Smith Company employs process costing method in accounting for its products. The following data for the year ended December 31, 20x1 are provided below: Units 53,500 (30% complete as to DL and OH) Costs DM-P 375,000 DL-P 3,900,000 ОН-Р 1,600,000 January 1, 20x1 December 31, 20x1 Started during the 346,800 period 40,000 (35% to complete as to DL and OH) ??? DM-P 2,300,000 DL-P 12,300,000 ОН-Р 7,900,000 Assumption 2. If the company employs FIFO Process costing, provide the following: 1. Units accounted for? 2. EUP for direct materials? 3. EUP for conversion costs? 4. Cost attributable to direct materials? 5. Cost attributable to conversion cost? 6. Cost per EUP for direct materials? 7. Cost per EUP for conversion costs?| 8. Transferred-Out Costs? 9. Cost of ending WIP inventory?

Smith Company employs process costing method in accounting for its products. The following data for the year ended December 31, 20x1 are provided below: Units 53,500 (30% complete as to DL and OH) Costs DM-P 375,000 DL-P 3,900,000 ОН-Р 1,600,000 January 1, 20x1 December 31, 20x1 Started during the 346,800 period 40,000 (35% to complete as to DL and OH) ??? DM-P 2,300,000 DL-P 12,300,000 ОН-Р 7,900,000 Assumption 2. If the company employs FIFO Process costing, provide the following: 1. Units accounted for? 2. EUP for direct materials? 3. EUP for conversion costs? 4. Cost attributable to direct materials? 5. Cost attributable to conversion cost? 6. Cost per EUP for direct materials? 7. Cost per EUP for conversion costs?| 8. Transferred-Out Costs? 9. Cost of ending WIP inventory?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Smith Company employs process costing method in accounting for its products. The following data for the year ended
December 31, 20x1 are provided below:
Units
53,500 (30% complete as to DL and OH)
Costs
DM-P 375,000
January 1, 20x1
DL-P 3,900,000
ОН-Р 1,600,000
December 31, 20x1
Started during
period
40,000 (35% to complete as to DL and OH)
the 346,800
???
DM-P 2,300,000
DL-P 12,300,000
ОН-Р 7,900,000
Assumption 2. If the company employs FIFO Process costing, provide the following:
1. Units accounted for?
2. EUP for direct materials?
3. EUP for conversion costs?
4. Cost attributable to direct materials?
5. Cost attributable to conversion cost?
6. Cost per EUP for direct materials?
7. Cost per EUP for conversion costs?|
8. Transferred-Out Costs?
9. Cost of ending WIP inventory?

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The following production and cost per EUP data are available for Vendome Corp for February: Units Completed during February 390,000 Units in ending inventory (100% complete as to direct material. 30% complete as to direct labor; 25% complete as to overhead) 55,500 Units completed during February 390,000 Direct Materials per EUP 7.50 Direct Labor per EUP 9 Overhead cost per unit 10.20 Use Weighted Average Method Questions: 1. What is the cost of the goods completed during February? 2. What is the cost of ending inventory at February 28? 3. What is the total cost to account for during February?
The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory Units started in production Units finished during the period Units in process at the end of the period (complete as to materials, % complete as to labor and overhead) Cost of materials used Labor and overhead costs Total cost of the 16,400 units finished is: -0- 20,800 16,400 4,400 $39,780 $42,000
Materials are added at the beginning of the production process. Conversion costs are added uniformly throughout the production process. Assuming a FIFO flow of costs, what is this company's computed total production cost transferred out during the period?
The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 20,000 Units finished during the period 16,000 Units in process at the end of the period(complete as to materials, ¼ complete as to labor and overhead) 4,000 Cost of materials used $ 35,200 Labor and overhead costs $ 37,400 Total cost of the 16,000 units finished is: Multiple Choice $63,360. $67,320. $72,640. $65,120.
Answer to this question
A paint producer reports the following information: Units Conversion Percent Complete Beginning work in process inventory 404,000 30% Units started this period 788,000 Units completed and transferred out 848,000 Ending work in process inventory 344,000 65% A company uses the weighted-average method. What are total equivalent units of production for conversion costs?