Required information Exercise 8-37, 8-38, 8-39, 8-40 (Algo) (LO 8-2, 3, 5) [The following information applies to the questions displayed below] Pacific Ink had beginning work-in-process inventory of $861,960 on October 1. Of this amount, $351,920 was the cost of direct materials and $510,040 was the cost of conversion. The 54,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 114,000 units were transferred out and 36,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,721,900 for direct materials and $3,478,200 for conversion. Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate calculations to 2 decimal places.) Cost of goods transferred out Ending inventory

Required information Exercise 8-37, 8-38, 8-39, 8-40 (Algo) (LO 8-2, 3, 5) [The following information applies to the questions displayed below] Pacific Ink had beginning work-in-process inventory of $861,960 on October 1. Of this amount, $351,920 was the cost of direct materials and $510,040 was the cost of conversion. The 54,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 114,000 units were transferred out and 36,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,721,900 for direct materials and $3,478,200 for conversion. Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate calculations to 2 decimal places.) Cost of goods transferred out Ending inventory

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

Domestic
Carmelita Inc., has the following information available: Direct materials Conversion costs Costs from Costs from Beginning Inventory Current Period $2,000 6,200 $22,252 150,536 At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The equivalent units of production for direct materials and conversion costs, respectively, were a. 5,340 for direct materials and 4,902 for conversion costs b. 4,902 for direct materials and 4,802 for conversion costs c. 4,602 for direct materials and 4,802 for conversion costs d. 4,840 for direct materials and 4,802 for conversion costs
kskgh
am. 114.
! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Units Beginning work in process inventory 79,000 Percent Complete 80% Percent Complete 20% Units started this period 417,000 Completed and transferred out 395,000 Ending work in process inventory 101,000 85% 35% Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion $ 250,325 19,758 1,336,480 970,047 $ 270,083 Total costs to account for 2,306,527 $2,576,610 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. b. Using the…
pvn.3
Production data for the month of September was: 13,400 units Completed and Transferred out 4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material
answer in text form please (without image)
2 3 Cash 4 Accounts Receivable 1 Prepare the statement of Financial Positioning The December 31, 20XY trial balance of Alpha Co. a hybrid business that venture into providing service and merchandising business, show the following information 5 Allowance For Bad Debts 6 Notes Receivable (Trade) 7 Inventory 8 Prepaid Supplies 9 Prepaid Rent 10 Prepaid Insurance 11 Land 12 Building 13 Accumulated Depreciation - Bldg A 14 Equipment 15 Accumulated Depreciation - Equipment 16 Accounts Payable 17 Notes Payable - Short-Term Loan 18 19 Notes Payable - Long-Term Loan (P50,000 due within 1 year) 20 Interest Payable 21 Salaries Payable 22 Utilities Payable 23 Unearned Income 24 Owner's Capital 25 75 B 35,000.00 125,000.00 12,000.00 250,000.00 25,000.00 30,000.00 15,000.00 1,250,000.00 2,200,000.00 850,000.00 4,792,000.00 USE EXCEL AND SHOW FORMULAS FOR UPVOTE :) 35,000.00 1,800,000.00 320,000.00 125,000.00 300,000.00 1,500,000.00 75,000.00 125,000.00 10,000.00 45,000.00 457,000.00 4,792,000.00
es Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2,5) The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 59,000 38,000 $ 97,000 $ 150,000 400,000 $ 550,000 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 43,000 partially complete gallons, 55 percent complete with respect to conversion costs. ⚫ Units started in July, 83,000 gallons. • Units transferred out in July. 93,000 gallons. • Ending inventory, 33,000 gallons, 70 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit Direct Materials $ 1.19 Conversion Costs $ 4.44
shobha
Required information [The following information applies to the questions displayed below.] Select the best answer for each of the following independent multiple-choice questions. Required: a. Hillger Paints production cycle starts in Department A. The following information is available for April: Work in process, April 1 (30% complete) Started in April Work in process, April 30 (70% complete) Units 125,000 405,000 67,000 & Exi Materials are added at the beginning of the process in Department A. Using the weighted-average method, what are the equivalent units of production for the month of April?