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, 42,400 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 84,800 gallons. . • Units transferred out in July, 95,400 gallons. Ending inventory, 31,800 gallons, 40 percent complete with respect to conversion costs. $ 59,360 37,524 $ 96,884 $ 131,440 394,956 $ 526,396 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 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, 42,400 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 84,800 gallons. . • Units transferred out in July, 95,400 gallons. Ending inventory, 31,800 gallons, 40 percent complete with respect to conversion costs. $ 59,360 37,524 $ 96,884 $ 131,440 394,956 $ 526,396 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.

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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 costTotal.●Current costs•Materials costConversion costTotalMaterials are added at the beginning o

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.
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Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in- process in December follows: • Beginning inventory, 50,000 partially complete units, 10 percent complete with respect to conversion costs. • Units started in December, 111,000 units. • Units transferred out in December, 107,000 units. • Ending inventory, 54,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method. Materials Conversion Costs Equivalent Units
Conlon Chemicals manufactures palnt thinner. Information on the work in process follows: • Beginning inventory, 38,900 partially complete gallons. • Transferred out, 212,400 gallons. • Ending inventory (materials are 21 percent complete; conversion costs are 10 percent complete). • Started this month, 240,400 gallons. Required: a. Compute the equivalent units for materials using the weighted-average method. b. Compute the equivalent units for conversion costs using the weighted-average method. Equivalent Units (gallons) a. Materials b. Conversion costs
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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.
. . 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 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 49,500 partially complete gallons, 15 percent complete with respect to conversion costs. Units started in July, 89,500 gallons. . Units transferred out in July, 99,500 gallons. Ending inventory, 39,500 gallons, 65 percent complete with respect to conversion costs. $ 65,500 44,500 $ 110,000 Direct Materials Conversion Costs $ 215,000 465,000 $ 680,000 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
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Required information [The following information applies to the questions displayed below.) The first production department of Stone Incorporated reports the following for April. Direct Haterials Percent Complete 6ex Conversion Percent Complete 40% Units Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory 70,000 372,000 350,000 92,000 85% 35% ces Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method, Equivalent units of production: Weighted average method Direct Materials Conversion Units Percent Complete Percent EUP EUP Complete Tolal