SUBJECT - GENERAL ACCOUNTDepartment E had 4,000 units in Work in Process that were 40%completed at the beginning of the period at a cost of $14,114. Of the$14,114, $8,395 was for material and $5,719 was for conversion costs.14,000 units of direct materials were added during the period at a costof $25,963. 15,000 units were completed during the period, and 3,000units were 75% completed at the end of the period. All materials areadded at the beginning of the process. Direct labor was $33,809 andfactory overhead was $19,934.If the average cost method is used what would be the conversion costper unit?a. $1.91b. $5.31c. $3.45d. $1.73

Step 1: Understand the ComponentsConversion Costs = Direct Labor + Factory Overhead.Conversion costs…

Answered: SUBJECT - GENERAL ACCOUNT Department E…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14EA: A production department within a company received materials of $10,000 and conversion costs of...

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The cost of direct materials transferred into the Rolling Department of Kraus Company is 3,000,000. The conversion cost for the period in the Rolling Department is 462,600. The total equivalent units for direct materials and conversion are 4,000 tons and 3,855 tons, respectively. Determine the direct materials and conversion costs per equivalent unit.
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are 750 and 120, respectively. The equivalent units to be assigned costs are as follows: The beginning work in process inventory on October 1 had a cost of 163,800. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department.
During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
Costs per equivalent unit Georgia Products Inc. completed and transferred 89,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the department. The ending in-process inventory was 2,400 units, which were complete as to conversion cost. All materials are added at the beginning of the process. Direct materials cost incurred was 219,360, direct labor cost incurred was 28,100, and factory overhead applied was 12,598. Determine the following for the Pressing Department: A. Total conversion cost B. Conversion cost per equivalent unit C. Direct materials cost per equivalent unit
Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: beginning inventory of 2,500 units is 100% complete with regard to materials and 60% complete with regard to conversion 18,000 units were started during the period 17,500 units were completed and transferred ending inventory is 100% complete with materials and 65% complete with conversion
The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.
Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.
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2. Department A had 16,000 units in the beginning work in process that is 45% with respect to material and 80% completed with respect to conversion costs. 12,000 units were added during the period; 20,000 units were completed and transferred and the remaining units in ending work-in-process were 65% completed with respect to materials and 35% completed with respect to conversion cost. The following additional information relate to the cost incurred: Work in Process (Material is $750,000; Conversion $1,250,000) Cost Added this period (Material is $2,000,000; Conversion $1,000,000) Required: Given the quantity schedule that has been prepared for you below, a. What is the cost of units completed and transferred? b. What is the cost of the units in ending work-in-process? Quantity Schedule (Weighted Average Process Costing Method) WIP beginning Units added this period Units to be accounted for Completed and Transferred Ending WIP Material 65%; Conversion 35% Total units accounted for Total…
Department W had 2,880 units, one-third completed at the beginning of the period; 12,200 units were transferred to Department X from Department W during the period; and 1,550 units were one-half completed at the end of the period. Assume the completion ratios apply to direct materials and conversion costs. The total number of units to be assigned cost on the cost of production report for Department W is a.12,200 units b.15,080 units c.13,750 units d.13,530 units

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