Question:Ebony Company uses the weighted-average method of processcosting to assign production costs to the products. Information forApril follows. Assume that all materials are added at the beginning ofthe production process, and that direct labor and factory overheadare added uniformly throughout the process. Complete a processcost summary using the following sections:Beginning WIPUnits completed and transferredUnits Material Conversion5000 50000 10000020000 250000 500000Ending WIP 80% complete with 7000respect to conversion and 100% formaterials1. Costs charged to production2. Unit cost information3. Equivalent units of production4. Cost per Equivalent unit of production

To complete the process cost summary for Ebony Company using the weighted-average method, we will…

Answered: Question: Ebony Company uses the…

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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1. Using the following terms, complete the production cost report shown below: Ending work in process Total costs to account for Cost per equivalent unit Units started into production Manufacturing Overhead Beginning work in process Total units accounted for Raw Materials Inventory Transferred in costs Incurred during the period Completed and transferred out Total costs accounted for Transferred out costs Equivalent units Total units to account for Materials are added at the beginning of a production process, and ending work in process inventory is 30% 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 $10,000 Beginning inventory conversion 19,000 Direct materials 50,000 Direct labor 75,000 Applied overhead 37,248…
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ABC Products Company uses process costing to manufacture its products. For June, the company had the following data. Beginning work in process inventory Degree of completion 25% 4,500 units Units started in June 15,000 units Units completed 17,500 units Ending work in process inventory Degree of completion 75% 2,000 units Cost of beginning work in process $5,250 Direct material costs, current $16,500 Conversion costs, current $23,945 Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. Required: Prepare a production cost worksheet using the FIFO method Prepare a production cost worksheet using the Weighted Average Method. Under which circumstances there will be no difference between using FIFO or Weighted Average Method for process costing. Please make your comments only for process costing not as an inventory cost flow approach.
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
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 76,00 874,000 750,000 200,000 $ 494,000 87,000 3,306,000 1,653,000 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 80% $ 581,000 4,959,000 $ 5,540,000 Required: 1. Compute equivalent units of production for both direct materials and conversion. 60%
Swifty Company has the following production data for May: ● Beginning work in process inventory, O units ● Units started, 74,800 • Ending work in process inventory, 6,100 units that are 100% complete for materials and 60% complete for conversion costs Unit materials cost, $5 Unit conversion cost, $8 ● . Determine the costs to be assigned to the units completed and transferred out and the number of units in ending work in process inventory. Cost assigned to units completed and transferred out Cost assigned to the units in ending work in process inventory $
added when the units are one-half completed. Labor and factory overhead are applied evenly during the process. Make the following computations for each case: a. Unit cost of materials, labor, and factory overhead for the month b. Cost of the units finished and transferred during the month Cost of the units in process at the end of the month C. E6-4 Calculating equivalent units Conte Chemnical Co. uses the weighted average cost method. All materials are added at the start of the production process. Labor and overhead are added evenly at the same rate throughout the process. Conte's records indicate the following data for May: Beginning work in process, May 1 (50% completed). Started in May..... 1,000 units 5,000 units Completed and transferred 4,000 units Ending work in process, on May 31, is 75% completed as to labor and factory overhead. Make the following calculations: a. Equivalent units for direct materials b. Equivalent units for labor and overhead (Hìnt first determine the ending…
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In using average method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For October 2021, Cruz Company presented the following costs on three processes: What is the total costs of work in process at October 31, 2021 in Department C? P 43,900 P 50,980 P141,800 P 46,920
Mccabe Corporation uses the weighted-average method in its process costing. The following data pertain to its Assembly Department for September. Percent Complete Materials Conversion 10 % Units 800 55 % Work in process, September 1 Units started into production during September Units completed during September and transferred to the next department Work in process, September 30 8, 200 7,300 1,700 75% 25 % Required: Compute the equivalent units of production for both materials and conversion costs for the Assembly Department for September using the weighted-average method. Materials Conversion Equivalent units of production
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