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 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 48,000 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 88,000 gallons. Units transferred out in July, 98,000 gallons. • Ending inventory, 38,000 gallons, 50 percent complete with respect to conversion costs. Cost per equivalent unit $ 64,000 43,000 $ 107,000 Required: Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average method. Note: Round your answers to 2 decimal places. Direct Materials $ 200,000 450,000 $ 650,000 Conversion Costs

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 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 48,000 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 88,000 gallons. Units transferred out in July, 98,000 gallons. • Ending inventory, 38,000 gallons, 50 percent complete with respect to conversion costs. Cost per equivalent unit $ 64,000 43,000 $ 107,000 Required: Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average method. Note: Round your answers to 2 decimal places. Direct Materials $ 200,000 450,000 $ 650,000 Conversion Costs

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Description: The following cost information is available for July for the Crest Plant at Calvert Company:Beginning work-in-process inventoryMaterials costConversion costTotalCurrent costsMaterials costConversion costTotalMaterials are added at the beginning of t

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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Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $2.55 and $1.35, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs The beginning work in process inventory on October 1 had a cost of $1,300. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 0 39,000 39,000 2,000 41,000 $ $ Equivalent Units Conversion 2,000 39,000 41,000 1,000 42,000 X X X
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost $ 63,280 Conversion cost 40,002 Total $ 103,282 Current costs Materials cost $ 140,120 Conversion cost 421,038 Total $ 561,158 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 45,200 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 90,400 gallons. Units transferred out in July, 101,700 gallons. Ending inventory, 33,900 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. please do not image format answer.
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 $ 63,500 42,500 $ 106,000 $ 195,000 445,000 $640,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 47,500 partially complete gallons, 20 percent complete with respect to conversion costs. • Units started in July, 87,500 gallons. • Units transferred out in July, 97,500 gallons. • Ending inventory, 37,500 gallons, 45 percent complete with respect to conversion costs. 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. Cost of goods transferred out Ending inventory
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