The cost data and production data for Beth Company for the month of August were as follows: Cost Data: Work in Process, Aug 1: Materials P52,000 Conversion P69,000 Cost added this month: Materials P600,000 Conversion P1,602,000 Production Data: Work in Process, Aug 1 (60% incomplete) Started in production this August 9,375 units 100,000 units Transferred Out 90,625 units Work in Process, Aug 31 (30% to be done) 16,250 units Normal lost units 1,375 units Abnormal lost units All materials are added at the start of the process and lost units are detected at the inspection point of 75% completion. (Round off Units Costs into four decimal places.) 27. Using FIFO method, what are the cost assigned to units transferred out and units in ending work in process? a. P2,019,125 ; P283,625 b. P2,023,250 ; P279,500 c. P2,019,125 ; P279,500 d. P2,023,250 ; P283,625 28. Using the Average method, what are the cost assigned to units transferred out and units in ending work in process? a. P2,019,125 ; P283,625 b. P1,998,072.50 ; P283,625 c. P2,022,875.50 ; P279,852.50 d. P1,998,030 ; P96,870 29. What is the cost of abnormal lost units? FIFO Average a. P20,250 b. P24,750 C. P13,575 P20,250 P24,800 P13,500 d. P20,250 P20,280

The cost data and production data for Beth Company for the month of August were as follows: Cost Data: Work in Process, Aug 1: Materials P52,000 Conversion P69,000 Cost added this month: Materials P600,000 Conversion P1,602,000 Production Data: Work in Process, Aug 1 (60% incomplete) Started in production this August 9,375 units 100,000 units Transferred Out 90,625 units Work in Process, Aug 31 (30% to be done) 16,250 units Normal lost units 1,375 units Abnormal lost units All materials are added at the start of the process and lost units are detected at the inspection point of 75% completion. (Round off Units Costs into four decimal places.) 27. Using FIFO method, what are the cost assigned to units transferred out and units in ending work in process? a. P2,019,125 ; P283,625 b. P2,023,250 ; P279,500 c. P2,019,125 ; P279,500 d. P2,023,250 ; P283,625 28. Using the Average method, what are the cost assigned to units transferred out and units in ending work in process? a. P2,019,125 ; P283,625 b. P1,998,072.50 ; P283,625 c. P2,022,875.50 ; P279,852.50 d. P1,998,030 ; P96,870 29. What is the cost of abnormal lost units? FIFO Average a. P20,250 b. P24,750 C. P13,575 P20,250 P24,800 P13,500 d. P20,250 P20,280

Name: The cost data and production data for Beth Company for the month of A
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Description: The cost data and production data for Beth Company for the month of August were as follows:Cost Data:Work in Process, Aug 1:MaterialsP52,000ConversionP69,000Cost added this month:MaterialsP600,000ConversionP1,602,000Production Data:Work in Process,

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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The following information is available for Department C for the month of August: Units Cost Work in process, August 1 (70% complete) 10,000 Direct materials $36,000 Direct labor 18,000 Manufacturing overhead 24,000 Total work in process, August 1 $78,000 Started in production during August 40,000 Costs added: Direct materials $108,000 Direct labor 48,000 Manufacturing overhead 61,040 Total costs added during August $217,040 Work in process, August 31 (80% complete) 4,000 Units completed and transferred out 42,000 Materials are added at the beginning of the process. Inspection takes place at the 50% point in the conversion process to determine spoiled units. (Round unit costs to two decimal places.) The company uses the weighted average cost flow assumption. Department C's equivalent units of production for conversion using the weighted average costing method are a. 50,000. b. 54,000. c. 44,800. d. 47,200.
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Question: Bingham 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. Work in process, beginning: Units in beginning work-in-process inventory 400 Materials costs $6,900 Conversion costs $2,500 Percentage complete for materials 80% Percentage complete for conversion 15% Units started into production during the month 6,000 Units transferred to the next department during the month 5,000 Materials costs added during the month $112,500 Conversion costs added during the month $210,300 Ending work in process: Units in ending work-in-process inventory 1,200 Percentage complete for materials 60% Percentage complete for conversion 30% Required: Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.
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1. Bingham 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.Work in process, beginning: Units in beginning work-in-process inventory400Materials costs$6,900Conversion costs$2,500Percentage complete for materials80%Percentage complete for conversion15%Units started into production during the month6,000Units transferred to the next department during the month5,000Materials costs added during the month$112,500Conversion costs added during the month$210,300Ending work in process:Units in ending work-in-process inventory1,200Percentage complete for materials60%Percentage complete for conversion30%Calculate the equivalent units for materials (using the weighted-average method) for the month in the first processing department.2. (Ignore income taxes in this problem.) Five years ago, the City of Paranoya spent $30,000 to purchase a computerized radar system called W.A.S.T.E.…
Lights Incorporated calculates cost for an equivalent unit of production using the welghted-average method. Data for July: Work-in-process inventory, July 1 (36,000 units): Direct materials (100% completed) $ 122,400 Conversion (5e% completed) 76,800 Balance in work in process inventory, July 1 $ 199, 200 Units started during July Units completed and transferred Work-in-process inventory, July 31: 90,000 102,000 Direct materials (180% completed) Conversion (50% completed) Cost incurred during July: 24,000 Direct materials $ 180,000 Conversion costs 288, 000 Cost per equlvalent unit for materials under the welghted-average method is calculated to be: Multiple Choice $3.10. O $3.20. O $2.00. O $240. $3.00.
Peridot Company's grinding department had the following data for the month of January: Production: Units in process, January 1, 75% complete Units completed and transferred out Units in process, January 31, 45% complete Costs: Work in process, January 1 13,000 tons 39,000 tons 20,000 tons Costs added during January $6,265 $20,135 Determine the cost to be assigned to ending work-in-process (EWIP) using the weighted average method. (Note: Round the unit cost to two decimal places.) a. $4,950 Ob. $7,565 ○ c. $8,984 Od. $3,790
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Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $1.70 and $2.40, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials 0 Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs 72,000 The beginning work in process inventory on October 1 had a cost of $2,900. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 65,000 65,000 7,000 Equivalent Units Conversion 4,600 65,000 69,600 S 2,800 72,400
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1) A company uses process costing and provides the following information for the month of August: Physical Flow in August Cost Data for August Units in Process, Aug. 1 100 Materials Conversion Total Units Started in August 1100 Beg. WIP: $734 $1,547 $2,281 Units Completed in August 1120 Current Period: 12,708 $13,897 $26,605 Units in Process, Aug. 30 80 Total: $13,442 $15,444 $28,886 Units in process at the end of August were 30% complete with respect to materials and conversion costs. How much cost should be assigned to ending work-in-process inventory for the month of August? (Round all intermediate calculations and the final answer to the nearest dollar and cents.)2) A company uses process costing. The following information pertains to the Assembly Department for the month of June: Assembly Department physical inventory for June: 100 units completed and transferred out 20 units in ending work‐in‐process inventory Ending work-in-process inventory is 10% complete with respect to…