(The following information applies to the questions displayed below] Pacific Ink had beginning work-in-process inventory of $861,960 on October 1. Of this amount, $351,920 was the cost of direct materials and $510,040 was the cost of conversion. The 54,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 114,000 units were transferred out and 36,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,721,900 for direct materials and $3,478,200 for conversion. Exercise 8-40 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8- 2, 5) a-1. Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Complete this question by entering your answers in the tabs below. Req A2 Tv ba S Prey 4.

(The following information applies to the questions displayed below] Pacific Ink had beginning work-in-process inventory of $861,960 on October 1. Of this amount, $351,920 was the cost of direct materials and $510,040 was the cost of conversion. The 54,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 114,000 units were transferred out and 36,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,721,900 for direct materials and $3,478,200 for conversion. Exercise 8-40 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: FIFO Method (LO 8- 2, 5) a-1. Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Complete this question by entering your answers in the tabs below. Req A2 Tv ba S Prey 4.

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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On August 1, Jones Corporation's packaging department had Work in Process inventory of 8,000 units that were 75% complete with respect to materials and 30% complete with respect to conversion costs. The cost of these units was $99,525 ($62,000 transferred-in from previous departments, $28,775 in materials, and $8,750 in labor and overhead). During August, 125,000 units were transferred into the department. These units had accumulated costs in previous departments of $1,418,560. The packaging department incurred costs of $799,225 for materials and $498,010 for conversion costs in August and transferred 131,000 units out of the department. The 2,000 units remaining in ending inventory are 50% complete with respect to materials and 20% complete with respect to conversion costs. Jones Corporation uses the average cost method to cost its inventories. Required a. Calculate the cost per equivalent unit for transferred-in costs, materials, and conversion costs. Round your answers to two…
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The Modelling Department of AMC Inc. incurred $295,000 in direct material costs and $120,600 in conversion costs during the period. The beginning work-in-process inventory costs include $25,000 in direct material costs and $38,000 in conversion costs. The equivalent units of production for direct materials and conversion costs are 8,000 and 5,200, respectively. At the end of the period, 4,500 units are completed and transferred to the next processing department. Compute the costs per equivalent units for direct materials under the weighted-average method. (Round your answer to the nearest cent.) Group of answer choices $30.50 per EUP $23.19 per EUP $40.00 per EUP $36.88 per EUP
The Townson Manufacturing Company has gathered the following information for the month of September: • 6,000 units in the beginning Work-in-Process Inventory (75% complete as to materials, 1/3 complete with respect to the conversion costs). • 60,000 units were started into production. • 50,000 units were completed and transferred to the next department. • The ending Work-in-Process Inventory is complete as to materials but only 3/8 complete with respect to conversion costs. What are the equivalent units of production (EUPs) for the conversion costs in the month of September assuming Townson uses weighted-average process costing? 56,000 EUPs 61,500 EUPs 54,000 EUPs 64,500 EUPs
A company started the month with 4,519 units in work in process inventory. It started 15,295 units and had an ending inventory of 4,936. The units were 100% complete to materials and 30% complete with conversion. How many units were transferred out during the period?
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Information for the Hi-Test company’s production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $45,000 of direct materials cost and $56.320 conversion cost). = $101,320 Costs incurred in September Direct materials = $375,000 Conversion. = $341.000 Work in process inventory, September 30 (7.000 units, 100% complete with respect to direct materials, 40% complete with respect to conversion) = $___? Units started in September = 28.000 Units completed and transferred to finished goods inventory. = 23.000 < Question > The total variable cost of goods transferred out. The total variable cost of ending work in process inventory.
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In the month of April, a department had 500 units in the beginning work in process inventory that were 60% complete. These units had $64000 of materials costs and $42000 of conversion costs. Materials are added at the beginning of the process and conversion costs are added uniformly throughout the process. During April, 10000 units were completed and transferred to the finished goods inventory and there were 2200 units that were 25% complete in the ending work in process inventory on April 30. During April, manufacturing costs charged to the department were: Materials $1583000; Conversion costs $1857000.(Round unit matrial and coversion cost to 0 decimal place, e.g. 135.)The cost assigned to the units transferred to finished goods during April was $3256000. $3172000. $3128000. $3150000.
Compute the unit costs for conversion cost for the month of September.
The following information applies to the questions displayed below.] During April, the first production department of a process manufacturing system completed its work on 415,000 units of a product and transferred them to the next department. Of these transferred units, 83,000 were in process in the production department at the beginning of April and 332,000 were started and completed in April. April's beginning inventory units were 75% complete with respect to materials and 25% complete with respect to conversion. At the end of April, 105,000 additional units were in process in the production department and were 90% complete with respect to materials and 40% complete with respect to conversion. Compute the number of equivalent units with respect to both materials used and conversion used in the first production department for April using the weighted-average method.
Williams Company computed its cost per equivalent unit for direct materials to be $2.60 and its cost per equivalent unit for conversion to be $3.75. A total of 250,000 units of product were completed and transferred out as finished goods during the month. The ending Work in Process inventory consists of 36,000 equivalent units of direct materials and 36,000 equivalent units of conversion costs. The amount that should be reported in ending Work in Process Inventory is: