Sheridan Manufacturing has recently tried to improve its analysis for its manufacturing process. Units started into production equalled 2500 and ending Work in Process inventory equalled 800 units. Sheridan had no beginning Work in Process inventory. Conversion costs are applied equally throughout production, and direct materials are applied at the beginning of the process. How much is the material cost per unit if ending Work in Process inventory was 20% complete and total material costs equalled $11000 if the weighted - average method is used? Rounded to the nearest cent. Select answer from the options below $4.40 $ 26.47 $32.94 $6.47

Sheridan Manufacturing has recently tried to improve its analysis for its manufacturing process. Units started into production equalled 2500 and ending Work in Process inventory equalled 800 units. Sheridan had no beginning Work in Process inventory. Conversion costs are applied equally throughout production, and direct materials are applied at the beginning of the process. How much is the material cost per unit if ending Work in Process inventory was 20% complete and total material costs equalled $11000 if the weighted - average method is used? Rounded to the nearest cent. Select answer from the options below $4.40 $ 26.47 $32.94 $6.47

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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Calculate the total cost of direct material used during the year
Having trouble with prior chapter work still and we are moving on to another chapter.
Weighted-average costs per equivalent unit are $2 for direct materials and $3 for conversion. There are no transferred-in costs and no spoilage. What is the cost of goods completed and transferred out if 10,000 units are completed and 1,000 units are in ending inventory?
Bonita Company has recently tried to improve its analysis for its manufacturing process. Units started into production equaled 6900 and ending work in process equaled 300 units. Bonita had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied at the beginning of the process. How much is the materials cost per unit if ending work in process was 30% complete and total materials costs equaled $17250? $8.33. $2.61. $2.50. $2.40.
Bonita Company's Assembly Department has materials cost at $5 per unit and conversion cost at $10 per unit. There are 29500 units in ending work in process, all of which are 70% complete as to conversion costs. Materials are added at the beginning of the process. How much are total costs to be assigned to inventory? $442500. $354000. $147500. $206500.
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Assume there was no beginning work in process inventory and the ending work in process inventory is 70% complete with respect to conversion costs. Under the weighted-average method, the number of equivalent units of production with respect to conversion costs would be:less than the units completed.less than the units started during the period.the same as the units completed.the same as the units started during the period.
Cassien Inc. manufactures products that pass through two or more processes. During June, equivalent units were computed using the weighted average method: Units completed Units in EWIP X Fraction complete (36,000 X 60%) Equivalent units of output June's costs to account for are as follows: BWIP (10,000 units, 80% complete) Materials Conversion costs Total Required: 91,000 21,600 112,600 $50,000 156,000 95,000 $301,000 1. Calculate the unit cost for June using the weighted average method. Round your answer to the nearest cent.
Concord Company has recently tried to improve its analysis for its manufacturing process. Units started into production equaled 7000 and ending work in process equaled 400 units. Concord had no beginning work in process inventory. Conversion costs are applied equally throughout production, and materials are applied at the beginning of the process. How much is the materials cost per unit if ending work in process was 20% complete and total materials costs equaled $16100? $2.44. $2.30. $11.50. $2.18.
I am resubmitting this question as the answer to number two is incorrect from the guidance I was given throught Bartleby. Hi-Tek Manufacturing Inc. makes two types of industrial component parts—the B300 and the T500. An absorption costing income statement for the most recent period is shown below: Hi-Tek Manufacturing Inc.Income Statement Sales $ 1,643,000 Cost of goods sold 1,230,620 Gross margin 412,380 Selling and administrative expenses 620,000 Net operating loss $ (207,620) Hi-Tek produced and sold 60,200 units of B300 at a price of $19 per unit and 12,800 units of T500 at a price of $39 per unit. The company’s traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labor dollars as the allocation base. Additional information relating to the company’s two product lines is shown below: B300 T500 Total Direct materials $ 400,600 $ 162,700 $ 563,300 Direct labor $…
The following data were taken from the accounting records of Hazel Company which uses the Weighted Average method in its process costing system: Beginning work in process inventory (100% complete as to materials; 70% complete as to conversion) 30 000 units Started in process during the period 90 000 units Ending work in process inventory (100% complete as to materials; 60% complete as to conversion) 20 000 units Normal losses are equal to 5% of current input. There were no abnormal losses. The equivalent units of production for conversion costs were: A. 98 500 B. 86 500 C. 120 000 D. 107 500
Sheridan Company accumulates the following data concerning raw materials in making one gallon of finished product. (1) Price-net purchase price $3.00, freight-in $0.50, and receiving and handling $0.20. (2) Quantity-required materials 3.50 pounds, allowance for waste and spoilage 0.80 pounds. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) (b) (c) Standard direct materials price per gallon. Standard direct materials quantity per gallon. Total standard materials cost per gallon. ta pounds