Required information [The following information applies to the questions displayed below.] A process manufacturer reports the following: Total Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units 198,000 430,000 460,000 168,000 Compute the total equivalent units of production for conversion. The company uses the weighted average method. Equivalent units of production: Weighted average method Conversion Units Conversion Percent Complete 80% Percent Complete 25% EUP

Required information [The following information applies to the questions displayed below.] A process manufacturer reports the following: Total Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units 198,000 430,000 460,000 168,000 Compute the total equivalent units of production for conversion. The company uses the weighted average method. Equivalent units of production: Weighted average method Conversion Units Conversion Percent Complete 80% Percent Complete 25% EUP

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Description: Required information[The following information applies to the questions displayed below.]A process manufacturer reports the following:TotalBeginning work in process inventoryUnits started this periodUnits completed and transferred outEnding work in

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 cost per equivalent unit of direct materials and conversion in the Bottling Department of Beverages on Jolt Company is $0.50 and $0.20, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, beginning of period Started and completed during the period Transferred out of Bottling (completed) Inventory in process, end of period Total units to be assigned costs Direct Materials 52,120 0 52,120 3,010 55,130 LA LA Conversion The beginning work in process inventory had a cost of $3,020. Determine the cost of completed and transferred-out production and the ending work in process inventory. When required, round your answers to the nearest dollar. Completed and transferred out production Inventory in process, ending 3,110 52,120 55,230 2,700 57,930
A process manufacturer that uses the weighted-average method reports the following. Beginning work in process inventory Units completed and transferred out Ending work in process inventory Equivalent units of production for conversion are: Multiple Choice O 125,200. Units 38,000 108,000 43,000 Conversion Percent Complete 80% 40%
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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%
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The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process. Quarter BeginningWIP Started TransferredOut Conversion(%) 1 — 134,150 133,250 25 2 524 132,594 132,493 24 3 339 133,246 133,445 20 4 489 134,845 134,434 23 What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent. Quarter 1 Quarter 2 Quarter 3 Quarter 4 Units for material costs fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Units for conversion costs fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8
Required information [The following information applies to the questions displayed below.] Units of Percent of Blending Process Beginning work in process Product Conversion 164,000 345,000 375,000 134,000 85% Goods started 100 Goods completed Ending work in process 100 40 Compute the total equivalent units of production for conversion using the weighted-average method. Equivalent units of production (EUP) with respect to conversion - weighted average method Units % Conversion EUP Total
Required information [The following information applies to the questions displayed below.] 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. Direct Materials Conversion Units Beginning work in process inventory 25,000 Percent Percent Complete Complete 60% 40% Units started this period Completed and transferred out 300,000 295,000 Ending work in process inventory 30,000 80% 30% Production cost information for the forming department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 44,800 15,300 $ 60,100 1,231,200 896,700 2,127,900 $ 2,188,000 Assume that Fields uses the FIFO method of process costing. a. Calculate the number of units started and completed this period for the…
Required information [The following information applies to the questions displayed below.] 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 Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 Beginning inventory Current period units started Ending inventory 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units 45,200 units (40% complete as to materials, 15% complete as to conversion) 23,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.