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 Conversion costs, 3,000 units, 66.7% completed Materials added during May, 10,000 units Conversion costs during May Goods finished during May, 11,500 units May 31 work in process, 1,500 units, 50% completed $7,600 5,100 26,700 30,700 a. $2.32 Ob. $2.67 Oc. $3.83 d. $3.07 0 0 All 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 cost per equiva unit for May is

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 Conversion costs, 3,000 units, 66.7% completed Materials added during May, 10,000 units Conversion costs during May Goods finished during May, 11,500 units May 31 work in process, 1,500 units, 50% completed $7,600 5,100 26,700 30,700 a. $2.32 Ob. $2.67 Oc. $3.83 d. $3.07 0 0 All 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 cost per equiva unit for May is

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Description: 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 unitsConversion costs, 3,000 units, 66.7% completedMaterials added during May, 10,000 un

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 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
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 $54,610 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 4,300 units, 30% completed 58,738 30 Direct materials, 39,000 units 487,500 546,238 30 Direct labor 56,340 602,578 30 Factory overhead 77,805 ? 680,383 30 Goods finished, ? units ? 30 Bal., 3,400 units, 60% 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 required, round your answer to two decimal places. Cost per equivalent unit of direct materials $ Cost per equivalent unit of…
Cost per Equivalent Unit 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 $87,570 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 6,300 units, 40% completed 93,114 30 Direct materials, 57,000 units 780,900 874,014 30 Direct labor 57,750 931,764 30 Factory overhead 79,744 ? 1,011,508 30 Goods finished, ? units ? 30 Bal., 5,000 units, 80% completed ? a. Determine the number of units transferred to the next department.fill in the blank 1 units 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…
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, 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, 2/5 completed Debit Credit 147,420 42,920 24,148 ACCOUNT NO. 218,058 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 Balance Balance Debit Credit 10,962 158,382 201,302 225,450 7,392 7,392 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 00000 $ $
Cost per Equivalent Unit: Average Cost Method The following information concerns production in the Forging Department for April. The Forging Department uses the average cost method. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit April 1 Bal., 2,300 units, 40% completed 11,704 30 Direct materials, 53,100 units 435,420 447,124 30 Direct labor 181,700 628,824 30 Factory overhead 99,600 728,424 30 Goods transferred, 52,800 units ? ? 30 Bal., 2,600 units, 60% completed ? a. Determine the cost per equivalent unit. Round your answer to the nearest cent.$ per equivalent unit b. Determine the cost of the units transferred to Finished Goods.$ c. Determine the cost of units in ending Work in Process.$
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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., 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., ? units, 1/2 completed Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest a. cent. Debit 450,000 207,900 680,400 Credit 1,361,660 ACCOUNT NO. 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 Balance Balance Debit Credit 207,360 657,360 865,260 1,545,660 184,000 184,000 00000 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…
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 $9,000 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT No. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 900 units, 60% completed 10,566 30 Direct materials, 12,900 units 123,840 134,406 30 Direct labor 21,650 156,056 30 Factory overhead 16,870 172,926 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% 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 in November. b. Cost of units transferred to the next department during November. c. Cost…
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.