The Fabricating Department started thecurrent month with a beginning Work inProcess inventory of $10,500. During themonth, it was assigned the followingcosts:direct materials, $76,500; direct labor$24,500; and factory overhead, 60% ofdirect labor cost.Also, inventory with a cost of $111,500was transferred out of the department tothe next phase in the process.The ending balance of the Work inProcess Inventory account for theFabricating Department is: $

Definition of Work-in-process:Work-in-process, also known as WIP, refers to partially finished goods…

Answered: The Fabricating Department started the…

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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Georgia Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 500 units. The costs and percentage completion of these units in beginning inventory were: cost percent complete materials costs $8,400 65% conversion costs $13,700 55% A total of 6,400 units were started and 5,800 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Materials costs $142,100 Conversion costs $271,000 The ending inventory was 85% complete with respect to materials and 50% complete with respect to conversion costs. What are the equivalent units for materials for the month in the first processing department? 935 6,735 6,900 5,800
A department adds all the direct materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning Work In Process inventory; 90,000 units were started into production; and there were 20,000 units that were 40% complete with respect to conversion in Work In Process ending inventory at the end of January. What were the equivalent units of production for materials for the month of January? A. 98,000 equivalent units B. 70,000 equivalent units C. 82,000 equivalent units D. 90,000 equivalent units
Bistrol Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 15,700 75% Conversion costs $ 7,700 20% A total of 8,400 units were started and 7,500 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 186,300 Conversion costs $ 329,800 The ending inventory was 70% complete with respect to materials and 60% complete with respect to conversion costs. The cost of ending work in process inventory in the first processing department according to the company’s cost system is closest to: (Round "Cost per equivalent unit" to 3 decimal places.)
Eastern Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 600 units. The costs and percentage completion of these units in beginning inventory were: cost Percent complete Materials costs $3,900 65% Conversion costs $10,200 35% A total of 5,700 units were started and 4,700 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Materials costs $44,800 Conversion costs $206,900 The ending inventory was 75% complete with respect to materials and 20% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department? 5,020 6,300 4,700 320
Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Materials costs Conversion costs Materials costs Conversion costs A total of 8,500 units were started and 7,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Multiple Choice Cost $ 10,600 $ 12,800 8,350 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. What are the equivalent units for materials for the mon in the first processing department? 7.400 Percent Complete 65% 30% Cost $ 142,100 $ 359,500
Production Information shows the following costs and units for the smoothing department in August. Units Work in process Beginning balance: materials $1,550 Beginning units 640 Beginning balance: conversion 2,500 Transferred in 1,790 Materials Labor Overhead 7,135 All materials are added at the beginning of the period. The ending work in process is 20% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP Inventory at the end of the month? Transferred out Cost Ending Inventory 6,955 Transferred out 1,810 14,540
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 600 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete $ 5,700 $ 1,900 Materials costs 50% Conversion costs 20 A total of 7,000 units were started and 6,300 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 158,900 $ 120,600 Conversion costs The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. How many units are in ending work in process inventory in the first processing department at the end of the month?
At the start of June, the Polishing Department of Corona Counters, Inc. had 15,000 units in beginning inventory. During the month, it received 25,000 units from the Machining Department. It started and completed 17,000 units and transferred 32,000 units to the Packaging Department. It had 8,000 units in ending Work-in-Process Inventory. Direct materials are added at the beginning of the process. Units in beginning Work-in-Process Inventory were 50% complete in respect to conversion costs. Units in ending Work-in-Process Inventory were 40% complete with respect to conversion costs. Prepare the production cost report for the Polishing Department for the equivalent units of production for the month of June. Use the FIFO method.
The Rolling Department of Jabari Steel Company had 2,300 tons in beginning work in process inventory (90% complete) on October 1. During October, 38,000 tons were completed. The ending work in process inventory on October 31 was 1,900 tons (80% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? units
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 $82,770 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 8,900 units, 50% completed 98,790 30 Direct materials, 81,000 units 729,000 827,790 30 Direct labor 130,580 958,370 30 Factory overhead 180,331 ? 1,138,701 ? 30 Goods finished, ? units ? 30 Bal., 7,100 units, 80% completed
Carpenter Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 600 units. The costs and percentage completion of these units in beginning inventory were: Materials costs Conversion costs Materials costs. Conversion costs A total of 7,800 units were started and 7,100 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Multiple Choice Cost $ 5,200 $ 8,500 $11.58 The ending inventory was 85% complete with respect to materials and 70% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to: $12.21 Percent Complete 60% 55% Cost $ 95,000 $ 169,200
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