Richards Corporation uses the weighted-average method of process costing. The following information is available for October in its Fabricating department:Conversion PercentDirect materialsUnitsPercent CompleteBeginning work in process inventory95,00070%Units started and completed280,000Units completed and transferred out375,000Ending work in process inventory37,50030%Production cost information for the Fabricating department follows.Beginning work in process$ 113,76094,700$ 208,460$ 802,8001,091,0501,893,850Direct materialsConversionCosts added this periodDirect materialsConversionculate the cost per equivalent unit for conversion.Multiple ChoiceO$2.94ОО$3.03$3.1680F3aF43$485Complete20%10%< Prev39 of 39NextF5F6&AF7DII4FSF9F1067890ERTYU0DFGHJKLCVBNM

To calculate the cost per equivalent unit for conversion in the Fabricating department, we need to…

Answered: Richards Corporation uses the…

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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Question: Bingham Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below. Work in process, beginning: Units in beginning work-in-process inventory 400 Materials costs $6,900 Conversion costs $2,500 Percentage complete for materials 80% Percentage complete for conversion 15% Units started into production during the month 6,000 Units transferred to the next department during the month 5,000 Materials costs added during the month $112,500 Conversion costs added during the month $210,300 Ending work in process: Units in ending work-in-process inventory 1,200 Percentage complete for materials 60% Percentage complete for conversion 30% Required: Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.
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Production Information shows the following costs and units for the smoothing department in August. Units Work in process Beginning balance: materials $1,550 Beginning units 640 Beginning balance: conversion 2,500 Transferred in 1,790 Materials Labor Overhead 7,135 All materials are added at the beginning of the period. The ending work in process is 20% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP Inventory at the end of the month? Transferred out Cost Ending Inventory 6,955 Transferred out 1,810 14,540
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