surton Company uses the weighted average method in its process costing system. The Packaging Department started the month w ad 150 units in process at the end of the period. All materials are added at the beginning of the process, and conversion costs are the month are 20% complete with respect to conversion costs. During the month 1,550 units were completed and transferred out

surton Company uses the weighted average method in its process costing system. The Packaging Department started the month w ad 150 units in process at the end of the period. All materials are added at the beginning of the process, and conversion costs are the month are 20% complete with respect to conversion costs. During the month 1,550 units were completed and transferred out

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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Domingo Corporation uses the weighted average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,700 units. The costs and percentage completion of these units in beginning inventory were: Materials costs Conversion costs Cost $6,800 $3,000 Materials costs Conversion costs A total of 8,100 units were started and 7,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Percent Complete 50% 20% Cost $160,000 $121,700 The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department?
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Massey Corporation uses a process cost system and the weighted average cost flow method. Production begins in the Fabricating Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On March 1, the beginning work in process inventory consisted of 20,000 units which were 60% complete and had a cost of P190,000, P145,000 of which was materials cost. During March, the following occurred: Materials added P305,000 Conversion costs incurred P120,000 Units completed and transferred out in March 50,000 Units in ending work in process March 31 (20% complete) 25,000 Instructions Answer the following questions and show the computations that support your answers. 1. What are the equivalent units of production for materials costs in the Fabricating Department for the month of March? 2. What are the costs assigned to the ending work in process inventory on March 31? 3.…
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Coon Company uses the weighted-average method in its process costing system. The Packaging Department started the month with 260 units in process, started 1,420 units, and had 170 units in process at the end of the period. All materials are added at the beginning of the process, and conversion costs are incurred uniformly. The units in process at the end of the month are 50% complete with respect to conversion costs. The department incurred the following costs: (Click on the icon to view the costs.) How many units were completed and transferred out? O A. 1,420 units OB. 1,510 units O C. 170 units OD. 1,250 units Data table Direct Materials Conversion Costs Total ... $ $ Beginning WIP 900 $ 550 1,450 $ Print D SALMENNINNE 28 0000-0 CONDO SMESN Added this month FUNDA Done Radvies! 00-0000 FURTUNE 2007 3,100 $ 6,000 9,100 $ 2007- 04670416036 Total 4,000 6,550 10,550 YAY
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