PROBLEM 23: Cost of Production Report (Continuous)RMG Corporation has the following information for the current month:Units startedunitsBeginning Work in Process: (65% to be done)Total spoilageSpoilage within tolerance levelEnding Work in Process: (20% incomplete)Transferred out175,00035,00014,8756,12525,375unitsunitsunitsunits?unitsBeginning Work in Process Costs:MaterialP46,25060,675ConversionCurrent Costs:P170,625265,335MaterialConversionAll materials are added at the start of the production process. RMG Corporationinspects goods at 100 percent completion as to conversion. Using the methodthat does not commingle the beginning and current period production activityRequired: (Use five decimal places to compute for unit cost)a. What are equivalent units of production for conversion cost?b. Total costs of transferred out unitsc. The amount of work in-process, end

We will use FIFO(First in first out) method for valuation of opening work in progress. We have…

Answered: Required: (Use five decimal places to…

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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When units are produced over multiple periods (i.e. incomplete at the end of one period) production cost are assigned to individual units based on : -Equal units, -Equal costs -Equivalent cost -Equivalent units,
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The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.
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 4,400 20, 600 25,000 3,800 $314, 760 1,374,948 Direct Materials Conversion Percent Percent Complete Complete 100% 30% 100% $ 124,790 1,689, 708 $ 1,814, 498 70%
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Godo
Subject: Accounting
The direct costs are: a. allocated to products b. traced to products c. absorbed by products d. apportioned to products/centres
How would I start a Production Cost Report. Should I use the refined weighted average method to start or should I use this formula? Units completed / and transferred out + Equivalent units of ending work in process-Materials= Equivalent Units of Production Materials?
3. Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: beginning inventory of 2,500 units is 100% complete with regard to materials and 60% complete with regard to conversion 18,000 units were started during the period 17,500 units were completed and transferred ending inventory is 100% complete with materials and 65% complete with conversion PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units ? ? ? ? ? ? Units Accounted For: Total Units…
Explain need for calculating more than one equivalent units of production.
1 (b) Explain briefly the following terms: Discrete and continuous units Equivalent units Scrap Batch costing.

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Required: (Use five decimal places to compute for unit cost) a. What are equivalent units of production for conversion cost? b. Total costs of transferred out units c. The amount of work in-process, end