The debits to Work in Process-Assembly Department for May, together with data concerning production, are as follows:May 1, work in process:Materials cost, 3,000 units$8,000Conversion costs, 3,000 units, 66.7% completed6,000Materials added during May, 10,000 unitsConversion costs during May30,00031,000Goods finished during May, 11,500 unitsMay 31 work in process, 1,500 units, 50% completedAll direct materials are placed in process at the beginning of the process and the first-in, first-out method is used to cost inventories. The materials costper equivalent unit for May isa. $2.31b. $2.92c. $3.80Od. $3.00B

The materials cost per equivalent unit for May is c. $3.80.Here's how to calculate it:Equivalent…

Answered: The debits to Work in Process-Assembly…

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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Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department Date Item August 1 Bal., 6,300 units, 3/5 completed 31 Direct materials, 113,400 units 31 Direct labor 31 Factory overhead 31 Goods finished, 114,900 units 31 Bal., 2 units, 3/5 completed Debit Credit 226,800 65,660 36,940 ACCOUNT NO. 333,021 Balance Balance Debit Credit 15,813 242,613 308,273 345,213 12,192 12,192 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 2 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for July and August, did the…
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item August 1 Bal., 36,000 units, 3/4 completed 31 Direct materials, 200,000 units 31 Direct labor 31 Factory overhead. 31 Goods finished, 196,000 units 31 Bal., 2 units, 1/2 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for July and August, did the conversion cost per equivalent unit increase, decrease, or remain the samm Increase Debit Feedback Credit 450,000 207,900…
The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $125,760 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT No. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 9,600 units, 30% completed 134,976 30 Direct materials, 87,000 units 1,122,300 1,257,276 30 Direct labor 127,760 1,385,036 30 Factory overhead 176,434 1,561,470 30 Goods finished, ? units 30 Bal., 7,700 units, 80% completed a. Determine the number of units transferred to the next department. units b. Determine the costs per equivalent unit of direct materials and conversion. If reguired, round your answer to two decimal places. Cost per equivalent unit of direct materials Cost per equivalent unit of conversion c. Determine the cost of units started and completed in November.
The following information concerns production in the Forging Department for June. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $92,340 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Balance - Debit Credit Date Item June 1 Bal., 8,100 units, 70% completed 30 Direct materials, 74,000 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 6,500 units, 70% completed a. Determine the number of units transferred to the next department. units Debit Credit 821,400 62,560 86,400 103,113 924,513 987,073 1,073,473 b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places. Cost per equivalent unit of direct materials Cost per equivalent unit of conversion c. Determine the cost of units started and completed in June.
Wildhorse Company has the following production data for selected months. Ending Work in Process Month Beginning Work in Process Units Transferred Out % Complete as to Units Conversion Cost January -0- 42,700 12,200 40 % March -0- 48,800 9,760 75 July -0- 54,900 19,520 25 Compute equivalent units of production for materials and conversion costs, assuming that materials are entered at the beginning of the process and that conversion costs are incurred uniformly throughout the process. January March July Materials Conversion Costs
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for June. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $18,000 of direct materials. ACCOUNT Work in Process-Forging Department Date Item ACCOUNT NO. Balance Balance Debit Credit Debit Credit June 1 Bal., 1,800 units, 60% completed 30 Direct materials, 25,800 units 30 Direct labor 247,680 43,300 33,740 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 2,800 units, 70% completed Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in June $ b. Cost of units…
Please answer C.
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $52,800 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 5,500 units, 70% completed 60,885 30 Direct materials, 50,000 units 465,000 525,885 30 Direct labor 46,910 572,795 30 Factory overhead 64,784 637,579 30 Goods finished, ? units 30 Bal., 4,400 units, 80% completed Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost of…
Subject: accounting
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $84,680 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 5,800 units, 60% completed 94,424 30 Direct materials, 53,000 units 757,900 852,324 30 Direct labor 66,820 919,144 30 Factory overhead 92,274 ? 1,011,418 30 Goods finished, ? units ? 30 Bal., 4,600 units, 90% completed ? Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed…
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Debit Credit Item August 1 Bal., 6,300 units, 4/5 completed 31 Direct materials, 113,400 units 31 Direct labor 31 Factory overhead 31 Goods finished, 114,900 units 31 Bal., 2 units, 3/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process 226,800 64,940 36,526 Balance Balance Debit Credit 332,958 16,884 243,684 308,624 345,150 12,192 12,192 $ $ $ $ b. Assuming that the direct materials cost is the same for July and August, did the…
Carla Vista Manufacturing Company has the following production data for selected months. Month January March July Beginning Work in Process Inventory -0- Physical units -0- -0- Units Completed and Transferred Out 29,800 January 37,050 Calculate the physical units for each month. 37,000 Ending Work in Process Units 12,000 8,700 16,550 March % Complete in Terms of Conversion Costs 40% 72% 39% July

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