The equivalent production under weighted average costing method is arrived at as follows:Finished and transferred20,000 x 100%20,000In process, Feb. 283,000 x 2/32,00022,000With beginning work in process consisting of 5,000 units, 1/5 done, what should be the equivalent production underFIFO?а. 23,000b.21,000C.22,000d.19.000

The equivalent units are calculated on the basis of percentage of the work completed during the…

Answered: The equivalent production under…

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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Bowie Inc., a manufacturer of earnings, has accumulated the following cost information for products A and B: Production volume Engineering costs incurred Engineering costs per batch Batch size Total direct manufacturing labor hours Direct manufacturing labor hours/unit A $2.67 $4.00 $1.60 B $2.14 $3.00 500 $1.50 $2,000 $800 200 750 1.5 B 1,000 Assuming activity-based costing (ABC) is used, what is the engineering cost per unit for products A and B? $3,000 $1,500 500 1,400 Total $5,000 2,150
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COST ACCOUNTING - Process Costing Make a table for the solution. Compute for equivalent production of the following case using average method.
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?
Subject: Accounting
am. 24.
COST ACCOUNTING - Process costing. Compute for the equivalent production of the following cases using the average method.
Using The FIFO Method of Process Costing, prepare journal entries
Muscat Painting Company has the following production data for March. Beginning work process 400,000 units (60% complete), started into production 370,000 units, completed and transferred out 706,000 units, and ending work in process 40,000 units (40% complete). the equivalent units of production for conversion costs will be: Select one: O a. 810,000. O b. 650,000. O c 770,000. O d. None of the answers are correct O e. 722,000.
PROBLEM 16: Cost of Production Report Spiderman Corp. has two departments. The following are the data of the two departments. Quantity Beginning WIP October 1 Incomplete as to materia Complete as to conversion cost Departmant 1 32,500 Department 2 22,500 30% 40% 20% 75% Units started in October Units Completed in October Ending WIP October 31 Complete as to material Incomplete as to conversion cost 120,000 112,500 27,500 60% 0% 80% 60% Costs Beginning WIP Transferred in 287,500 120,000 42,500 Materials 200,000 187,500 Conversion Current Period Transferred in Materials Conversion 875,000 500,000 125,000 300,000 Required: Compute the ending inventory costs for the two departments. • Using Weighted method a. Compute the EUP of the two departments. b. Compute the unit cost of the two departments. c. Compute the costs transferred to out the two departments. d. Compute the ending inventory costs for the two departments.
If the prime cost 35 350 ID., Manufacturing overhead 6 000 ID., beginning finished goods inventory 25 500 ID .ending finished goods inventory 25 000 ID., beginning work in process inventory 2 000 ID., ending work in process inventory 3 000 ID., the manufactured cost are
If 500 units were one-fourth completed at May 31, 5,500 units were completed during May, and the first-in, first-out method is used, what was the number of equivalent units of production with respect to conversion costs for May? a. 4,875 b. 4,500 c. 5,625 d. 5,500 2. What is the conversion cost per equivalent unit? a. $10 b. $25 c. $32 d. $15

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