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 $ 56,000 35,400 $ 91,400 $ 124,000 372,600 $ 496,600 Materials 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. Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method.

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 $ 56,000 35,400 $ 91,400 $ 124,000 372,600 $ 496,600 Materials 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. Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method.

Name: The following cost information is available for July for the Crest Pl
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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 coConversion costTotal●$ 56,00035,400$ 91,400Materials are added

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 $ 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.
Winter Company reported the following for the most recent month: Physical Units Beginning work in process (60% complete) Units transferred in (started) during month Ending work in process 700 4,800 950 Materials are added at the end of the process and conversion costs are added evenly throughout the process. If equivalent whole units of production for conversion using the FIFO were 4,396, what percent complete was ending work in process at the end of the month? (Round to the nearest whole percent.) а. 20% b. 16% с. 44% d. 28% е. 25% f. 72% g. 100% h. None of the above
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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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.
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