[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 accountingrecords show the following information for February:Beginning WIP inventoryDirect materialsConversion costsCurrent period costsDirect materialsConversion costs$ 24,5538,005145,83272,740Quantity information is obtained from the manufacturing records and includes the following:Beginning inventoryCurrent period units startedEnding inventory6,000 units (40% complete as to materials, 15% complete as to conversion)44,800 units19,000 units (75% complete as to materials, 35% 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.Complete this question by entering your answers in the tabs below.Required ARequired BCompute the cost per equivalent unit for direct materials and conversion costs.Note: Round your answers to 2 decimal places.Cost PerEquivalent UnitDirect MaterialsConversion costs

a. Equivalent Units Calculation: For Direct Materials:Beginning WIP Inventory:Units: 6,000Percentage…

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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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ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 90,900 Indirect materials issued to production 13,700 Total materials issued to production 129,000 Beginning materials inventory 51,800 The credit to the materials inventory account for materials used is: Multiple Choice $129,000. $13,700. $90,900. $115,300. $51,800.
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% $ 91,100 20% $ 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. Cost per equivalent unit Direct Materials Conversion
The assembly department had 700 units 35% completed in process at the beginning of June, 10,000 units completed during June, and 900 units 60% completed at the end of June. Using the first-in, first-out method of inventory costing, what was the number of EQUIVALENT units of production for material costs AND conversion costs for the period?
ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC charges direct materials to WIP, while indirect materials are charged to the Factory Overhead account. During the month of April, the company has the following cost information: Total materials (direct and indirect) purchased $ 91,600 Indirect materials issued to production 28,200 Total materials issued to production 115,000 Beginning materials inventory 51,600 The ending materials inventory cost is: Multiple Choice $115,000. $28,200. $91,600. $86,800. $51,600.
The following data show the units in beginning work in process inventory, the number of snits started, the number of units transferred, and the penant completion of the beginning of the process. Beginning Transferred Conversion Quarter WIP Started Out (1) 134,200 133,400 132,591 132,490 25 24 20 133,245 133,464 480 134,843 134,132 22 What are the equivalent units for material and conversion costs for each quarter using the weighted average method Assume that the quarters are Quarter 2 Quarter 3 Quarter 4 2 3 524 339 Units for material costs Units for conversion costs Quarter 1
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
Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department for June Year 2 is provided: Determination of Equivalent Units Beginning inventory Units started Total Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Required: a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine equivalent units. Cost of Production Report Assembly Department Month Ended June 30 Transferred to Finishing Department Ending inventory Total Units Determination of Cost per Unit Cost accumulation: Beginning inventory Materials Labor Overhead Total product costs Divide by equivalent units Cost per equivalent unit Cost Allocation Transferred to Finishing Department Ending work in process inventory Total 640 1,640 1,890 390 Direct Direct % Complete Material Labor Overhead 75% Actual 40% $19,676 Equivalent Units…
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…
The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (30% completed)- 4,000 units Completed units during June- 65,000 units Ending Inventory (60% completed)- 7,000 units What is the number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories?
! 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…
Ashavinbhai

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