Skysong Productions produces all of its parts in the machining department and puts them together in the assembly department. At the very end of the assembly process, packaging material is added-it's the new DM added in the assembly department. Once the packaging material is added, the units are ready for sale. There were 310 units in beginning WIP Inventory-Assembly in March, having already received 60% of their conversion costs. During March, 2,480 more units were transferred-in to assembly from the machining department. By the end of March, 2,710 units had been completed in the assembly department, leaving 80 units in ending WIP Inventory-Assembly. Those units were 20% complete as to conversion work. Determine Skysong's equivalent units of production in March for all three categories of costs using the FIFO method. Total equivalent units of work done this period Transferred-in DM Conversion Costs

Skysong Productions produces all of its parts in the machining department and puts them together in the assembly department. At the very end of the assembly process, packaging material is added-it's the new DM added in the assembly department. Once the packaging material is added, the units are ready for sale. There were 310 units in beginning WIP Inventory-Assembly in March, having already received 60% of their conversion costs. During March, 2,480 more units were transferred-in to assembly from the machining department. By the end of March, 2,710 units had been completed in the assembly department, leaving 80 units in ending WIP Inventory-Assembly. Those units were 20% complete as to conversion work. Determine Skysong's equivalent units of production in March for all three categories of costs using the FIFO method. Total equivalent units of work done this period Transferred-in DM Conversion Costs

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: Beginning inventory, 16,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 77,000 units. Units transferred out in December, 73,000 units. Ending inventory, 20,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the weighted-average method.
Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: Beginning inventory, 50,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 111,000 units. Units transferred out in December, 107,000 units. Ending inventory, 54,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the weighted-average method.
Kelley paint company uses the weighted average method to account for costs of production. Kelley manufactures base paint in two separate departments - Mixing and Packaging. The following information is for the mixing Department for the Month of March. A total of 40,000 units were in beginning WIP Inventory. All were completed and transferred out during March. A total of 70,000 units were started durung March. Of the 70,000 units started, 20,000 units were completed and transferred out to the Packaging Department (100% complete with respect to direct materials, direct labor and overhead), and 50,000 units were partially completed and remained in ending WIP Inventory on March 31 (90% complete for direct materials, 70% complete for direct labor, and 30% complete for overhead, which is applied based on machine hours). Cost in beginning WIP Inventory totaled $229,000 ($98,000 in direct materials + $41,000 in direct labor + $90,000 in overhead). Cost incurred during March totaled…
Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs Required: Complete the production cost report using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. The ending inventory has 14,700 units, which are 90 percent complete with respect to Refining Department costs. Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for:…
Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April.The beginning inventory on the first of April was 100% complete as to materials and 40% as to conversions costs.Beginning WIP included: 4,800 units, which amounted to $21,800. Spacely Sprockets used direct materials for $243,000 and had conversions costs of $147,770 to place 80,000 sprockets into production. Ending WIP amounted to 8,000 units, which were 100% completed for materials and 20% completed to conversions costs.Prepare a production report using the FIFO Method.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).
In the month of April, a department had 500 units in the beginning work in process inventory that were 60% complete. These units had $64000 of materials costs and $42000 of conversion costs. Materials are added at the beginning of the process and conversion costs are added uniformly throughout the process. During April, 10000 units were completed and transferred to the finished goods inventory and there were 2200 units that were 25% complete in the ending work in process inventory on April 30. During April, manufacturing costs charged to the department were: Materials $1583000; Conversion costs $1857000.(Round unit matrial and coversion cost to 0 decimal place, e.g. 135.)The cost assigned to the units transferred to finished goods during April was $3256000. $3172000. $3128000. $3150000.
Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 249,055 9,676 $ 910,625 103,140 The ending inventory has 15,200 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for…
Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory—Refining Beginning inventory(17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) $ 248,055 Refining conversion costs 9,676 Current work (55,300 units started) Mixing costs $ 909,625 Refining costs 103,140 The ending inventory has 15,100 units, which are 90 percent complete with respect to Refining Department costs. Required: Complete the production cost report using the weighted-average method.
Breckenridge Corporation manufactures a part in a single production process in Department B. The company reports the following information about conversion costs for June: WIP at June 1 (76% complete) Units started and costs incurred during June Units completed and transferred to finished goods during June Work-in-process ending inventory was 56 percent complete with respect to conversion costs. Breckenridge uses FIFO for product costing. Complete this question by entering your answers in the tabs below. Required: a-1. Compute the equivalent units for conversion costs. a-2. Compute the cost per equivalent unit for conversion costs. a-3. What was the conversion cost of work-in-process inventory in Department B on June 30? b. What were the conversion costs per equivalent unit produced last period and this period, respectively? Req A1 Req A2 Req A3 Units 60,000 320,000 270,000 Req B Conversion Costs $ 143,600 950, 675 ? Compute the equivalent units for conversion costs. Equivalent units
Hendrix, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about July's activities: On July 1: During July: On July 31: Beginning inventories = 750 units, 60% complete Direct materials cost = $5,925 Conversion costs = $4,095 15,000 units started Direct materials added = $150,000 Conversion costs added = $83,520 Ending inventories = 1,500 units, 40% complete Using the FIFO method, the number of units started and completed in July was a) 14,250 b) 15,000 c) 13,500 d) 15,750
Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory—Refining Beginning inventory(17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) $ 239,055 Refining conversion costs 9,676 Current work (55,300 units started) Mixing costs $ 900,625 Refining costs 103,140 The ending inventory has 14,200 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. Physical Units Equivalent Units Mixing Department Refining Department Flow of…
Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 900 units into production and completed 1,000 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory overhead (i.e., conversion) costs are added uniformly throughout the process. Following is a summary of production costs incurred during October: Direct Materials Conversion Costs Beginning work-in-process $ 3,712 Costs added in October $ 9,900 6,400 Total costs $ 9,900 $ 10,112 Required: 1. Calculate each of the following amounts using weighted-average process costing:a. Equivalent units of direct materials and…