed and transferred 100% 5,760 100% 5,760 Ending inventory 100% 1,080 70% 756 Equivalent units of production 6,840 6,516 Also, assume that the beginning inventory had accumulated $3,420 of materials and $9,516 of conversion costs in the previous month. Finally, assume that during the month of July, the average cost per equivalent unit of materials and conversion costs were $8.30 and $24.25, respectively. Calculate the current costs incurred for direct materials during the month of July. Select one: a. $60,192 b. $10,688 c. $53,352 d. None of the amounts listed. e. $12,936
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QUESTION 17 Hanson 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 200 S2,200 S1,000 50% 10% 6,500 6,100 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.. S135,000 $312,600 600 80% 60% Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error,…
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