Question:During June, Birch Bay company's department B equivalent unitproduct costs computed under the average cost method were asfollows:Materuals: $2Conversion: $3Transferred in: $5Materials are introduced at the end of process in department B.There were 4,000 units (60% complete as to conversion costs) inwork in process at June 30. The total costs assigned at June 30work in process inventory should be:- $20,000- $24,800- $27,200- $35,200

Consider,Material cost = 0 (materials are introduced at the end of the process, no materials cost…

Answered: Question: During June, Birch Bay…

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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Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $9,000 Beginning inventory: conversion 19,000 Direct material 58,600 Direct labor 75,000 Applied overhead 39,772 Total costs to account for $201,372 Units to Account For Beginning work in process 6,000 Units started into production 20,000 Transferred out 20,000 Costs to account for Materials Conversion Total Beginning work in process $fill in the blank 13 $fill in the blank 14 $fill in the blank 15 Incurred during the period fill in the blank 16 fill in the blank 17 fill in the blank 18 Total costs to account for $fill in the blank 19 $fill in the blank 20 $fill in the blank 21 Equivalent units fill in the blank 22 fill in the blank 23…
The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $0.55 and $0.60, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 2,200 Started and completed during the period 55,000 55,000 Transferred out of Filling (completed) 55,000 57,200 Inventory in process, end of period 6,000 1,800 Total units to be assigned costs 61,000 59,000 The beginning work in process inventory had a cost of $1,390. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred out of production $ Inventory in process, ending $
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
The following cost information is available for July for the Crest Plant at Calvert Company: · ● Beginning work-in-process inventory Materials cost Conversion cost Total . Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 44,800 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 89,600 gallons. Units transferred out in July, 100,800 gallons. Ending inventory, 33,600 gallons, 40 percent complete with respect to conversion costs. $ 62,720 39,648 $ 102,368 $ 138,880 417,312 $ 556,192 Cost of goods transferred out total Ending inventory total Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations.
The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $1.80 and $1.95, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 0 4,100 Started and completed during the period 51,000 51,000 Transferred out of Filling (completed) 51,000 55,100 Inventory in process, end of period 3,000 900 Total units to be assigned costs 54,000 56,000 The beginning work in process inventory had a cost of $2,870. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred-out production Inventory in process, ending
Lights Incorporated calculates cost for an equivalent unit of production using the welghted-average method. Data for July: Work-in-process inventory, July 1 (36,000 units): Direct materials (100% completed) $ 122,400 Conversion (5e% completed) 76,800 Balance in work in process inventory, July 1 $ 199, 200 Units started during July Units completed and transferred Work-in-process inventory, July 31: 90,000 102,000 Direct materials (180% completed) Conversion (50% completed) Cost incurred during July: 24,000 Direct materials $ 180,000 Conversion costs 288, 000 Cost per equlvalent unit for materials under the welghted-average method is calculated to be: Multiple Choice $3.10. O $3.20. O $2.00. O $240. $3.00.
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
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 $1.70 and $2.40, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials 0 Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs 72,000 The beginning work in process inventory on October 1 had a cost of $2,900. 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 65,000 65,000 7,000 Equivalent Units Conversion 4,600 65,000 69,600 S 2,800 72,400
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
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…
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…

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