30007 ACG3343 2023 X M Question 3 - Chapter XHomeworkhttps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=httRequired Information[The following Information applies to the questions displayed below.]Beginning WIP inventoryDirect materialsConversion costsCurrent period costsDirect materialsConversion costsExercises$ 29,0539,355Beginning inventoryCurrent period units startedEnding inventory176,56791,145Annin Laboratories uses the FIFO method to account for its work-in-process Inventories. The accounting records show thefollowing Information for February.Quantity Information is obtained from the manufacturing records and includes the following:Complete this question by entering your answers in the tabs below.XRequired A Required BCompute the equivalent units for the materials and conversion cost calculations.Equivalent units for materialsEquivalent units for conversion costsHome | bartleby6,000 units45,700 units(40% complete as to materials, 15% complete as to conversion)28,000 units (75% complete as to materials, 35% complete as to conversion)Required B >SearchYou skipped this question in the previouRequired:a. Compute the equivalent units for the materials and conversion cost calculations.b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.Saved< Prev3 4of 10LONe 30007 ACG3343 2023 X Mc Question 3 - Chapter X08 Homework ihttps://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%25Required Information[The following Information applies to the questions displayed below.]Beginning WIP inventoryDirect materialsConversion costsCurrent period costsDirect materialsConversion costsAnnin Laboratories uses the FIFO method to account for its work-in-process Inventories. The accounting records show thefollowing Information for February.Beginning inventoryCurrent period units startedEnding inventoryMeGraw Exercises$ 29,0539,355Quantity Information is obtained from the manufacturing records and includes the following:Required A Required B176,56791,145Direct materialsConversion costsComplete this question by entering your answers in the tabs below.Cost PerEquivalent Unitxb Home | bartlebyRequired:a. Compute the equivalent units for the materials and conversion cost calculations.b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.SavedYou skipped this question in the previous attem6,000 units (48% complete as to materials, 15% complete as to conversion)45,700 units28,000 units (75% complete as to materials, 35% complete as to conversion)Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.(Round your answers to 2 decimal places.)Q Search< PrevX34 or 10A LNext >LDCO

[The following Information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process Inventories. The accounting records show th following Information for February. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Quantity Information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory quired: $ 29,053 9,355 176,567 91,145 6,000 units (40% complete as to materials, 15% complete as to conversion) 45,700 units 28,000 units (75% complete as to materials, 35% complete as to conversion)

[The following Information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process Inventories. The accounting records show th following Information for February. Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Quantity Information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory quired: $ 29,053 9,355 176,567 91,145 6,000 units (40% complete as to materials, 15% complete as to conversion) 45,700 units 28,000 units (75% complete as to materials, 35% complete as to conversion)

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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complete a production cost report for the mixing department for the month of september 2018 to determine the cost of the units completed and transferred out and the cost of the ending Work-in-Process Inventory - Mixing. Assume Kirtland paints uses the weighted-average method. please include explanations.
McGown Corp has the following information: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory Additional information for the year is as follows: Raw materials purchases Direct labor Manufacturing overhead applied Indirect materials. Beginning Ending Inventory Inventory (1/1) (12/31) $28,200 $30,900 $16,800 $ 23, 100 $30,300 $ 27,900 Multiple Choice Compute the direct materials used in production. $110,600 $30.900 $107, 900 $ 84,300 $ 85,100 $ 0 Prex
Cost of Goods Manufactured and Sold LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant: Direct materials inventory Work-in-process inventory Finished goods inventory 56,500 During June, direct labor cost was $145,500, direct materials purchases were $339,500, and the total overhead cost was $367,800. The inventories at the end of June were: Direct materials inventory Work-in-process inventory Finished goods inventory Required: Direct materials: 1. Prepare a cost of goods manufactured statement for June. LeMans Company Statement of Cost of Goods Manufactured For the Month of June Beginning inventory Materials available Total manufacturing costs added Direct materials used in production Cost of goods manufactured $62,800 31,700 $63,400 35,300 51,900 Sold For the Month of June 2. Prepare a cost of goods sold schedule for June. LeMans Company Statement of Cost of Goods Cost of goods sold
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 (43,000 units): Percentage complete with respect to Costs Ending work in process (59,000 units): Percentage complete with respect to Costs Materials Conversion 100% 20% $ 92,100 $ 27,136 100% 60% ?? ?? The Remington Plant started 233,000 units and transferred out 217,000 in July. Materials costs incurred in July were $764,000 and conversion costs were $1,149,000. 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
3. Marzoni’s records show raw materials inventory had a beginning balance of $200 and an ending balance of $300. The cost of materials used during the month was $900. Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine what were the purchases made during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are to fill in cells beginning at the top of the T-account with any extra cells left at the bottom. Refer to the examples in the text for the proper…
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.
Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in Process-Filling was as follows on January 1: Work in Process-Filling Department (3,000 units, 70% completed): Direct materials (3,000 x $10.20) Conversion (3,000 x 70% x $6.50) $30,600 13,650 $44,250 The following costs were charged to Work in Process-Filling during January: Direct materials transferred from Reaction Department: 38,700 units at $9.90 a unit Direct labor Factory overhead During January, 38,400 units of specialty chemicals were completed. Work in Process-Filling Department on January 31 was 3,300 units, 50% completed. Required: 1. Prepare a cost of production report for the Filling Department…
! Required information [The following information applies to the questions displayed below.] 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 Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 23,553 7,705 Quantity information is obtained from the manufacturing records and includes the following: 138,672 67,440 Costs of goods transferred out Costs in ending inventory 6,000 units (48% complete as to materials, 15% complete as to conversion) 44,600 units 17,000 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. Answer is complete but not entirely correct. $ 181,994 S…
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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.