The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete Conversion Percent Units 77,000 Beginning work in process inventory Units started this period Complete 30% 70% 407,000 Completed and transferred out 385,000 Ending work in process inventory 99,000 90% 40% The production department had the cost information below. Beginning work in process inventory Direct materials Conversion $ 185,086 39,930 $ 225,016 Costs added this period. Direct materials 1,332,034 915,420 Conversion 2,247,454 Total costs to account for $ 2,472,470 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (Round "Cost per EUP" to 2 decimal places.) (b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Required a Cost per equivalent unit of production: FIFO method Direct Materials Conversion

The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete Conversion Percent Units 77,000 Beginning work in process inventory Units started this period Complete 30% 70% 407,000 Completed and transferred out 385,000 Ending work in process inventory 99,000 90% 40% The production department had the cost information below. Beginning work in process inventory Direct materials Conversion $ 185,086 39,930 $ 225,016 Costs added this period. Direct materials 1,332,034 915,420 Conversion 2,247,454 Total costs to account for $ 2,472,470 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (Round "Cost per EUP" to 2 decimal places.) (b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Required a Cost per equivalent unit of production: FIFO method Direct Materials Conversion

Name: The first production department of Stone Incorporated reports the fol
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Description: The first production department of Stone Incorporated reports the following for April.DirectMaterialsPercentCompleteConversionPercentUnitsBeginning work in process inventoryUnits started this periodComplete30%77,00070%407,000Completed and transferre

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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The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 57,000 36,000 $ 93,000 $ 130,000 380,000 $ 510,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 41,000 partially complete gallons, 35 percent complete with respect to conversion costs. • Units started in July, 81,000 gallons. • Units transferred out in July, 91,000 gallons. Ending inventory, 31,000 gallons, 50 percent complete with respect to conversion costs. Cost of goods transferred out Ending inventory Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
2 Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 11,700 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Materials Units Conversion 2,000 11,700 9,000 4,700 Percent Complete for Direct Materials 65% Equivalent units of production: Weighted $ 1,407 1,241 25,053 25,959 90% Complete this question by entering your answers in the tabs below. Percent Complete for Conversion 35% $ 2,648 Required: Calculate the Assembly department's equivalent units of production for materials and for conversion for November. Use the weighted average method. 51,012 40% Calculate the Assembly department's…
Show Me How Print tem Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 13,100 tons in beginning work in process inventory (10% complete) on October 1. During October, 82,100 tons were completed. The ending work in process inventory on October 31 was 4,100 tons (10% complete). Fooback What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? 70,710 X units Check My Work Are you determining the equivalent units of materials added or of conversion of materials? When would materials typically be added in the process? When would conversion of these materials take place? Recall the definition of work in process.
[The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Units Beginning work in process inventory 71,000 Percent Complete 65% Percent Complete 35% Units started this period 377,000 Completed and transferred out 355,000 Ending work in process inventory 93,000 90% 40% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Completed and transferred out Ending work in process Total Equivalent units of production: Weighted average method Direct Materials Conversion Units Percent Complete EUP Percent Complete EUP 355,000 93,000 448,000
Equivalent Units of Materials Cost The Rolling Department of Jabari Steel Company had 4,500 tons in beginning work in process inventory (30% complete) on October 1. During October, 74,300 tons were completed. The ending work in process inventory on October 31 was 3,700 tons (50% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? X units
Information about units processed and processing costs incurred during a recent month in the Blending Department of a manufacturing company follow: Number of Units Conversion Costs (Percent Completion) 11,000 120,000 114,000 17,000 Beginning work in process inventory Units started into production Units completed and transferred out Ending work in process inventory The beginning work in process inventory included $11,000 of conversion cost and $12,000 in material costs. During the month, the Department incurred an additional $290,000 in conversion costs and $143,000 in material costs. All materials are added at the beginning of production in each department. Multiple Choice 35% If the company uses the weighted-average cost method, what are the equivalent units of production for conversion costs for the Blending Department for the month? 114,000 units. 30% 119,100 units.
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Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 6,000 100% 40% Units started this period 43,200 Units completed and transferred out 44,400 Ending work in process inventory 4,800 100% 80% Beginning work in process inventory Direct materials $ 39,600 Conversion 443,880 $ 483,480 Costs added this period Direct materials 993,600 Conversion 4,331,880 5,325,480 Total costs to account for $ 5,808,960 Assume that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200.Required:1. Prepare the Forming department’s production cost report for May using FIFO.2. Prepare the May 31 journal entry to transfer the cost of units from forming to Assembly.
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete 75% Conversion Percent Complete 25% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 63,000 337,000 315,000 85,000 80% 30% Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials $ 131,555 24,120 Conversion $ 155,675 Costs added this period Direct materials 825,945 707,955 1,533,900 $ 1,689,575 Conversion Total costs to account for a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign…
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 Debit Credit Date Item June 1 Bal., 1,800 units, 60% completed 30 Direct materials, 25,800 units 30 Direct labor 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. 247,680 43,300 33,740 Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit ACCOUNT NO. Balance Balance…