QWE Corporation has the following information available for March of the current year.Beginning Work in Process Inventory(25% complete as to conversion)10,000 unitsStartedEnding Work in Process Inventory(30% complete as to conversion)120,000 units30,000 unitsBeginning Work in Process Inventory Costs:Material2,100Conversion2,030Current Period Costs:Material$ 33,000Conversion109, 695All material is added at the start of production and all products completed are transferred out.1. Prepare an equivalent units of production schedule usinga. FIFOb. WA2. Prepare a schedule showing the computation cost per EUP assuminga. FIFOb. WA3. Prepare a schedule showing the assignment of cost assuminga. FIFOb. WA

QWE Corporation has the following information available for March of the current year. Beginning Work in Process Inventory (25% complete as to conversion) 10,000 units 120,000 units Started Ending Work in Process Inventory (30% complete as to conversion) 30,000 units Beginning Work in Process Inventory Costs: Material Conversion $ 2,100 2,030 Current Period Costs: Material Conversion $ 33,000 109, 695 All material is added at the start of production and all products completed are transferred out. 1. Prepare an equivalent units of production schedule using a. FIFO b. WA 2. Prepare a schedule showing the computation cost per EUP assuming a. FIFO

QWE Corporation has the following information available for March of the current year. Beginning Work in Process Inventory (25% complete as to conversion) 10,000 units 120,000 units Started Ending Work in Process Inventory (30% complete as to conversion) 30,000 units Beginning Work in Process Inventory Costs: Material Conversion $ 2,100 2,030 Current Period Costs: Material Conversion $ 33,000 109, 695 All material is added at the start of production and all products completed are transferred out. 1. Prepare an equivalent units of production schedule using a. FIFO b. WA 2. Prepare a schedule showing the computation cost per EUP assuming a. FIFO

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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Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 20, 553 Conversion costs 6, 805 Current period costs Direct materials 225, 147 Conversion costs 117,460 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 44,000 units Ending inventory 11,000 units (75% complete as to materials, 35% complete as to conversion) Exercise 8-44 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8 -5) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method.
The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Materials Conversion Beginning work in process (26,000 units): Percentage complete with respect to 100 % 20% Costs $ 83,600 $ 18, 636 Ending work in process (42,000 units): Percentage complete with respect to 100 % 60% Costs ? ? ? ? The Remington Plant started 216,000 units and transferred out 200,000 in July. Materials costs incurred in July were $594,000 and conversion costs were $979,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO method.
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Tech Enterprise makes a single product in two departments. The production data for Department B for August 2019 follows: Quantities: In process, August 1 (40% complete) 4,000 units Received from Department A 30,000 units Completed and transferred 25,000 units In process, August 31 (60% complete) 6,000 units Production costs: August 1 August 31 Transferred in P48,900 P267,300 Materials 11,400 202,500 Conversion cost 5,820 243,000 Materials are added at the start of the process, and losses normally occur during the early stage of the operation. Cost of goods manufactured using FIFO method.
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