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.Percent CompletewithRespect toConversionUnitsBeginning work in process inventoryTransferred in from the prior department during JanuaryCompleted and transferred to the next department during JanuaryEnding work in process inventory7,90066,00065,8008, 10010%80%The Molding Department's cost per equivalent unit for conversion cost for January was $3.21. How much conversion cost was assigned to the ending work in processinventory in the Molding Department for January? The Molding Department's cost per equivalent unit for conversion cost for January was $3.21. How much conversion cost was assigned to the ending work in processinventory in the Molding Department for January?Multiple ChoiceO $26,001.00O $22,108.70O $20,800.80$5,200.20

Conversion cost can be calcualted by multiplying equivalent units of production with the allocation…

Answered: Raider Corporation 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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The Fremont Company uses the weighted-average method in its process costing system. The company recorded 37,025 equivalent units for conversion costs for November in a particular department. There were 6,700 units in the ending work-in-process inventory on November 30, 75% complete with respect to conversion costs. The November 1 work-in-process inventory consisted of 8,700 units, 50% complete with respect to conversion costs. A total of 32,000 units were completed and transferred out of the department during the month. The number of units started during November in the department was:
Inacio 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 The cost per equivalent unit for materials for the month in the first processing department is closest to: Multiple Choice $16.70 $17.95 800 $ 12,900 $ 5,000 75% 20% 9,500 8,400 $ 172,000 $ 240,200 1,900 90% 30%
1. Bingham 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.Work in process, beginning: Units in beginning work-in-process inventory400Materials costs$6,900Conversion costs$2,500Percentage complete for materials80%Percentage complete for conversion15%Units started into production during the month6,000Units transferred to the next department during the month5,000Materials costs added during the month$112,500Conversion costs added during the month$210,300Ending work in process:Units in ending work-in-process inventory1,200Percentage complete for materials60%Percentage complete for conversion30%Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.2. (Ignore income taxes in this problem.) Five years ago, the City of Paranoya spent $30,000 to purchase a computerized radar system called W.A.S.T.E.…
ABC Company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process and conversion costs are added proportionately. The production quantity schedule for April is reproduced below: Work in process on April 1 (60% complete as to conversion costs) 1,000 Units started during April 5,000 Total units to account for 6,000 Units completed and transferred out 4,000 Work in process on April 30 (20% complete as to conversion costs) 2,000 Total units accounted for 6,000 Costs pertaining to the month of April are as follows: Beginning inventory costs: (DM, $54,600; Conversion, $35,560) $90,160 Costs incurred during April (DM, $468,000; Conversion $574,060) $1,042,060 Question #1: Using the weighted average method, the equivalent unit materials cost for April is? Question #2: Using the weighted average method, the 4,000 units completed during April will be transferred out at an EUP unit cost of?
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding department: Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Molding department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 58,000 Units 40,000 140,000 180,000 37,500 63,850 $ 121,850 $ 302,000 614, 150 Calculate equivalent units of production for conversion. 916,150 Direct materials Percent Complete. 100% 100% Conversion Percent Complete 55% 25%
Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 49,000 29,000 Equivalent units of production Percent Completed Materials 85% 70% The department started 391,000 units into production during the month and transferred 411,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion 55% 49% Conversion
The following data are given on the production of Perez Mfg for July: Total Equivalent Production 28,500 Placed in Process, Finished, and Transferred 20,000 Finished and on hand 6,000 units In process, end 8,000 units 1/8 done In process beginning ? 1/4 done Placed in Process ? The FIFO costing method was used. How many units were there in the beginning inventory of work in process?
Sarfina Corporation uses the FIFO method in its process costing system. Operating data for the Casting Department for the month of September appear below: Units Percent Complete with Respect to Conversion Beginning work-in-process inventory 15,000 20 % Transferred in from the prior departmentduring September 89,000 Ending work-in-process inventory 24,000 90 % According to the company's records, the conversion cost in beginning work-in-process inventory was $15,660 at the beginning of September. Additional conversion costs of $526,524 were incurred in the department during the month.What would be the cost per equivalent unit for conversion costs for September? (Round your answer to 3 decimal places.) $5.220. $5.916. $5.213. $5.340.
Multiple Choice $38,920 $32.707 $34,936 $63,771

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