The Cutting Department is the first stage of ABC Company's production cycle. Beginning WIP inventory for this department was 60% incomplete as to conversion costs. Ending WIP was 25% complete. Information as to conversion osts in the Cutting Department for September is presented as follows: Units Conversion Cost WIP at September 1 Units started and cost incurred during September 202,500 Units completed and transferred to next department during September P 31,650 296,100 37,500 150,000 Required: a. Using FIFO method, the total conversion cost of units transferred to finished goods from the units in process beginning. b. Using the weighted average method, the conversion cost of WIP in the Cutting Department at September 30

The Cutting Department is the first stage of ABC Company's production cycle. Beginning WIP inventory for this department was 60% incomplete as to conversion costs. Ending WIP was 25% complete. Information as to conversion osts in the Cutting Department for September is presented as follows: Units Conversion Cost WIP at September 1 Units started and cost incurred during September 202,500 Units completed and transferred to next department during September P 31,650 296,100 37,500 150,000 Required: a. Using FIFO method, the total conversion cost of units transferred to finished goods from the units in process beginning. b. Using the weighted average method, the conversion cost of WIP in the Cutting Department at September 30

Name: The Cutting Department is the first stage of ABC Company's production
Uploaded: 2024-03-20T06:32:49.000Z
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Description: The Cutting Department is the first stage of ABC Company's production cycle.Beginning WIP inventory for this department was 60% incomplete as toconversion costs. Ending WIP was 25% complete. Information as to conversionosts in the Cutting Department

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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Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out. Ending work in process inventory Beginning work in process inventory Direct materials Units The production department had the cost information below. Conversion Costs added this period Direct materials Conversion Total costs to account for 60,000 322,000 300,000 82,000 $ 118,472 48,594 850,368 649,296 Direct Materials Conversion Percent Complete 60% 80% $ 167,066 1,499,664 $1,666,730 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Percent Complete 40% 30%
Materials are added at the beginning of the production process. Conversion costs are added uniformly throughout the production process. Assuming a FIFO flow of costs, what is this company's computed total production cost transferred out during the period?
Production data for the month of September was: 13,400 units Completed and Transferred out 4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material
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 Kraus Steel Company are $0.55 and $2.55, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 0 4,100 Started and completed during October 59,000 59,000 Transferred out of Rolling (completed) 59,000 63,100 Inventory in process, October 31 7,000 3,500 Total units to be assigned costs 66,000 66,600 The beginning work in process inventory on October 1 had a cost of $2,500. 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
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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 $2.35 and $0.70, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Equivalent Units Direct Materials 0 Equivalent Units Conversion 3,200 54,000 54,000 54,000 7,000 Total units to be assigned costs 61,000 The beginning work in process inventory on October 1 had a cost of $2,080. 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 57,200 2,100 59,300
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