Required information 21 3 Data 4. Beginning work in process inventory: Units in process 200 6. Completion with respect to materials 50 % 7. Completion with respect to conversion 40 % 8. Costs in the beginning work in process inventory: Materials cost 2,590 10 Conversion cost 6,184 16,500 $ 11 Units started into production during the period 12 Costs added to production during the period: 13 Materials cost $ 415,325 14 Conversion cost $ 1,266,500 15 Ending work in process inventory: 16 Units in process 100 17 Completion with respect to materials Completion with respect to conversion 50 % 18 80 % %24

Required information 21 3 Data 4. Beginning work in process inventory: Units in process 200 6. Completion with respect to materials 50 % 7. Completion with respect to conversion 40 % 8. Costs in the beginning work in process inventory: Materials cost 2,590 10 Conversion cost 6,184 16,500 $ 11 Units started into production during the period 12 Costs added to production during the period: 13 Materials cost $ 415,325 14 Conversion cost $ 1,266,500 15 Ending work in process inventory: 16 Units in process 100 17 Completion with respect to materials Completion with respect to conversion 50 % 18 80 % %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory Cost per equivalent unit 2,190 $ 13.96 870 $ 4.63 A total of 21,900 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (Round your final answers to the nearest whole dollar amount.) Materials Conversion Total 1. Cost of ending work in process inventory 2. Cost of units transferred out Prev 2 of 4 Next > o search 2 Desktop
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out. Ending work in process inventory Beginning work in process inventory Direct materials Units The production department had the cost information below. Conversion Costs added this period Direct materials Conversion Total costs to account for 60,000 322,000 300,000 82,000 $ 118,472 48,594 850,368 649,296 Direct Materials Conversion Percent Complete 60% 80% $ 167,066 1,499,664 $1,666,730 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Percent Complete 40% 30%
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 67,000 357,000 335,000 89,000 Completed and transferred out Ending work in process Total Direct Materials Percent Units 335,000 89,000 424.000 Complete Percent Complete 70% 30% 85% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Conversion Equivalent units of production: Weighted average method Direct Materials Percent Complete 85% 35% EUP Percent Complete Conversion EUP
Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 60,000 60% 40% Units started this period 322,000 Completed and transferred out 300,000 Ending work in process inventory 82,000 80% 30% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method.
Units 15,000 Work in process, May 1 Units started during May 60,000 Units completed and transferred out 68,000 Work in process, May 31 7,000 Direct Materials Conversion Costs Total Costs: Work in process, May 1 $ 41,250 Costs incurred during May 234,630 Totals $ 16,500 72,000 $275,880 $88.500 None of the answers is correct. $2.50 $2.76. $2.53. $24.750 162,630 $ 187,380 Using the weighted-average method of process costing, the cost per unit of conversion activity is: $2.70.
32 31 At the beginning of the month, the Painting department of Skye Manufacturing reported the following Beginning work in procesa inventory Units started this period Units completed and transferred out Ending work in process inventory Production cost information for the Painting department follows Beginning work in process Direct materials. Conversion Costs added this period Direct materials Conversion $ 29,400 6,950 Multiple Choice $ 235,700 590,015 Unite 23,500 122,000 127,000 18,500 36,350 825,715 Direct materials Conversion Percent Percent Complete BON 30% Complete 20% Help Save & Ret Skye Manufacturing uses the weighted-average method of process costing, compute the cost per equivalent unit for direct materials and conversion espectively for the Painting department. V
Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Equivalent units in ending work in process inventory Cost per equivalent unit Materials 2,140 $ 13.96 Conversion 900 $ 5.03 A total of 21,200 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) 1. Cost of ending work in process inventory 2. Cost of units transferred out Materials Conversion Total
Problem 16-3B Weighted average: Production cost report P2 P4 Switch Co. manufactures a single product in two departments: Cutting and Assembly. Information for the Cutting process for January follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Check (2) Cost transferred out, $741,400 Units 10,000 250,000 220,000 40,000 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Direct Materials Percent Complete 75% 50% Percent Complete $ 7,500 49,840 $ 57,340 Conversion 112,500 616,000 728,500 $785,840 60% 30% Required 1. Prepare the Cutting department's production cost report for January using the weighted average method. 2. Prepare the January 31 journal entry to transfer the cost of units from Cutting to Assembly.
Beginning work in process inventory Units started this period Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Units 30,000 390,000 380,000 40,000 Required A Required B Required C $50,200 18,900 Completed and transferred out Ending work in process 1,507,160 1,031,660 Units 380,000 40,000 Complete this question by entering your answers in the tabs below. Direct Materials Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to output LO P1 Percent Complete 80% a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department c. Using the weighted average method, assign costs to the forming…
E 3 Mc Graw Hill connect® Problem 20-1A Weighted average: Cost per equivalent unit; costs assigned to products P1 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 C $ Check (2) Conversion cost per equivalent unit, $4.50 4 Conversion Costs added this period Direct materials % Beginning work in process inventory Direct materials Conversion Total costs to account for 5 Required 1. Compute equivalent units of production for both direct materials and conversion. 2. Compute cost per equivalent unit of production for both direct materials and conversion. Unit Oll 60,000 820,000 700,000 180,000 A 6 Direct Materials Percent Complete $ 420,000…
PAS. LO 5.3 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 Units to Account For Beginning inventory: materials Beginning inventory: conversion Direct materilal Direct labor $ 10,000 19,000 50,000 75,000 37,248 $191,248 5,000 20,000 19,000 Beginning work in process Units started into production Transferred out Applied overhead Total costs to account for