revor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in- process in December follows: Beginning Inventory, 18,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 79,000 units. Units transferred out in December, 75,000 units. Ending Inventory, 22,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the weighted-average method. Equivalent Units Materials Conversion Costs

revor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in- process in December follows: Beginning Inventory, 18,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 79,000 units. Units transferred out in December, 75,000 units. Ending Inventory, 22,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the weighted-average method. Equivalent Units Materials Conversion Costs

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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Kronk, Incorporated provides the following information concerning the work in process at its plant: Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete). Started this month, 74,500 units. Transferred out, 71,500 units. Ending inventory, 35,750 units (materials are 100 percent complete; conversion costs are 60 percent complete). Required: Compute the equivalent units for materials using FIFO. Compute the equivalent units for conversion costs using FIFO.
During December, Krause Chemical Company had the following selected data concerning the manufacture of Xyzine, an industrial cleaner: Physical Units Production Flow Completed and transferred to the next department 100 Add: Ending work-in-process inventory Total units to account for Less: Beginning work-in-process inventory Units started during December All materials are added at the beginning of processing in this department, and conversion costs are added uniformly during the process. The beginning work-in-process inventory had $120 of raw material and $180 of conversion costs incurred. Materials added during December was $540 and conversion costs of $1,484 were incurred. Krause uses the weighted-average process-costing method. The total conversion costs assigned to units transferred to the next department in December were: Select one: 10 (40% complete as to conversion) 110 20 (60% complete as to conversion) 90 a. $1,664 b. $1,600 c. $1,513 d. $1,484
Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in- process in December follows: ● Beginning inventory, 16,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 77,000 units. Units transferred out in December, 73,000 units. Ending inventory, 20,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the weighted-average method. Materials Conversion Costs Equivalent Units
Vikram Bhai
Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available. Work in process, August 1 (65% complete with respect to conversion) Started in August Completed Work in process, August 31 (71% complete with respect to conversion) Required: a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. a. Using the weighted-average method b. Using the FIFO method Equivalent Units Materials 17,700 118,900 118,900 17,700 Conversion Costs
Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is added only in the Mixing Department. The following information is given for the Processing Department for August. TI uses process costing. WIP Inventory Processing Department: August 1 Quantity (60% complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 1 Current production and costs (August) Units started Current costs Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total current cost: August WIP Inventory Processing Department (August 31) Quantity (20 % complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 31 Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out Units in ending…
Lazada Inc. adds materials at the beginning of the process in department USB. Conversion costs were 70% complete as to the 9,500 work-in-process units on September 1 and 40% incomplete as to the 7,000 work-in-process units on September 30. During September, 12,000 units were completed and transferred to the next department. An analysis of the cost relating to work-in-process on September 1 and to production activity for September is as follows: Work-in-process, September 1Materials P10,000Conversion Costs P12,000Costs incurred during SeptemberMaterials P45,000Conversion Costs P60,000The total cost per equivalent unit for September under FIFO is:
Super Sports Drinks, Inc. has two departments: Mixing and Bottling. Direct materials are added at the beginning of the mixing process and at the end of the bottling process. Conversions costs are added evenly throughout each process. Data for the month of May for the Mixing Department are as follows: Units Amount Beginning Work-in-Process Inventory 0 units Started in production 8,150 units Completed and transferred out to Bottling 4,200 units Ending Work-in-Process Inventory 60% through mixing process 3,950 units Costs Amount Beginning Work-in-Process Inventory $0.00 Costs added during May: Direct Materials $8,581 Direct Labor $2,153 Manufacturing overhead allocated $4,470 Total costs added during May $15,204 Complete the production report for the month of May.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).Super Sports Drinks, Inc. Equivalent Units UNITS Whole Units Transferred…
Stone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical Units Percent Complete for Conversion Beginning work in process 68,000 55% Ending work in process 91,000 70% Stone adds all materials at the beginning of its manufacturing process. During the month, it started 178,000 units. Required: Using the FIFO method, reconcile the number of physical units. Using the FIFO method, calculate the number of equivalent units.
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At Pablo Company, direct materials (DM) are added at the start of the process and conversion costs (CC) are added evenly during the process. Company is using FIFO Method. The following is given for a cooking department for month of May: Physical Units Beginning Work in process inventory (CC 75% complete) 12,000 Units started during current month 74,000 Units completed and transferred out during current month: 65,000 Ending Work in process inventory (CC 80% complete) 18,000 Inspection occurs when production is 100 percent completed. Normal spoilage is 4 percent of good units that successfully pass the inspection point in current month.The following cost data are available: Beginning Work in Process Costs: DM $216,000; CC $27,000 Costs added during current period: DM $1346,800; CC $234,880 1. What is the equivalent units for direct materials for May? 2. Compute the direct materials cost per equivalent unit during May. 3. What is the cost of units completed…
Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is added only in the Mixing Department. The following information is given for the Processing Department for August. Tl uses process costing. WIP Inventory Processing Department: August 1 Quantity (60% complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 1 Current production and costs (August) Units started Current costs Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total current cost: August WIP Inventory Processing Department (August 31). Quantity (20% complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 31 Required: 30,000 units $ 38,850 13,692 $ 52,542 77,000 units $ 88,900 57,100 $ 146,000 15,000 units ?? ?? ?? a. Complete the production cost report for August using the weighted-average method.…