Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding department Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Molding department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 61,000 Units 43,000 146,000 189,000 39,000 66,850 $ 127,850 $ 305,000 617,150 Calculate equivalent units of production for conversion. 922,150 Direct materials Conversion Percent Percent Complete 100% 100% Complete 60% 30%

Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding department Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Molding department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 61,000 Units 43,000 146,000 189,000 39,000 66,850 $ 127,850 $ 305,000 617,150 Calculate equivalent units of production for conversion. 922,150 Direct materials Conversion Percent Percent Complete 100% 100% Complete 60% 30%

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

Pham Corporation uses the weighted-average method in its process costing system. The following data were taken from the records of the first processing department for a recent month. Work in process, beginning: Units in process 30 Percent complete with respect to materials 60% Percent complete with respect to conversion 50% Costs in the beginning inventory: Materials cost $6,190 Conversion cost $16,290 Units started into production during the month 180 Costs added to production during the month: Materials cost $42,380 Conversion cost $136,330 Work in process, ending: Units in process220 20 Percent complete with respect to materials 50% Percent complete with respect to conversion 40% Cost per equivalent unit: Material $216 Conversion $710 Required: Enter the missing numbers, rounded to the nearest whole number. a.What was the cost of the ending work in process inventory in the…
Hutchcroft Corporation uses the weighted-average method in its process costing. The following data concern the company’s Assembly Department for the month of June. Materials Conversion Cost per equivalent unit $ 25.30 $ 28.10 Equivalent units in ending work in process 730 275 During the month, 6,400 units were completed and transferred from the Assembly Department to the next department. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method.
Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion The cost per equivalent unit for materials for the month in the first processing department is closest to: Multiple Choice $16.70 $17.95 800 $ 12,900 $ 5,000 75% 20% 9,500 8,400 $ 172,000 $ 240,200 1,900 90% 30%
Pureform, Incorporated, uses the weighted-average method of process costing. It manufactures a product passing through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 650,000 45,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 54,800 Materials $ 725,300 $ 276,175 The beginning work in process inventory was 70% complete for materials and 55% complete for labor and overhead. The ending work in process inventory was 50% complete for materials and 30% complete for labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. Note: Round your answers to 2 decimal places. Labor $…
Marvellous Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month: Work in process, beginning: Units in process Stage of completion with respect to materials Stage of completion with respect to conversion Costs in the beginning inventory: Materials cost 800 50% 20% $2,440 $4,928 Conversion cost Units started into production during the month Units completed and transferred out 15,000 15,600 Costs added to production during the month: Materials cost $96,470 $476,362 Conversion cost Work in process, ending: Units in process Stage of completion with respect to materials Stage of completion with respect to conversion 200 50% 90% Using the weighted-average method, a. Determine the equivalent units of production for materials and conversation costs b. Determine the cost per equivalent unit for materials and conversion costs c. Determine the cost of units transferred out of…
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 57,000 539,000 560,000 36,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 238,370 $ 344,290 The beginning work in process inventory was 75% complete with respect to materials and 60% complete with respect to labor and overhead. The ending work in process inventory was 55% complete with respect to materials and 35% complete with respect to labor and overhead. Materials $ 51,000 Labor Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for…
Hutchcroft Corporation uses the weighted-average method in its process costing. The following data concern the company's Assembly Department for the month of June. Materials $ 29.30 1,130 Conversion $ 32.10 475 Cost per equivalent unit Equivalent units in ending work in process During the month, 7,200 units were completed and transferred from the Assembly Department to the next department. Required: Determine the cost of ending work in process inventory and the cost of units transferred out of the department during June using the weighted-average method. (Round your answers to 2 decimal places.) Materials Conversion $ 33,109.00 $ 15,248.00 $ 210,960.00 $ 231,120.00 Cost of ending work in process inventory Cost of units completed and transferred out
Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs. Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion Multiple Choice $198,105 $188,805 The total cost transferred from the first processing department to the next processing department during the month is closest to: Note: Round "Cost per equivalent unit" to 3 decimal places. $171,263 1,100 $ 7,500 $ 2,800 $213,795 55% 25%…
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding department: Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Molding department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 58,000 Units 40,000 140,000 180,000 37,500 63,850 $ 121,850 $ 302,000 614, 150 Calculate equivalent units of production for conversion. 916,150 Direct materials Percent Complete. 100% 100% Conversion Percent Complete 55% 25%
Andrews Corporation uses the weighted-average method of process costing. The following information is available for February in its Polishing Department: Equivalent units of production—direct materials 113,000 EUP Equivalent units of production—conversion 97,700 EUP Costs in beginning Work in Process—direct materials $ 61,500 Costs in beginning Work in Process—conversion $ 45,200 Costs incurred in February—direct materials $ 520,000 Costs incurred in February—conversion $ 653,100 The cost per equivalent unit of production for conversion is:
Hi-T Company uses the weighted average method of process costing. Information for the company’s first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 6,000 100% 80% Completed and transferred out 27,000 Ending work in process inventory 11,000 100% 40% Beginning work in process Direct materials $ 60,000 Conversion 78,460 $ 138,460 Costs added this period Direct materials 415,000 Conversion 358,000 773,000 Total costs to account for $ 911,460 a. Compute the equivalent units of production for both direct materials and conversion.b. Compute the cost per equivalent unit for both direct materials and conversion.c. Assign costs to the department’s output—specifically, to the units transferred out and to the units in ending work…
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 71,000 679,000 700,000 50,000 Materials $ 61,700 Labor $ 26,800 Overhead $ 38,100 $ 330,700 $ 815,550 $ 469,550 The beginning work in process inventory was 70% complete with respect to materials and 55% complete with respect to labor and overhead. The ending work in process inventory was 50% complete with respect to materials and 30% complete with respect to labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month.