Required information[The following information applies to the questions displayed below.]The first production department in a process manufacturing system reports the following unit data.Beginning work in process inventoryUnits started and completed24,000 units56,000 unitsUnits completed and transferred outEnding work in process inventory80,000 units16,000 unitsPrepare the department's equivalent units of production for direct materials for each of the three separate assumptions using the FIFOmethod.

Equivalent Units of Production (EUP) -FIFO Method Direct Material Units Percent…

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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 Molding Department of Swifty Company has the following production data: beginning work in process 24600 units (60% complete), started into production 470400 units, completed and transferred out 444600 units, and ending work in process 50400 units (40% complete). Assuming all materials are entered at the beginning of the process, equivalent units of production for materials are: 444600. 420000. 520800. 495000.
Daffy Corporation has two processing departments-Mixing and Cooking. Daffy uses the FIFO method. The following information relates to the Mixing Department: Mixing Department Beginning work in process inventory Units started into production during the period Units transferred out during the period Ending work in process inventory Units 200 3,000 2,600 600 2,640 2,720 O 2,750 2,840 Percentage Complete Materials 55% 25% Knowledge Check 01 What is the number of equivalent units of production with respect to materials during the period? Conversion 60% 40%
Required information [The following information applies to the questions displayed below.] 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 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 76,00 874,000 750,000 200,000 $ 494,000 87,000 3,306,000 1,653,000 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 80% $ 581,000 4,959,000 $ 5,540,000 Required: 1. Compute equivalent units of production for both direct materials and conversion. 60%
Required information Use the following information for the Exercises below. (Algo) [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 Percent Complete 60% Conversion Percent Complete 40% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 30,000 400,000 390,000 40,000 85% 35% Production cost information for the forming department follows. Beginning work in process Direct materials $ 50,800 19,300 $ 70,100 Conversion Costs added this period Direct materials 1,539,200 1,047,260 2,586,460 $ 2,656,560 Conversion Total costs to account for Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to…
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[The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 875,840 $ 27,150 3,658 $ 30,800 552,450 323,390 5906,640 Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 2,500 100% 20% Units started this period 43,500 Completed and transferred out 43,000 Ending work in process inventory 3,000 100% без Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for Total units to account for Units accounted for Total units accounted for Equivalent Units of Production (EUP) Equivalent units of production Cost per EUP Total costs -Equivalent units of production Cost per equivalent…
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Prepare the necessary report together with a detailed schedule of ending work in process inventory; make journal entries to indicate the costs put to production and the departmental transfer. The Precision Products Company manufactures a single product being used for heavy industrial machineries. It operates on 3 shifts under 2 departments, Cutting Dept and Smoothing Dept. Materials are added to the product in each department; however, the number of units produced are not increased in the process. The following records for each department were obtained from the books of Precision Products Company for the month of January, 2019. Cutting Department Smoothing Department Work in process, January 1, 2019 Units transferred from preceding department 80,000 Units started in production 100,000 Units completed and transferred out 80,000 60,000 Units in process, January 31 20,000 18,000 Units spoiled in production 2,000 Spoiled units are 50% complete as to materials, labor,…

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