Selected production and cost data of Carol's Engraving Co. follow for May2024: On May 31, the Mixing Department ending Work-in-Process Inventory was 65% complete for materials and 20% complete for conversion costs. The Heating Department ending Work-in-Process Inventory was 85% complete for materials and 40% complete for conversion costs. The company uses the weighted-average method. Mixing Department Heating Department Units to account for: Beginning work-in-process, April 30 24,000 8,000 Started in May 65,000 Transferred in during May 80,000 Total units to account for 89,000 88,000 Units accounted for: Completed and transferred out during May 80,000 72,000 Ending work-in-process, May 31 9,000 16,000 Total units accounted for 89,000 88,000 Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the Mixing Department. Complete the partial production cost report below for the Mixing Department, showing the equivalent units of production for direct materials and for conversion costs. Requirement 2. Compute the equivalent units of production for transferred in costs, direct materials, and conversion costs for the Heating Department. Complete the partial production cost report below for the Heating Department, showing the equivalent units of production for transferred incosts, direct materials and for 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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The following information was taken from the books of Hunza Manufacturing Company for the month of January 2016 Cost of Units in process at beginning: January 1, 2016 Rs. 50,000 Cost of Raw Material used 148,000 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January [40% complete as to material and 60% complete as to conversion cost] 5,000 units Units placed in production during January 13,000 units Units in process at end of January 31 [60% complete as to material and 80% as to conversion cost]…
The following data were taken from the records of Milo Company for the month of March: In process, beg (3/5 additional work to be done) 10,125 unitsFinished and Transferred units 15,750 units(Of the units started in process, ½ represents work in process at the end which were 20% completed during the current period)Compute the equivalent units of production of conversion cost using Average.
Equivalent Units and Product cost Report-Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $20,335 Conversion costs 55,594 Current period Direct materials (5,000 units) 245,000 Direct labor 417,200 Manufacturing overhead applied 264,600 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out.
The debits to Work-In process for Dep# 2 for the month of March of the current year, together with the information concerning production, are presented below. All direct materials came from Dep# 1. The units completed include 1,200 in process during the beginning of the period. Dep# 2 uses WA costing
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The following information was taken from the books of Hunaiza Manufacturing Company for the month of January 2021 Cost of Units in process at beginning: January 1, 2021 Rs. 60,000 Cost of Raw Material used 177,600 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January (40% complete as to material and 60% complete as to conversion cost) 10,000 units Units placed in production during January 26,000 units Units in process at end of January 31 (60% complete as to material and 80% as to conversion cost)…
The following information was taken from the books of Hunza Manufacturing Company for the month of January 2016 Cost of Units in process at beginning: January 1, 2016 Rs. 50,000 Cost of Raw Material used 148,000 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January [40% complete as to material and 60% complete as to conversion cost] 5,000 units Units placed in production during January 13,000 units Units in process at end of January 31 [60% complete as to material and 80% as to conversion cost]…
By how much did the conversion cost EUP for the month of October using average method exceed the conversion EUP for the same month using FIFO method?
Selected production and cost data of Amy's Craft Co. follow for May: View the production and cost data. On May31the Mixing Department ending Work-in-Process Inventory was 758omplete for materials and 25%omplete for conversion costs. The Heating Department ending Work-in-Process Inventory was 65%omplete for materials and 30%omplete for conversion costs. The company uses the weighted-average method. Read the requirements. Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the Mixing Department. Complete the partial production cost report below for the Mixing Department, showing the equivalent units of production for direct materials and for conversion costs. Amy's Craft Co. Production Cost Report - Mixing Department (Partial) Month Ended May 31 UNITS Units accounted for: Total units accounted for Physical Units Equivalent Units Direct Materials Conversion Costs Production and Cost Data Units to account for: Beginning…

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	Mixing Department	Heating Department
Units to account for:
Beginning work-in-process, April 30	24,000	8,000
Started in May	65,000
Transferred in during May		80,000
Total units to account for	89,000	88,000
Units accounted for:
Completed and transferred out during May	80,000	72,000
Ending work-in-process, May 31	9,000	16,000
Total units accounted for	89,000	88,000