Raider Corporation uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January. Beginning work in process inventory Transferred in from the prior department during January Completed and transferred to the next department during January Ending work in process inventory Units 7,800 65,000 64,800 8,000 Percent Complete with Respect to Conversion The Molding Department's cost per equivalent unit for conversion cost for January was $3.20. How much conversion cost was assigned to the ending work in process inventory in the Molding Department for January? 10% 80%

Raider Corporation uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January. Beginning work in process inventory Transferred in from the prior department during January Completed and transferred to the next department during January Ending work in process inventory Units 7,800 65,000 64,800 8,000 Percent Complete with Respect to Conversion The Molding Department's cost per equivalent unit for conversion cost for January was $3.20. How much conversion cost was assigned to the ending work in process inventory in the Molding Department for January? 10% 80%

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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Haffner 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 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 2,000 $9,300 $ 10,600 85% 55% 8,500 7,600 $ 104,200 $ 185,900 2,900 60% 50% The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round "Cost per equivalent unit" to 3 decimal places.)
Data concerning a recent period's activity in the Assembly Department, the first processing department in a company that uses the FIFO method in its process costing, appear below: Cost of work in process inventory at the beginning of the period Equivalent units in the ending work in process inventory Equivalent units required to complete the beginning work in process inventory Cost per equivalent unit for the period A total of 26,000 units were completed and transferred to the next processing department during the period. Beginning work in process Inventory consisted of 2,000 units and ending work in process inventory consisted of 1,000 units. 1. Cost of ending work in process inventory 2. Cost of the units transferred to the next department Materials $ 3,200 400 600 $ 2.32 Required: 1. Compute the Assembly Department's cost of ending work in process inventory for materials, conversion, and in total for the period. 2. Compute the Assembly Department's cost of units transferred out to…
May Company uses the weighted average method in its process costing system. Operating data for the Casting Department for the month of September appear below: Units Percentage complete Beginning work in process inventory 19 000 80% Transferred in from the previous department during September 74 000 Ending work in process inventory 17 000 90% According to the company's records, the conversion cost in beginning work in process inventory was R83 600 at the beginning of September. Additional conversion costs of R427 682 were incurred in the department during the month. No losses occurred during the month. Calculate the cost per equivalent unit for conversion costs for September. (Round off to three decimal places.) A. R5.498 B. R4.684 C. R6.580 D. R5.600
Clonex Labs, Incorporated, uses the weighted average method in its process costing system. The following data are available for one department for October: Units Percent Completed Materials Conversion Work in process, October 1 48,000 90 % 60% Work in process, October 31 36,000 75 % 52% The department started 398,000 units into production during the month and transferred 410,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion Equivalent units of production
Janner Corporation uses the weighted-average method in its process costing system. Operating data for the Painting Department for the month of April appear below: Units Percent Complete withRespect to Conversion Beginning work in process inventory 4,000 50 % Transferred in from the prior department during April 90,400 Ending work in process inventory 1,600 60 % What were the equivalent units for conversion costs in the Painting Department for April? 92,800 88,000 93,760 91,360
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Kansas Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below: Units Percent Complete with Respect to Conversion Beginning work-in-process inventory 11,000 50 % Started into production during June 98,000 Ending work-in-process inventory 21,000 80 % According to the company's records, the conversion cost in beginning work-in-process inventory was $46,915 at the beginning of June. Additional conversion costs of $825,183 were incurred in the department during the month.What was the cost per equivalent unit for conversion costs for the month? (Round your answer to 3 decimal places.) $8.322. $6.934. $8.530. $8.420.
Kurtulus 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 month Materials costs added during the month Conversion costs added during the month O $40,868 O $40,535 O $59,904 $ $ O $46,991 1900 8300 3600 55% 25% Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round your intermediate calculations to 3 decimal places.) 7800 7000 $…
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Clonex Labs, Incorporated, uses the FIFO method of process costing. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 26,000 14,000 Percent Completed Materials 58% 76% Conversion 27% 44% The department started 174,000 units into production during the month and transferred 186,000 completed units to the next department. Required: Compute the equivalent units of production for materials and conversion for October. Equivalent units of production Materials Conversion
Sanchez Corporation uses the weighted-average method in its process costing system. The Fitting Department is the second department in its production process. The data below summarize the department's operations in March. Units CC % Completion Beg WiP 7,000 60% Transferred in from the prior deptduring March 52,000 End Wip 3,500 80% The Fitting Department's cost per equivalent unit for conversion cost for March was $8.66. How much conversion cost was assigned to the units transferred out of the Fitting Department during March?
Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 33,500 70% 30% Units started this period 470,000 Completed and transferred out 468,500 Ending work in process inventory 35,000 90% 50% Production cost information for the forming department follows. Beginning work in process Direct materials $ 55,000 Conversion 22,100 $ 77,100 Costs added this period Direct materials 1,745,000 Conversion 1,154,020 2,899,020 Total costs to account for $ 2,976,120 Calculate the equivalent units of production for both direct materials and conversion for the Forming department. Calculate the costs per equivalent unit of…