The cost of units transferred out of a department for a cost category under the weighted average method is computed as follows: Multiple Choice Costs added during the period + Cost of beginning work in process inventory Units transferred to the next department x Cost per equivalent unit Units in ending work in process inventory x Cost per equivalent unit Cost of ending work in process inventory - Cost of beginning work in process inventory

The cost of units transferred out of a department for a cost category under the weighted average method is computed as follows: Multiple Choice Costs added during the period + Cost of beginning work in process inventory Units transferred to the next department x Cost per equivalent unit Units in ending work in process inventory x Cost per equivalent unit Cost of ending work in process inventory - Cost of beginning work in process inventory

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Description: The cost of units transferred out of a department for a cost category under the weighted average method is computed as follows:Multiple ChoiceCosts added during the period + Cost of beginning work in process inventoryUnits transferred to the next de

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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Homework i Elliott Company produces large quantities of a standardized product. The following information is available for the first process in its production activities for March. Units Costs Beginning work in process inventory Started 3,000 30,000 Beginning work in process inventory Direct materials $ 3,660 Ending work in process inventory 6,000 Conversion 10,368 Status of ending work in process inventory Direct materials added $ 14,028 194,670 184,620 258,468 Materials-Percent complete 100% Direct labor added Conversion-Percent complete 20% Overhead applied (140% of direct labor) Total costs to account for $651,786 Ending work in process inventory $ 55,356 Prepare a process cost summary report for this process using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.) X Answer is not complete. Total Costs to Account for: Costs of beginning work in process $ Costs incurred this period Total costs to account for: Total costs accounted for Difference due to rounding…
Under process costing, the total production costs incurred in each process must be split between the units that have been completed in that process and transferred to the next process and then which of the following? Group of answer choices the Finished Goods Inventory if it is the first process the transferred-in units from the previous department the units not completed and remaining in Work-in-Process Inventory for that department the Cost of Goods Sold when the units are sold
All of the following is true about process costing except which one? Group of answer choices Prepares production cost report for each process or department at the of the period Maintains single work-in-process ledger account Allocates product costs to number of units produced Accumulates production costs by department or process
The four steps necessary to complete a cost of production report in a process cost system are 1. allocate costs to units transferred out and partially completed units 2. determine the units to be assigned costs 3. determine the cost per equivalent unit 4. compute equivalent units of production The correct ordering of the steps is Oa. 2,4, 3, 1 ОБ. 2,3, 1, 4 Oc. 2,3, 4, 1 Od. 4,2, 3, 1
Requirements: A. What is the total Equivalent production for Materials? B. What is the total Equivalent production for Conversion? C. What is the total Cost per unit to be used for allocation? D. What is the total cost of completed and transferred that will be carried to the next department/finished goods inventory? E. What is the total cost of in process ending for the period? F. What is the equivalent production of In process, end for Conversion? G. What is the equivalent production of competed and transferred for Materials? H. How much cost from losses will be added to completed and transferred?
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
1. Using the following terms and following the format in the textbook, 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: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units ? ? ? ? ? ? ? ? ? ? ? ?
2. Matching Activity with Cost Drivers For each cost pool below, identify an appropriate cost driver. a. order departmentb. accounts receivable processingc. cateringd. raw material inventory
: Use T-accounts to show the flow of costs in g system Which accounts are the inventory accounts? (check all that apply) Direct Labor Raw Materials Work in Process Partially Finished Goods Finished Goods Cost of Goods Sold SUBMIT
In Process Costing, before you can calculate the cost to produce a product. you must determine what the: A) units that we a company produces during an accounting period. B) units that have been finished and placed in finished goods inventory. C) a method that assigns all cost to produce a product to a job during the accounting period. D) equivalent units of production.
1. Using the following terms, complete the production cost report shown below: Ending work in process Total costs to account for Cost per equivalent unit Units started into production Manufacturing Overhead Beginning work in process Total units accounted for Raw Materials Inventory Transferred in costs Incurred during the period Completed and transferred out Total costs accounted for Transferred out costs Equivalent units Total units to account for Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory materials $10,000 Beginning inventory conversion 19,000 Direct materials 50,000 Direct labor 75,000 Applied overhead 37,248…
Place the following steps required to prepare a process costing production report into their correct order. I. Reconcile the total cost of work in process inventory. II. Apply manufacturing overhead to specific jobs. III. Calculate cost per equivalent unit. IV. Record costs incurred for each job on a separate job cost sheet. V. Convert physical units into equivalent units. VI. Reconcile the number of physical units. VII. Prepare a production report. 1. 2. 3. 4. 5 List separately any step that should not be included in the process. (You may select more than one answer. Single click the box with a check mark for correct answers and double click to empty the box for the wrong answers.) ■ I ✔ || IV VI iv MI V il V VI VII