Required informationUse the following information for the Quick Study below. (Static)[The following information applies to the questions displayed below.]A process manufacturer reports the following:Beginning work in process inventoryUnits started this periodUnits completed and transferred outEnding work in process inventoryTotalUnits150,000310,000340,000120,000ConversionPercentComplete80%QS 16-5 (Static) Weighted average: Computing equivalent units of production LO P125%Compute the total equivalent units of production for conversion. The company uses the weighted average method.UnitsEquivalent units of production: Weighted average methodConversionPercent CompleteEUP

Required information Use the following information for the Quick Study below. (Static) [The following information applies to the questions displayed below.] A process manufacturer reports the following: Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units 150,000 310,000 340,000 120,000 Conversion Percent Complete 80% 25% quivalent units of production LQ P1

Required information Use the following information for the Quick Study below. (Static) [The following information applies to the questions displayed below.] A process manufacturer reports the following: Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units 150,000 310,000 340,000 120,000 Conversion Percent Complete 80% 25% quivalent units of production LQ P1

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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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Required information Skip to question [The following information applies to the questions displayed below.]The first production department of Stone Incorporated reports the following for April. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 60,000 60% 40% Units started this period 322,000 Completed and transferred out 300,000 Ending work in process inventory 82,000 80% 30% The production department had the cost information below. Beginning work in process inventory Direct materials $ 118,472 Conversion 48,594 $ 167,066 Costs added this period Direct materials 850,368 Conversion 649,296 1,499,664 Total costs to account for $ 1,666,730 (a) Calculate the costs per…
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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
Problem 3. A company uses the FIFO method to account for its work in process inventories. The accounting records show the following information: * uIt 1011owing information: Beginning work in process inventory Materials Conversion costs Debits to work in process inventory this period: P 360 180 Materials Conversion costs P 3,714 2,258 Units: Beginning inventory Percent of completion (materials, 60%, conversion cost, 30%) Started this period Ending inventory Percent of completion:(materials, 40%, conversion cost, 20%) 300 units 2,000 units 600 units Requirements: 1. Compute the equivalent units for materials and conversion costs. 2. Compute the unit cost for materials and conversion costs. • 3. Compute the cost of goods transferred out. 4. Compute the cost of the ending inventory.
The first production department in a process manufacturing system reports the following unit data. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory 30,400 units 45,600 units 76,000 units 17,300 units Prepare the department's equivalent units of production for direct materials for each of the three separate assumptions using the FIFO method. Equivalent Units of Production (EUP)-FIFO Method 1. All direct materials are added to products when processing begins. Direct Materials Units Percent Added EUP Beginning work in process inventory Ending work in process inventory 30,400 17,300 100% 100% Total 2. Beginning inventory is 30% complete as to direct materials costs. Ending inventory is 75% complete as to direct materials costs. Total Direct Materials Units Percent Added EUP 3. Beginning inventory is 70% complete as to direct materials costs. Ending inventory is 20% complete as to direct materials costs.…
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 — 134,150 133,350 25 2 522 132,595 132,542 24 3 340 133,245 133,425 20 4 487 134,842 134,329 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
Assign costs of ending work in process inventory and the units transferred out.
6 Compute the conversion cost per equivalent unit for the Production department using the weighted-average method. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Production department follows. Beginning work in process Direct materials. Conversion Costs added this period Direct materials Conversion $ 93,500 107,000 Units 18,000 90,000 108,000 30,000 $ 253,000 291,160 $ 200,500 $544,160 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% 60%
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TB MC Qu. 16-158 (Algo) Compute the number of equivalent units... Compute the number of equivalent units with respect to conversion using the weighted-average method. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Units 40,000 140,000 180,000 28,000 Direct Materials Conversion Percent Percent Complete 100% 100% Complete 35% 50%
Question Content Area Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory 21,000 Started during the month 76,000 Total units to account for fill in the blank 1 Completed and transferred out 73,000 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 25% Materials Units Conversion Units Total Units Completed and transferred out 73,000 73,000 73,000 Ending work in process fill in the blank 4 fill in the blank 5 fill in the blank 6 Total units to account for fill in the blank 7 fill in the blank 8 fill in the blank 9 Costs to account for Materials Conversion Total Beginning work in process $3,500 $16,000 $19,500 Transferred in — — — Incurred during the period 25,600 47,200 72,800 Total costs…