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.

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.

Name: The following cost information is available for July for the Crest Pl
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
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 costTotal$ 57,00036,000$ 93,000$ 130,000380,000$ 5

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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
Matrix Inc. calculates cost for an equivalent unit of production using the weighted-average method. Data for July: Work-in-process inventory, July 1 (40,000 units): Direct materials (92% completed) $ 122,800 Conversion (58% completed) 77,250 Balance in work in process inventory, July 1 $ 200,050 Units started during July 94,000 Units completed and transferred 109,200 Work-in-process inventory, July 31: Direct materials (92% completed) 24,800 Conversion (58% completed) Cost incurred during July: Direct materials $ 184,000 Conversion costs 292,000 1. Cost per equivalent unit for materials under the weighted-average method is calculated to be: 2. Cost per equivalent unit for conversion under the FIFO method is calculated to be:
Kronk, Incorporated provides the following information concerning the work in process at its plant: Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete). Started this month, 74,500 units. Transferred out, 71,500 units. Ending inventory, 35,750 units (materials are 100 percent complete; conversion costs are 60 percent complete). Required: Compute the equivalent units for materials using FIFO. Compute the equivalent units for conversion costs using FIFO.
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.
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): Materials Conversion Beginning work in process (26,000 units): Percentage complete with respect to 100 % 20% Costs $ 83,600 $ 18, 636 Ending work in process (42,000 units): Percentage complete with respect to 100 % 60% Costs ? ? ? ? The Remington Plant started 216,000 units and transferred out 200,000 in July. Materials costs incurred in July were $594,000 and conversion costs were $979,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO method.
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.
[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
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%
During January, the production department of a process operations system completed and transferred to finished goods a total of 70,000 units. At the end of January, 14,000 additional units were in process in the production department and were 50% complete with respect to conversion. The beginning inventory included conversion cost of $40,700 and the production department incurred conversion costs of $323,100 during January. Compute the cost per equivalent unit for conversion for the department using the weighted-average method.
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.