Sarasota Company has the following production data for January End. Work in Process Inventory Beg. Work in Units Started % Complete as to Process Inv into Production Units -0- FL180 1,240 Conversion Cost 3084 Compute the physical units for January. Beginning work in process inventory Started into production Total units to be accounted for Completed and transferred out Ending work in process inventory Total units accounted for

Sarasota Company has the following production data for January End. Work in Process Inventory Beg. Work in Units Started % Complete as to Process Inv into Production Units -0- FL180 1,240 Conversion Cost 3084 Compute the physical units for January. Beginning work in process inventory Started into production Total units to be accounted for Completed and transferred out Ending work in process inventory Total units accounted for

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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Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department for June Year 2 is provided: Determination of Equivalent Units Beginning inventory Units started Total Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Required: a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine equivalent units. Cost of Production Report Assembly Department Month Ended June 30 Transferred to Finishing Department Ending inventory Total Units Determination of Cost per Unit Cost accumulation: Beginning inventory Materials Labor Overhead Total product costs Divide by equivalent units Cost per equivalent unit Cost Allocation Transferred to Finishing Department Ending work in process inventory Total 640 1,640 1,890 390 Direct Direct % Complete Material Labor Overhead 75% Actual 40% $19,676 Equivalent Units…
Running Company had the following information for the month of June: Work in process beginning inventory, June 1 2,200 units Units transferred in 16,600 units Work in process ending inventory, June 30 4,200 units Beginning work-in-process inventory is 30 percent complete as to conversion. Ending work-in-process inventory is 50 percent complete as to conversion. Materials are added at the end of the process. How many units were started and completed in June? Multiple Choice 12,400. 10,200. 14,500. 16,700. 18,700.
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $2.30 and $0.40, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs Equivalent Units Equivalent Units Direct Materials Conversion 0 Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 3,900 55,000 58,900 3,000 61,900 55,000 55,000 6,000 61,000 The beginning work in process inventory on October 1 had a cost of $2,220. Determine the cost of completed and transferred-out production, the ending work in process
Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in Process-Filling was as follows on January 1: Work in Process-Filling Department (3,000 units, 70% completed): Direct materials (3,000 x $10.20) Conversion (3,000 x 70% x $6.50) $30,600 13,650 $44,250 The following costs were charged to Work in Process-Filling during January: Direct materials transferred from Reaction Department: 38,700 units at $9.90 a unit Direct labor Factory overhead During January, 38,400 units of specialty chemicals were completed. Work in Process-Filling Department on January 31 was 3,300 units, 50% completed. Required: 1. Prepare a cost of production report for the Filling Department…
End. Work in Process Inv. % Complete as to Beg. Work Units Completed in Process Month Inv. and Transferred Out Units Conversion Cost March 2,820 39,480 11,280 75% Compute equivalent units of production for March for both materials and conversion costs using the weighted-average method of process costing. Materials are entered at the beginning of the process. Quantities Units to be accounted for Work in process inventory, 3/1 Started into production Total units to be accounted for Equivalent Units of Production Physical Units Materials Conversion Costs
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Current Attempt in Progress Blossom Company has the following production data for January. Beginning Work in Process 0 Units Started into Production 8,670 Compute the physical units for January. Beginning Work in Process Inventory Started into production Total units to be accounted for Ending Work in Process % Complete as to Conversion Cost Units 1,180 30%
Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department for June Year 2 is provided: Determination of Equivalent Units Beginning inventory Units started Total Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Required: a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine equivalent units. Cost of Production Report Assembly Department Month Ended June 30 Transferred to Finishing Department Ending inventory Total Units Determination of Cost per Unit Cost accumulation: Beginning inventory Materials Labor Overhead Total product costs Divide by equivalent units Cost per equivalent unit Cost Allocation Transferred to Finishing Department Ending work in process inventory Total 500 1,500 1,750 250 Direct Direct % Complete Material Labor Overhead 75% Actual 40% $18, 276 $7,620 $4,564 Total…
5 a. Determine the number of units in progress inventory at December 31. _______ units b. Determine the equivalent units of production for direct materials and conversion costs in December. If an amount is zero, enter in "0".
The following production data were taken from the records of the finishing department for June: Inventory in process, June 1, 25% completed 220 units Transferred to finished goods during June 5,100 units Equivalent units of production during June 5,495 units Determine the number of equivalent units of production in the June 30, finishing department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion costs. a.360 units b.540 units c.675 units d.450 units
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out. Ending work in process inventory Beginning work in process inventory Direct materials Units The production department had the cost information below. Conversion Costs added this period Direct materials Conversion Total costs to account for 60,000 322,000 300,000 82,000 $ 118,472 48,594 850,368 649,296 Direct Materials Conversion Percent Complete 60% 80% $ 167,066 1,499,664 $1,666,730 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Percent Complete 40% 30%