Do fast and step by step calculation with explanation for this accounting question Tang Company accumulates the following data concerning raw materialsin making one gallon of the finished product:1) Price-net purchase price $2.42, freight-in $0.58, and receiving andhandling $0.29.2) Quantity-required materials 2.80 pounds, allowance for waste andspoilage 0.88 pounds.Compute the following:a) Standard direct materials price per gallon.b) Standard direct materials quantity per gallon.c) Total standard materials cost per gallon.

Step 1: Define Standard CostStandard cost can be defined as the estimated cost that will be incurred…

Answered: Tang Company accumulates the following…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 7PB: The following data show the units in beginning work in process inventory, the number of units...

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Kingbird Company accumulates the following data concerning raw materials in making one gallon of finished product. (1) Price—net purchase price $2.70, freight-in $0.60, and receiving and handling $0.50. (2) Quantity—required materials 3.50 pounds, allowance for waste and spoilage 0.90 pounds.Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per gallon. $enter the standard direct materials price per gallon in dollars rounded to 2 decimal places (b) Standard direct materials quantity per gallon. enter the standard direct materials quantity per gallon in pounds rounded to 2 decimal places pounds (c) Total standard materials cost per gallon.
Jennifer Company accumulates the following data concerning raw materials in making its finished product. (1) Price per pound of raw materials is net purchase price $2.50, freight-in.$0.30, and receiving and handling $0.30. (2) Quantity per gallon of finished product is required materials 3.4 pounds and allowance for waste and spoilage 0.7 pounds. Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. (b) (c) Standard direct materials quantity per gallon. Total standard materials cost per gallon. $ $ pounds
The following data show the units in beginning work in process inventory, the number of snits started, the number of units transferred, and the penant completion of the beginning of the process. Beginning Transferred Conversion Quarter WIP Started Out (1) 134,200 133,400 132,591 132,490 25 24 20 133,245 133,464 480 134,843 134,132 22 What are the equivalent units for material and conversion costs for each quarter using the weighted average method Assume that the quarters are Quarter 2 Quarter 3 Quarter 4 2 3 524 339 Units for material costs Units for conversion costs Quarter 1
Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: 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 PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Units Accounted For: Total Units Material Units Conversion Units
Epon Corporation uses a process costing system based on the weighted average method. The production supervisor calculates that the equivalent units of the physical units in ending inventory with respect to direct materials and conversion resources are 600 and 250 units respectively. Assume that the equivalent units of the physical units completed and transferred with respect to direct materials and conversion resources are 4,500 and 4,500 units respectively. If the per equivalent unit cost of direct materials and conversion resources is $2 and $1.5 respectively, (1) what is the cost of the units completed and transferred (i.e., the cost of goods manufactured) and (2) what is the cost of the units in the ending inventory
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units, 55,000 units were started in production, and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are 70% complete and the Units are 30% complete with respect to conversion.
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
Given the following information, determine the equivalent units of ending work in process for materials and conversion using the weighted-average method: Beginning inventory of 750 units is 100% complete with regard to materials and 30% complete with regard to conversion. 9,500 units were started during the period. 8,900 units were completed and transferred. Ending inventory is 100% complete with regard to materials and 68% complete with regard to conversion.
Wyandotte Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 256,900, direct labor cost was 176,000, and overhead cost was 308,400. There were 40,000 units produced. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 6.62 is direct materials and 7.71 is overhead. What is the prime cost per unit? Conversion cost per unit?
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion.
Jackson Company has the following information for the current period for the Mixing Department: Costs of beginning work-in-process: Direct materials Conversion costs Costs added during the period: Direct materials Conversion costs Equivalent units of production for: Direct materials Conversion costs $15,000 26,000 100,000 150,000 12,600 units 9,100 units Using the weighted-average method, what is the cost per equivalent unit for conversion costs? A.$ 3.25 B.$ 9.13 C.$ 19.84 D.S 19.34

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