* The 30,000 liters remaining in Filtration's ending Work-in-Process Inventory were 80% of the way through the filtration process. Spring Water has no beginning inventories. ### Data Table OverviewThe presented data table highlights the financial components related to the operation of filtration equipment. Below is a detailed breakdown of the associated costs:1. **Wages of workers operating the filtration equipment**: - **Amount:** $23,950 - This includes the salaries paid to personnel specifically responsible for running and managing filtration equipment.2. **Manufacturing overhead allocated to filtration**: - **Amount:** $24,050 - This encompasses the indirect costs associated with filtration, such as utilities and maintenance, which are not directly tied to labor but are essential for operations.3. **Water**: - **Amount:** $150,000 - This represents the cost of water used in the filtration process, indicating a significant component of the operational expenses.This table is useful for understanding the specific cost distributions in filtration operations and aids in financial planning and analysis for optimizing resource allocation. ### Spring Water Production Overview**Spring Water** produces premium bottled water.#### February Process OverviewDuring February, the filtration process incurred specific costs for processing 180,000 liters. The details of these costs can be accessed in the additional information provided.#### Production Details- **Total liters processed**: 180,000**February Output Summary**- **Completed and Transferred Out**: 150,000 liters were completed and moved from the Filtration Department to the Bottling Department. More information can be found in the additional details.#### Production Cost Report - Filtration Department**For the Month Ended February 28**This report details the equivalent units of production for direct materials and conversion costs.##### Units Accounted For| Units | Physical Units | Direct Materials | Conversion Costs ||----------------------------------|----------------|------------------|------------------|| Completed and transferred out | | | || Ending work-in-process | | | |- **Total Units Accounted For**: The sum of completed units and ending work-in-process.The report emphasizes the need to compute equivalent units for both direct materials and conversion costs in the Filtration Department.

Name: * The 30,000 liters remaining in Filtration's ending Work-in-Process
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Description: * The 30,000 liters remaining in Filtration's ending Work-in-Process Inventory were 80% of the way through the filtration process. Spring Water has no beginning inventories. ### Data Table OverviewThe presented data table highlights the financial

Equivalent units of production:-It is the way through which the manufacturer shows how much work has…

Business

Accounting

Spring Water Production Cost Report - Filtration Department (Partial) Month Ended February 28 Equivalent Units Physical Direct Conversion UNITS Units Materials Costs Units accounted for: Completed and transferred out Ending work-in-process Total units accounted for

Spring Water Production Cost Report - Filtration Department (Partial) Month Ended February 28 Equivalent Units Physical Direct Conversion UNITS Units Materials Costs Units accounted for: Completed and transferred out Ending work-in-process Total units accounted for

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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There are no units in process at the beginning of the period, 1,000 units in process at the end of the period that are 40% complete, and 5,000 units transferred out during the period. Based on this information, there were 4,600 equivalent units of production during the period. True or False?
Gore’s Green Chemicals inventory goes through 2 distinct processes. Process 1 had beginning WIP inventory of $98,260 on October 1. Of this amount, $31,400 was the cost of direct materials, and $66,860 was for conversion costs. The 8,000 units in the beginning inventory were 30% complete with respect to both direct materials and conversion costs. During October 17,000 units were transferred out, 500 were spoiled, and 4,500 units remain in ending inventory. Spoiled units were 100% complete with respect to materials and 50% complete with respect to conversion costs. The units in ending WIP were 80% complete with respect to direct materials and 40% complete with respect to conversion costs. Cost incurred during the period amounted to $390,600 for direct materials and $504,640 for conversion costs. Required: Prepare a production cost report for Process 1 using weighted-average costing. What journal entry would be made after preparing the production cost report for process 1?
Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019: Units: In process, October 1 (2/5 completed) 9,600 gallons Received from Department A 30,000 gallons Finished and transferred 25,200 gallons In process, October 31 (1/4 complete) 11,700 gallons Costs: In process beginning P5,760 Received from Department A 30,000 Current costs Materials 19,440 Labor…
The abnormal spoilage is 300 units and the cost per equivalent unit is $2 for direct materials and $3 for conversion. The inspection point is at the end of processing. There are 600 units in ending Work-in-Process and normal spoilage is 200 units. What are the equivalent units for material and conversion using the weighted -average method and the FIFO method? Please provide an explanation of the calculation.
Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019: Units: In process, October 1 (2/5 completed) 9,600 gallons Received from Department A 30,000 gallons Finished and transferred 25.200 gallons In process, October 31 (1/4 complete) 11.700 gallons Costs: In process beginning P5,760 Received from Department A 30,000 Current costs Materials 19,440 Labor 7,290 Overhead 2,430 Under Weighted Average Method, how much was the cost of the Finished and Transferred out units?
D1.
Crane Company had no beginning work in process. During the period, 16400 units were completed, and there were 1290 units of ending work in process. How many units were started into production? 16400. 1290. 17690. 15110.
Consider the following data. Department B of Ethel Manufacturing Corp. suffers an average of evaporation loss of 10%. The following data were obtained for the month of October, 2019: Units: In process, October 1 (2/5 completed) 9,600 gallons Received from Department A 30,000 gallons Finished and transferred 25,200 gallons In process, October 31 (1/4 complete) 11,700 gallons Costs: In process beginning P5,760 Received from Department A 30,000 Current costs Materials 19,440 Labor 7,290 Overhead 2,430 1.) Under FIFO method, what was the actual units of the Work in Process Beginning Inventory? 2.) Under FIFO method, what was the actual units of the Work in Process Inventory at the End? 3.) Under FIFO, how many units is the Equivalent Units Of Production (EUP) 4.) Under FIFO, how much is the unit cost?
The Coronado Company began the period with no units in process or in Finished Goods inventory. During the period it began 96000 units and completed 77000 units. If equivalent units of production for the period totalled 89350, then the units in process were what percent complete? (rounded) 86.4% 86.2% 65.0% 80.2%
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