GENERAL ACCOUNT Ross Hanker Company had the following department data on physicalunits:Work in process, beginning2,500Completed and transferred out14,000Work in process, ending2,000Materials are added at the beginning of the process. What is the totalnumber of equivalent units for materials if the FIFO method is used?A. 13,500B. 14,500C. 16,000D. 11,500

To calculate the total number of equivalent units for materials using the FIFO method, we consider…

Answered: Ross Hanker Company had the following…

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 17E: K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the...

See similar textbooks

Similar questions

K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
Ross Hanker Company had the following department data on physical units: Work in process, beginning 2,500 Completed and transferred out 14,000 Work in process, ending 2,000 Materials are added at the beginning of the process. What is the total number of equivalent units for materials if the FIFO method is used? A. 13,500 B. 14,500 C. 16,000 D. 11,500
Ac
Overton Company has gathered the following information. 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 Costs incurred: 21,240 2,30,760 24,120 60% 100% Direct materials Direct labor Overhead $ 1,00,800 $ 3,21,469 $ 1,87,470 Compute equivalent units of production for materials and for conversion costs.
Overton Company has gathered the following information. 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 Costs incurred: 22,000 1,82,000 25,500 60% 100% Direct materials Direct labor Overhead $ 1,02,000 $2,68,030 $ 1,87,400 a. Compute equivalent units of production for materials and for conversion costs. b. Determine the unit costs of production. c. Show the assignment of costs to units transferred out and in process.
Regarding your ansWhat would be the answers for: 2. Equivalent Units or Material is calculated by 500,000 units Transferred Next Department plus......Units of Ending Work in Process times 80% complete with respect to the material. 3. Equivalent Units for Direct Labor is calculated by 500,000 units Transferred to Next Department plus ...... Units of Ending work in Process multiply by 50% complete with respect to the direct labor.
Please help me. Thankyou.
Swifty Company had the following department data: Work in process inventory, beginning Completed and transferred out Work in process inventory, ending Physical Units 0 91000 8000 Materials are added at the beginning of the process. What are the equivalent units of production for materials during the period?
Beginning work in process (30% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (65% complete) Current period costs Direct materials Conversion cost Total current period costs Required: 1. Using FIFO method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Beginning Inventory Started and Completed Ending Inventory Total Using FIFO method of process costing, calculate the number of equivalent units. Equivalent Units Req 1D Physical Units 0 Direct Materials 0 Units 127,800 233,000 333,800 ? Conversion 0 Costs $ 182,000 334,000 $ 516,000 $ 497,400…
Suppose that manufacturing is performed in sequential production departments. Prepare a journalentry to show a transfer of partially completed units from the first department to the second department. Assume the amount of costs transferred is $50,000.
Jackson Company has the following information for the current period for the Mixing Department: Costs of beginning work-in-process: Direct materials Conversion costs Costs added during the period: Direct materials Conversion costs Equivalent units of production for: Direct materials Conversion costs $15,000 26,000 100,000 150,000 12,600 units 9,100 units Using the weighted-average method, what is the cost per equivalent unit for conversion costs? A.$ 3.25 B.$ 9.13 C.$ 19.84 D.S 19.34
Beginning work in process (40% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (75% complete) Current period costs Direct materials Conversion cost Total current period costs a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. Required: 1. Using FIFO method of process costing, complete each of the following steps: c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Reg 1A Req 1B Req 1C Units Req 1D ? 35,900 34,300 21,350 Costs $ 1,331,500 620,800 $ 1,952,300 $ 2,397,400 1,261,500 $ 3,658,900 Using FIFO method of process costing, reconcile the total cost of work in process. Note: Use Equivalent Units rounded to the nearest whole unit and Cost per Equivalent Unit rounded to 5…

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS