The following cost information is available for July for the Crest Plant at Calvert Company:Beginning work-in-process inventoryMaterials costConversion costTotalCurrent costs●Materials costConversion costTotalMaterials are added at the beginning of the process. The following quantities have been recorded:Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs.Units started in July, 80,000 gallons.Units transferred out in July, 90,000 gallons.Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs.$ 56,00035,400$ 91,400Cost of goods transferred outEnding inventory$ 124,000372,600$ 496,600Required:Compute the cost of goods transferred out and the ending inventory for July using the FIFO method.$544,500

Lets understand the basics. There are two methods to calculate equivalent units which are, (1) First…

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 $ 56,000 35,400 $ 91,400 $ 124,000 372,600

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 $ 56,000 35,400 $ 91,400 $ 124,000 372,600

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 Blackrock Steel Company are $45 and $12, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, beginning of period Started and completed during the period Transferred out of Rolling (completed) Inventory in process, end of period Total units to be assigned costs Equivalent Units Direct Materials Conversion 0 11,900 11,900 2,000 13,900 LA 640 LA 11,900 12,540 600 The beginning work in process inventory had a cost of $38,020. Determine the cost of completed and transferred-out production and the ending work in process inventory. Completed and transferred out of production Inventory in process, ending 13,140
Lights Incorporated calculates cost for an equivalent unit of production using the weighted - average method. Data for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (95% completed) $ 122, 650 Conversion (55% completed) 77, 100 Balance in work in process inventory, July 1 $ 199, 750 Units started during July 92, 500 Units completed and transferred 106, 500 Work - in - process inventory, July 31: Direct materials (95% completed ) 24, 500 Conversion (55% completed) Cost incurred during July: Direct materials $ 182, 500 Conversion costs 290, 500 The cost of goods completed and transferred out under the weighted average method is calculated to be: (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) Multiple Choice $ 586,860. $96,800. $586, 070. $615,320. $576,165.
Equivalent units of materials cost The Rolling Department of Fortress Steel Company had 200 tons in beginning work in process inventory (60% complete) on July 1. During July, 3,900 tons were completed. The ending work in process inventory on July 31 was 300 tons (25% complete). What are the total equivalent units for direct materials for July if materials are added at the beginning of the process?
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 Oak Ridge Steel Company are $1.05 and $0.80, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 0 3,500 Started and completed during July 50,000 50,000 Transferred out of Rolling (completed) 50,000 53,500 Inventory in process, July 31 5,000 2,000 Total units to be assigned costs 55,000 55,500 The beginning work in process inventory on July 1 had a cost of $2,000. 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 $fill in the blank 1 Inventory in process, ending $fill in the blank 2 Total costs assigned by the Rolling Department $fill in the blank 3
Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 200 tons in beginning work in process inventory (60% complete) on October 1. During October, 3,900 tons were completed. The ending work in process inventory on October 31 was 300 tons (25% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process?
Materials are added at the beginning of the production process at Campo Company. The following information on the physical flow of units is available for the month of November. Beginning work in process (50% complete) Started in November Completed in November and transferred out Ending work in process (65% complete) Cost data for November show the following. Beginning WIP inventory Direct materials costs Conversion costs Current period costs Direct materials costs Conversion costs $ $ 27,300 49,700 360,950 1,109,550 59,000 520,000 475,000 104,000 Required: a. Compute the cost equivalent units for the conversion cost calculation assuming Campo uses the weighted-average method. b. Compute the cost per equivalent unit for materials and conversion costs for November.
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, 44,800 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 89,600 gallons. Units transferred out in July, 100,800 gallons. Ending inventory, 33,600 gallons, 40 percent complete with respect to conversion costs. $ 62,720 39,648 $ 102,368 $ 138,880 417,312 $ 556,192 Cost of goods transferred out total Ending inventory total Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations.
Lights Incorporated calculates cost for an equivalent unit of production using the welghted-average method. Data for July: Work-in-process inventory, July 1 (36,000 units): Direct materials (100% completed) $ 122,400 Conversion (5e% completed) 76,800 Balance in work in process inventory, July 1 $ 199, 200 Units started during July Units completed and transferred Work-in-process inventory, July 31: 90,000 102,000 Direct materials (180% completed) Conversion (50% completed) Cost incurred during July: 24,000 Direct materials $ 180,000 Conversion costs 288, 000 Cost per equlvalent unit for materials under the welghted-average method is calculated to be: Multiple Choice $3.10. O $3.20. O $2.00. O $240. $3.00.
The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (40,000 units): Percentage complete with respect to Costs Ending work in process (56,000 units): Percentage complete with respect to Costs Answer is complete but not entirely correct. Direct Materials Cost per equivalent unit Materials Conversion 3.05 Conversion 100% $ 90,600 4.58 22 100% The Remington Plant started 230,000 units and transferred out 214,000 in July. Materials costs incurred in July were $734,000 and conversion costs were $1,119,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the weighted-average method. Note: Round your answers to 2 decimal places. 20% $ 25,636 77 60%
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 Kraus Steel Company are $0.55 and $2.55, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 0 4,100 Started and completed during October 59,000 59,000 Transferred out of Rolling (completed) 59,000 63,100 Inventory in process, October 31 7,000 3,500 Total units to be assigned costs 66,000 66,600 The beginning work in process inventory on October 1 had a cost of $2,500. 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
es Exercise 8-39 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-2,5) 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 $ 59,000 38,000 $ 97,000 $ 150,000 400,000 $ 550,000 Materials are added at the beginning of the process. The following quantities have been recorded: ⚫ Beginning inventory, 43,000 partially complete gallons, 55 percent complete with respect to conversion costs. ⚫ Units started in July, 83,000 gallons. • Units transferred out in July. 93,000 gallons. • Ending inventory, 33,000 gallons, 70 percent complete with respect to conversion costs. Required: Compute the cost per equivalent unit for direct materials and for conversion costs for July using the FIFO method. Note: Round your answers to 2 decimal places. Cost per Equivalent Unit Direct Materials $ 1.19 Conversion Costs $ 4.44
Required information [The following information applies to the questions displayed below.] The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion. Direct Conversion Equivalent Units of Production Units transferred out Materials 43,500 EUP 3,500 EUP 43,500 EUP 2,100 EUP Units of ending work in process Equivalent units of production 47,000 EUP 45,600 EUP Direct Costs per EUP Costs of beginning work in process Costs incurred this period Materials $33,700 563,200 $ 596,900 Conversion $ 4,440 333,000 Total costs $ 337,440 Units in beginning work in process (all completed during July) Units started this period Units completed and transferred out Units in ending work in process 3,000 44,000 43,500 3,500 Prepare…