The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials areadded at the beginning of the process):Beginning work in process (41,000 units):Percentage complete with respect toCostsEnding work in process (57,000 units):Percentage complete with respect toCostsMaterialsConversion100%$ 91,10020%$ 26,136100%60%????The Remington Plant started 231,000 units and transferred out 215,000 in July. Materials costs incurred in July were $744,000 andconversion costs were $1,129,000.Required:Compute the cost per equivalent unit for materials and conversion costs using the FIFO method.Note: Round your answers to 2 decimal places.Cost per equivalent unitDirectMaterialsConversion

Equivalent units is a term used in accounting to represent the work-in-progress units at the end of…

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 (41,000 units): Percentage complete with respect to Costs Ending work in process (57,000 units): Percentage complete with respect to Costs Materials Conversion 100% 20% $ 91,100 $ 26,136 100% 60% ?? ?? The Remington Plant started 231,000 units and transferred out 215,000 in July. Materials costs incurred in July were $744,000 and conversion costs were $1,129,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO 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 are added at the beginning of the process): Beginning work in process (41,000 units): Percentage complete with respect to Costs Ending work in process (57,000 units): Percentage complete with respect to Costs Materials Conversion 100% 20% $ 91,100 $ 26,136 100% 60% ?? ?? The Remington Plant started 231,000 units and transferred out 215,000 in July. Materials costs incurred in July were $744,000 and conversion costs were $1,129,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO 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

Section: Chapter Questions

Problem 1Q

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The following activity was recorded for a factory: Production Data: Equivalent Units Needed to Complete Beginning Inventory Material 2,200 Conversion 3,300 Units Started and Completed Material 12,000 Conversion 12,000 Equivalent Units of Ending Inventory Material 1,150 Conversion 2,300 Cost Data: Work in Process Inventory, July 1: Material Costs $4,605 Conversion Costs $7,040 Cost Added During the Month: Material Costs $32,542 Conversion Costs $33,616 What is the conversion cost per unit using the first-in, first-out (FIFO) method?
Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 29,053 Conversion costs 9,355 Current period costs Direct materials 176,567 Conversion costs 91,145 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 45,700 units Ending inventory 28,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
ASAP Natin ‘To! Corporation’s northwestern facility provided the following information for the last calendar year: Beginning inventory: Direct Materials P50,800 Work in process 58,500 Ending inventories: Direct Materials P21,500 Work in process 23,500 During the year, direct materials purchased amounted to P150,000, direct labor cost was P200,000, and overhead cost was P324,700. There were 100,000 units produced. What is the total cost of direct materials used in production? P179,300 P50,800 P150,000 P21,500 What is the cost of goods manufactured? P739,000 P704,000 P762,500 P179,300 How much is the cost of conversion? P524,700 P379,300 P704,000 P904,000 How much is the total prime cost? P524,700 P704,000 P904,000 P379,300 What is the total manufacturing cost? P379,300 P524,700 P904,000 P704,000
Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 20, 553 Conversion costs 6, 805 Current period costs Direct materials 225, 147 Conversion costs 117,460 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 44,000 units Ending inventory 11,000 units (75% complete as to materials, 35% complete as to conversion) Exercise 8-44 (Static) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8 -5) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method.
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.
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%
Production data for the month of September was: 13,400 units Completed and Transferred out 4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material
The Matsui Lubricants plant uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 980 Conversion costs 557 Current period costs Direct materials 27,220 Conversion costs 16,803 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 800 units (65% complete as to materials,56% complete as to conversion) Current period units started 5,900 units Ending inventory 1,500 units (45% complete as to materials,15% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs.
The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (37% completed) Completed units during June Ending Inventory (58% complete) 5,000 units 63,000 units 3,700 units What is the number of material equivalent units of production in the June 30, Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories and materials were added at the beginning of the process? a. 66,700 units Ob. 61.700 units Oc. 3.700 units Od. 58,000 units
Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials $ 27,553 Conversion costs 8,905 Current period costs Direct materials 166,592 Conversion costs 86,000 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) Current period units started 45,400 units Ending inventory 25,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method. Note: Do not round intermediate calculations.
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 (38,000 units): Percentage complete with respect to Costs Ending work in process (54,000 units): Percentage complete with respect to Costs Materials Conversion 100% $ 89,600 20% $ 24,636 100% 60% ?? ?? The Remington Plant started 228,000 units and transferred out 212,000 in July. Materials costs incurred in July were $714,000 and conversion costs were $1,099,000. 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. Cost per equivalent unit Direct Materials Conversion