Required information[The following information applies to the questions displayed below.]Saddleback Company makes camping lanterns using a single production process. All direct materials are added at thebeginning of the manufacturing process. Information for the month of March follows:Units121,800CostsBeginning work in process (30% complete)Direct materialsConversion cost$ 200,000352,000Total cost of beginning work in process$ 552,000Number of units startedNumber of units completed and transferred tofinished qgoodsEnding work in process (65% complete)Current period costsDirect materialsConversion cost251,000335,600?$ 515,400656,000Total current period costs$1,171,400Required:1. Using the weighted-average method of process costing, complete each of the following steps:a. Reconcile the number of physical units worked on during the period.b. Calculate the number of equivalent units.c. Calculate the cost per equivalent unit.d. Reconcile the total cost of work in process.X Answer is not complete.Complete this question by entering your answers in the tabs below.Req 1AReg 1BReq 10Reg 1DUsing the weighted-average method of process costing, reconcile the number of physical units worked on during the period.PhysicalUnitsPhysicalUnitsBeginning Units121,800 OUnits Completed335,600 OUnits Started251,000 OEnding Units37,200 OTotal Units372.800Total Units372,800Req 1AReg 1BReg 10Req 1DUsing the weighted-average method of process costing, calculate the number of equivalent units.Equivalent UnitsPhysicalUnitsDirectConversionMaterialsUnits Completed335.600335,600 O335,600Ending Inventory37,20037,200 O26,700 xTotal372,800372,800362,300Req 1AReq 1BReq 10Reg 1DUsing the weighted-average method of process costing, calculate the cost per equivalent unit. (Round Cost per Equivalent Unitto 5 decimal places.)DirectMaterialsConversionCost per Equivalent UnitReq 1AReq 1BReq 10Req 1DUsing the weighted-average method of process costing, reconcile the total cost of work in process. (Use Cost per EquivalentUnit rounded to 5 decimal places and round your final answers to the nearest dollar amount.)DirectMaterialsConversionTotal CostUnits CompletedEnding InventoryTotal Cost Accounted for$$

Name: Required information[The following information applies to the questio
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Required information[The following information applies to the questions displayed below.]Saddleback Company makes camping lanterns using a single production process. All direct materials are added at thebeginning of the manufacturing process. Inform

Business

Accounting

Required information [The following information applies to the questions displayed below.] Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March follows: Units 121,800 Costs Beginning work in process (30% complete) Direct materials 200,000 352,000 552,000 Conversion cost Total cost of beginning work in process $ Number of units started 251,000 Number of units completed and transferred to finished goods Ending work in process (65% complete) Current period costs 335,600 ? Direct materials 515,400 656,000 $1,171,400 Conversion cost Total current period costs Required: 1. Using the weighted-average method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process.

Required information [The following information applies to the questions displayed below.] Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March follows: Units 121,800 Costs Beginning work in process (30% complete) Direct materials 200,000 352,000 552,000 Conversion cost Total cost of beginning work in process $ Number of units started 251,000 Number of units completed and transferred to finished goods Ending work in process (65% complete) Current period costs 335,600 ? Direct materials 515,400 656,000 $1,171,400 Conversion cost Total current period costs Required: 1. Using the weighted-average method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process.

