Question 4 Not yet answeredMarked out of 0.33Flag questionCountertops Unlimited, a manufacturer of kitchen and bath countertops, had the following information for production last period:Beginning Work in Process Inventory $50,000Ending Work in Process InventoryBeginning Materials Inventory60,00032.000Materials PurchasedEnding Materials InventoryDirect Labor28.000410,000130.000Indirect Labor40,000Indirect Materials Used110,000Factory Rent70.000Factory Utilities30,000Office SuppliesAdministrative Salaries20,000210.000Assuming that all manufacturing overhead was applied to Work in Process Inventory. Total Manufacturing Costs for the period was:Select one:a. $250,000b. $684.000c. None of the listed amountsd. $734.000e. $434,000

SolutionDirect materials Beginning Materials inventory 32,000Materials Purchase410,000Less: Ending…

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Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter20: Process Cost Systems

Section: Chapter Questions

Problem 20.1APR: Entries for process cost system Pori Ormond Carpel Company manufactures carpets. Fiber is placed in...

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Use the following information to compute the cost of direct materials used for the current year. Beginning of Year $ 12,000 24,000 17,000 Inventories Raw materials inventory Work in process inventory Finished goods inventory Activity during current year Raw materials purchased Direct labor Factory overhead Multiple Choice $259,000. $244,000. $ 247,000 188,000 78,000
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27 Select the proper journal entry to record the movement of 1,700 units of part number 116B to work in process when each unit of 116B has a value of $2.00. Group of answer choices Raw Material Inventory 3,400 Work in Process 3,400 Work in Process 3,400 Raw Material Inventory 3,400 Work in Process 3,400 Cash 3,400 Work in Process 3,400 Factory Overhead 3,400
Current Attempt in Progress Waterway Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $290000 $516000. $226000. $806000. $504000. 146000 298000 226000 278000 794000 Waterway Company's ending Work in Process Inventory is
Assign costs of ending work in process inventory and the units transferred out.
A) what is the equivalent units of production for materials? B) what is the equivalent units of production for conversion ?
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Problem 3. A company uses the FIFO method to account for its work in process inventories. The accounting records show the following information: * uIt 1011owing information: Beginning work in process inventory Materials Conversion costs Debits to work in process inventory this period: P 360 180 Materials Conversion costs P 3,714 2,258 Units: Beginning inventory Percent of completion (materials, 60%, conversion cost, 30%) Started this period Ending inventory Percent of completion:(materials, 40%, conversion cost, 20%) 300 units 2,000 units 600 units Requirements: 1. Compute the equivalent units for materials and conversion costs. 2. Compute the unit cost for materials and conversion costs. • 3. Compute the cost of goods transferred out. 4. Compute the cost of the ending inventory.
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Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Production cost Information for the forming department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Required A Required B Required C Units 33,500 470,000 468,500 35,000 Completed and transferred out Ending work in process $ 55,000 22,100 Units 1,745,000 1,154,020 Complete this question by entering your answers in the tabs below. EUP
ces Beginning work in process inventory Units started this period Beginning work in process Direct materials Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Conversion Costs added this period Direct materials Conversion Total costs to account for Required A Required B Required C Units Costs of beginning work in process Costs added this period Total costs Equivalent units of production (from part a) Cost per equivalent unit of production 320,000 312,000 35,000 $ $ $ 40,000 16,100 Complete this question by entering your answers in the tabs below. 1,660,000 929,300 a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming departm c. Using the weighted average method, assign costs to the forming department's output-specifically, its units…

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