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. Units Beginning work in process inventory Units started this period 67,000 Direct Materials Percent Complete 100% Conversion Percent Complete 80% 844,000 Units completed and transferred out Ending work in process inventory 715,000 196,000 100% 90% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 296,075 133,710 $ 429,785 1,981,425 2,540,490 4,521,915 $ 4,951,700 Required: 1. Compute equivalent units of production for both direct materials and conversion. Equivalent Units of Production (EUP) - Weighted Average Method Total units Direct Materials Units Percent Complete EUP Percent Complete Conversion EUP

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. Units Beginning work in process inventory Units started this period 67,000 Direct Materials Percent Complete 100% Conversion Percent Complete 80% 844,000 Units completed and transferred out Ending work in process inventory 715,000 196,000 100% 90% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 296,075 133,710 $ 429,785 1,981,425 2,540,490 4,521,915 $ 4,951,700 Required: 1. Compute equivalent units of production for both direct materials and conversion. Equivalent Units of Production (EUP) - Weighted Average Method Total units Direct Materials Units Percent Complete EUP Percent Complete Conversion EUP

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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! Required information [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Direct Materials Conversion Units Beginning work in process inventory Units started this period 4,350 Percent Percent Complete Complete 100% 40% 31,320 Units completed and transferred out 32,190 Ending work in process inventory 3,480 100% 80% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials $ 28,710 321,813 $ 350,523 Conversion 720,360 3,140,613 3,860,973 Total costs to account for $ 4,211,496 Required: 1. Prepare the Forming department's production cost report for May using the weighted average method. 2. Prepare the May 31 journal entry to transfer the cost of units from Forming to Assembly.
Universal Manufacturing uses a weighted-average process-costing system. All materials are introduced at the start of manufacturing, and conversion costs are incurred evenly throughout the process. The company's beginning and ending work-in-process inventories totaled 11,200 units and 20,700 units, respectively, with the latter units being 2/3 complete at the end of the period. Universal started 36,300 units into production and completed 26,800 units. Manufacturing costs follow. Beginning work in process: Materials, $60,700; conversion cost, $233.000 Current costs: Materials, $212,000; conversion cost, $483,000 Universal's equivalent-unit cost for conversion cost is:
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Required: Trout, Incorporated, adds direct materials at the beginning of the process, while conversion costs are incurred uniformly throughout the process. At the beginning of the period, Work In Process Inventory was 40% complete. At the end of the period, Work in Process Inventory was 70% complete. Trout, Incorporated, started the following production report: Complete the production report by filling in the missing amounts. Note: Round your "Cost per Equivalent Unit" answers to 2 decimal places. UNITS Units to be accounted for Beginning Work in Process Started into Production Total units Units accounted for: TROUT, INCORPORATED Process Costing Production Report (Weighted Average Method) Step 1: Physical Units Completed and transferred Ending Work in Process Total units COSTS Beginning inventory Current period costs Total manufacturing costs 3,000 7,800 $3,900 3,900 7,800 Step 2 Equivalent Units Direct Materials Conversion Cost 3,900 3,900 7,800 6,630 Step 3: Cost per Equivalent Unit…
Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to 5599,780 in total. The ending work in process inventory in January consisted of 3,000 units, which were 80% complete with respect to materials and 60% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and…
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. Units Beginning work in process inventory Units started this period 67,000 Direct Materials Percent Complete 100% Conversion Percent Complete 80% 844,000 Units completed and transferred out Ending work in process inventory 715,000 196,000 100% 90% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 296,075 133,710 $ 429,785 1,981,425 2,540,490 4,521,915 $ 4,951,700 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. Note: Round "Cost per EUP" to 2…
Sheridan Company has gathered the following information. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Cost of beginning work in process, plus costs incurred during the period: Direct materials Direct labor Overhead Completed and transferred out $ 18,400 Ending work in process 150,880 22,080 60 % 100 % Show the assignment of costs to units completed and transferred out and to work in process at the end of the period. $84,640 $151,616 $169,280
Required information [The following information applies to the questions displayed below.] Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials Conversion Total costs to account for Units 4,300 20,500 24,800 3,700 $ 309,760 1,382,724 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 124,510 1,692,484 $ 1,816,994 80%
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Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 6,000 100% 40% Units started this period 43,200 Units completed and transferred out 44,400 Ending work in process inventory 4,800 100% 80% Beginning work in process inventory Direct materials $ 39,600 Conversion 443,880 $ 483,480 Costs added this period Direct materials 993,600 Conversion 4,331,880 5,325,480 Total costs to account for $ 5,808,960 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200.Required:1. Prepare the Forming department’s production cost report for May using FIFO.2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.
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 Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units EUP 73,000 831,000 710,000 194,000 $352,560 165,280 2,359,440 3,140,320 Direct Materials Percent Complete 100% 3. Assign costs to the department's output-specifically, to the units…
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…