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

Alvis Construction Supply Company has a department that manufactures wood trusses (wood frames used in the construction industry). The following information is for the production of these trusses for the month of February: Work-in-process inventory, February 1 Direct materials: 100% complete Conversion: 20% complete Units started during February Units completed during February and transferred out Work-in-process inventory, February 29 Direct materials: 100 % complete Conversion: 40% complete Costs incurred during February Direct materials Conversion Required Using the weighted-average method, calculate the following: 1-a. Cost per EU 1-b. Cost of goods completed and transferred out 1-c. Costs remaining in the WIP Inventory account 2. The weighted-average cost per equivalent unit 1-a. Costs per equivalent unit. (Round your answers to 4 decimal places.) 1-b. Cost of goods completed and transferred out. (Round "Cost per EU" to 4 decimal places. Round final answer to nearest whole…
Stone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical Units Percent Complete for Conversion Beginning work in process 44,000 54% Ending work in process 40,000 72% Stone adds all materials at the beginning of its manufacturing process. During the month, it started 93,000 units. Required: Using the weighted-average method, reconcile the number of physical units. Using the weighted-average method, calculate the number of equivalent units.
The Farmer Company produces an engine lubricant in one production department. In accounting for product costs, the company uses the weighted average method. During the month of January, 120,000 units (in gallons) were started. The following additional information is available: Units (in gallons) % complete with respect to Direct Material % complete with respect to Conversion Costs Work In Process Jan. 1 20,000 80% 60% Work In Process Jan. 31 15,000 45% 50% Direct Materials Direct Labor Applied MOH Costs included in WIP on Jan. 1 $56,000 $34,000 $12,000 Costs incurred during the period $425,750 $386,750 $76,500 What is the balance reported in Work in Process at the end of January? (Do not use a dollar sign and round your final answer to the nearest whole dollar...no decimals)
Data for June are as follows for Superior Corp., which uses FIFO process costing: Units Beginning work in process Units started in process 5,600 114,000 Costs Beginning work in process: $18,500 $3,700 Materials Conversion June's costs: Materials $444,300 Conversion 190,700 All materials are added at the beginning of the process. The beginning work in process was 20 percent complete for conversion costs. During June, 116,200 units were completed. The ending work in process was 30 percent complete as to conversion costs. Cost of ending work in process = $
Dimahirap company adds all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in Work in process, beginning and 50% complete as to 6,000 units in Work in process, end. During the month, 12,000 units were completed and transferred to the next department. Analysis of the costs relating to production for october follows: work in process beginning: materials 9,600, conversion cost 4,800; costs added this month: materials 15,600, conversion cost 14,400. How much is the cost per equivalent unit for the month using fifo costing?
Madad Company had the following production and cost information for its blending department during February (with materials added at the beginning of the process): Production: Units in process February 1, 50% complete with respect to conversion 2,000 Units completed 13,000 Units in process, February 28, 60% complete 2,400 Costs: RM Work In Process, February 1 16,000 Materials 12,000 Conversion costs 28,00 Current Costs: Materials 50,000 Conversion costs 84,000 Total 134,000 REQUIRES: 1 Develop an equivalent units schedule. 2 Calculate the unit cost. 3 Calculate the costs of units transferred out and the cost of EWIP.
Badgersize Company has the following information for its Forming Department for the month of August. Work in Process Inventory, August 1: 20,000 units Direct materials: 100% complete Conversion: 20% complete Balance in work in process, August 1 Units started during August Units completed and transferred in August Work in process (70% complete), August 31 Costs charged to Work in Process in August Direct materials Conversion costs: Direct labor Overhead applied Total conversion a. b. Assume materials are added at the start of processing. Required: a. Calculate the equivalent units for the Forming Department for the month of August. b. Find the cost per equivalent unit of direct materials and conversion associated with the units transferred during the month. (Round your answers to 2 decimal places.) Equivalent units Cost per equivalent unit Direct Materials $ 80,000 24,000 $ 104,000 48,000 60,000 ? Conversion $ 130,000 $ 105,000 149,000 $ 254,000
please answer complete question with detailed working
The Kirkland Department of Delta Company began the month of December with beginning work in process of 4,000 units that are 80% complete as to materials and 20% complete as to conversion costs. Units transferred out are 12,000 units. Ending work in process contains 2,000 units that are 80% complete as to materials and 60% complete as to conversion costs. Compute the equivalent units of production for materials using the FIFO method? a-10,000 b-12,000 c-12,400 d-10,400 e-12,800
Data for June are as follows for Superior Corp., which uses FIFO process costing: Units Beginning work in process 5,600 Units started in process 114,000 Costs Beginning work in process: Materials $18,500 Conversion $3,700 June's costs: Materials $444,300 Conversion 190,700 All materials are added at the…
Stone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical Units Percent Complete for Conversion Beginning work in process 68,000 55% Ending work in process 91,000 70% Stone adds all materials at the beginning of its manufacturing process. During the month, it started 178,000 units. Required: Using the FIFO method, reconcile the number of physical units. Using the FIFO method, calculate the number of equivalent units.