**Work-in-Process Inventory for Remington Plant: July Overview**This section provides data regarding the work-in-process inventory for the Remington Plant during July, detailing the materials and conversion status. It is crucial for calculating production costs efficiently, as all materials are introduced at the start of the process.**Work-in-Process Details:**- **Beginning Work in Process (45,000 units):** - **Materials:** - Percentage Complete: 100% - Cost: $93,100 - **Conversion:** - Percentage Complete: 20% - Cost: $28,136- **Ending Work in Process (61,000 units):** - **Materials:** - Percentage Complete: 100% - **Conversion:** - Percentage Complete: 60%**Production and Costs:**- Units Started: 235,000- Units Transferred Out: 219,000- Materials Costs Incurred: $784,000- Conversion Costs Incurred: $1,169,000**Objective:**The task is to determine the cost per equivalent unit for materials and conversion costs using the weighted-average method. Answers need to be rounded to two decimal places for precision.**Calculation Table:**| | Direct Materials | Conversion ||--------------|------------------|------------|| Cost per Equivalent Unit | | |

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Description: **Work-in-Process Inventory for Remington Plant: July Overview**This section provides data regarding the work-in-process inventory for the Remington Plant during July, detailing the materials and conversion status. It is crucial for calculating prod

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The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials a added at the beginning of the process): Beginning work in process (45,000 units): Percentage complete with respect to Costs Ending work in process (61,000 units): Percentage complete with respect to Costs Materials Conversion 100% $ 93,100 ?? 100% 20% $ 28, 136 ?? 60% The Remington Plant started 235,000 units and transferred out 219,000 in July. Materials costs incurred in July were $784,000 and conversion costs were $1,169,000. 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.

The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials a added at the beginning of the process): Beginning work in process (45,000 units): Percentage complete with respect to Costs Ending work in process (61,000 units): Percentage complete with respect to Costs Materials Conversion 100% $ 93,100 ?? 100% 20% $ 28, 136 ?? 60% The Remington Plant started 235,000 units and transferred out 219,000 in July. Materials costs incurred in July were $784,000 and conversion costs were $1,169,000. 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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