Required Information [The following information applies to the questions displayed below.] The following refers to units processed by an ice cream maker in July. Gallons of Percent of Product Conversion 412,000 40% 894,000 864,000 352,000 Beginning work in process Goods started Goods completed Ending work in process 100 100 68 Compute the total equivalent units of production with respect to conversion for July using the FIFO method.

Required Information [The following information applies to the questions displayed below.] The following refers to units processed by an ice cream maker in July. Gallons of Percent of Product Conversion 412,000 40% 894,000 864,000 352,000 Beginning work in process Goods started Goods completed Ending work in process 100 100 68 Compute the total equivalent units of production with respect to conversion for July using the FIFO method.

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Description: Required Information[The following information applies to the questions displayed below.]The following refers to units processed by an ice cream maker in July.Gallons of Percent ofProductConversion412,00048%804,000864,000352,000Beginning work in pro

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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Department M had 2,300 units 56% completed in process at the beginning of June, 11,300 units completed during June, and 1,800 units 33% completed at the end of June. The number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories is Oa. 9,000 units Ob. 13,694 units Oc. 10,606 units Od. 11,894 units
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 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 44,800 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 89,600 gallons. Units transferred out in July, 100,800 gallons. Ending inventory, 33,600 gallons, 40 percent complete with respect to conversion costs. $ 62,720 39,648 $ 102,368 $ 138,880 417,312 $ 556,192 Cost of goods transferred out total Ending inventory total Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations.
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[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 71,000 Percent Complete 65% Percent Complete 35% Units started this period 377,000 Completed and transferred out 355,000 Ending work in process inventory 93,000 90% 40% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Completed and transferred out Ending work in process Total Equivalent units of production: Weighted average method Direct Materials Conversion Units Percent Complete EUP Percent Complete EUP 355,000 93,000 448,000
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XYZ Company has a cycle time of 2 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of August: RIP beginning, including P17,040 of conversion cost, P26,400; FG beginning, including P17,400 of conversion cost; P27,000; Raw materials purchased on account, P447,000; RIP end, including P18,360 of conversion cost, P28,600; FG end, including P14,400 of conversion cost, P22,000. Direct labor P213,000; Factory overhead P192,000. What is the amount of material included in the cost of goods sold? P447,000 P448,120 P449,000 P446,120
Information about units processed and processing costs incurred during a recent month in the Blending Department of a manufacturing company follow: Number of Units Conversion Costs (Percent Completion) 11,000 120,000 114,000 17,000 Beginning work in process inventory Units started into production Units completed and transferred out Ending work in process inventory The beginning work in process inventory included $11,000 of conversion cost and $12,000 in material costs. During the month, the Department incurred an additional $290,000 in conversion costs and $143,000 in material costs. All materials are added at the beginning of production in each department. Multiple Choice 35% If the company uses the weighted-average cost method, what are the equivalent units of production for conversion costs for the Blending Department for the month? 114,000 units. 30% 119,100 units.
Yuan Company has a cycle time of 3 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of July: RIP beginning, including P20,560 of conversion cost, P42,600; FG beginning, including P22,000 of conversion cost; P45,000; Raw materials purchased on account, P356,000; RIP end, including P15,500 of conversion cost, P22,500; FG end, including P11,600 of conversion cost, P16,000. Direct labor P350,000; Factory overhead P196,150. What is the total amount of cost of goods sold? a.P935,790 b.P951,250 c.P989,750 d.P902,150
Required information [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 Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 31,450 3,900 Units 470,050 263, 250 3,000 39,500 39,000 3,500 $ 35,350 733,300 $768,650 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 20% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places.
Department M had 2, 800 units 53% completed in process at the beginning of June, 11, 200 units completed during June, and 800 units 33% completed at the end of June. The number of equivalent units of production for conversion costs for June if the first - in, first-out method is used to cost inventories is a. 11,464 units b. 9, 980 units c. 8, 400 units d. 12, 264 units
Department M had 2,600 units 58% completed in process at the beginning of June, 12,100 units completed during June, and 1,500 units 25% completed at the end of June. What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories? Oa. 13,975 units Ob. 9,500 units Oc. 10,967 units Od. 12,475 units
By how much did the conversion cost EUP for the month of October using average method exceed the conversion EUP for the same month using FIFO method?