Costs per Equivalent UnitThe following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production.ACCOUNT Work in Process-Baking DepartmentACCOUNT NO.Balance BalanceDateItemDebitCredit Debit CreditAugust 1 Bal., 4,800 units, 2/5 completed7,77631 Direct materials, 86,400 units120,960128,73631 Direct labor31 Factory overhead33,45018,822162,186181,00831 Goods finished, 87,600 units175,10431 Bal., 2 units, 2/5 completed5,9045,904a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent.1. Direct materials cost per equivalent unit2. Conversion cost per equivalent unit3. Cost of the beginning work in process completed during August4. Cost of units started and completed during August5. Cost of the ending work in process5,904b. Assuming that the direct materials cost is the same for July and August, did the conversion cost per equivalent unit increase, decrease, or remain the same in August?Increase

Name: Costs per Equivalent UnitThe following information concerns productio
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Costs per Equivalent UnitThe following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production.ACCOUNT Work in Process-Baking DepartmentACCOUNT NO.Balance Balance

Process Costing -A technique known as "process costing" involves putting things through two or more…

Business

Accounting

The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Balance Date Item Debit Credit Debit Credit August 1 Bal., 4,800 units, 2/5 completed 7,776 31 Direct materials, 86,400 units 120,960 128,736 31 Direct labor 31 Factory overhead 33,450 18,822 162,186 181,008 31 Goods finished, 87,600 units 175,104 5,904 31 Bal., ? units, 2/5 completed 5,904 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August

The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Balance Date Item Debit Credit Debit Credit August 1 Bal., 4,800 units, 2/5 completed 7,776 31 Direct materials, 86,400 units 120,960 128,736 31 Direct labor 31 Factory overhead 33,450 18,822 162,186 181,008 31 Goods finished, 87,600 units 175,104 5,904 31 Bal., ? units, 2/5 completed 5,904 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Selected accounts with amounts omitted are as follows: Work in Process Aug. 1 Balance 251,200 Aug. 31 Goods finished 191,300 31 Direct materials 31 Direct labor 43,900 31 Factory overhead Factory Overhead Aug. 1 - 31 Costs incurred 106,500 Aug. 1 Balance 13,600 31 Applied X If the balance of Work in Process on August 31 is $200,100, what was the amount debited to Work in Process for factory overhead in August, assuming a factory overhead rate of 30% of direct labor costs? Oa. $13,600 b. $106,500 Oc. $13,170 d. $191,300
Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Balance Date Item 0 Debit Credit Debit Credit August 1 Bal., 6,600 units, 4/5 completed 12,144 31 Direct materials, 118,800 units 166,320 178,464 31 Direct labor 45,340 223,804 31 Factory overhead 25,508 249,312 31 Goods finished, 120,300 units 240,336 8,976 31 Bal., ? units, 3/5 completed 8,976 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 1.33 X 2. Conversion cost per equivalent unit $ 0.60 3. Cost of the beginning work in process completed during August $ 792 X 4. Cost of units started and completed during August $ 219,441 X 7,584.16 X 5. Cost of the ending work in process b. Assuming that the direct materials cost is…
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Work in Process—Mixing Department June 1 balance 30,000 Completed and transferred to Finished Goods ? Materials 142,840 Direct labor 91,500 Overhead 109,000 June 30 balance ? The June 1 work in process inventory consisted of 4,800 units with $17,140 in materials cost and $12,860 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,300 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and…
MetaThe following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit August 1 Bal., 7, 500 units, 2/5 completed 16, 500 31 Direct materials, 135,000 units 256,500 273,000 31 Direct labor 70, 840 343, 840 31 Factory overhead 39, 848 383, 688 31 Goods finished, 136, 800 units 369,210 14,478 31 Bal., ? units, 4/5 completed 14,478 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during August $fill in the blank 3 4. Cost of units started and completed during August $fill in the blank 4 5. Cost of the ending work in…
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): Work in Process-Mixing Department 28,000 120,000 79,500 97,000 June 1 balance Materials Direct labor Overhead June 30 balance Debit The June 1 work in process inventory consisted of 5,000 units with $16,000 in materials cost and $12,000 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 50% complete with respect to conversion. During June, 37,500 units were started into production. The June 30 work in process inventory consisted of 8,000 units that were 100% complete with respect to materials and 40% complete with respect to conversion. Foundational 5-7 (Static) Total cost of…
Clopack Company manufactures one product that goes through one processing department called Mixing. All raw. materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials. Direct labor Overhead June 30 balance Debit Foundational 4-11 (Algo) Work in Process-Mixing Department Credit 27,000 Completed and transferred to Finished Goods 154,205 98,500 116,000 The June 1 work in process inventory includes 4,100 units with $14,700 in materials cost and $12,300 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,600 units were started into production. The June 30 work in process inventory consisted of 9,400 units 100% complete with respect to materials and 50% complete…
The charges to Work in Process—Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials are placed in process during production.Work in Process – Baking DepartmentBeginning balance 900 units, 40% completed $2,466 To finished goods, 8,100 units ?Direct materials, 8,400 units 43,500Direct labor 18,200Factory overhead 7,504Ending balance 1,200 units, 60% completed ?Determine the following: a. The number of whole units to be accounted for and to be assigned costs b. The number of equivalent units of production c. The cost per equivalent unit d. The cost of units transferred to Finished Goods e. The cost of units in ending Work in Process
Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking production. The following information concerns production in the Papermaking Department for March: ACCOUNT Work In Process-Papermaking Department ACCOUNT NO. Date Item Mar. 1 Bal., 2,800 units, 35% completed Balance Debit Credit Debit Credit 9,178 31 Direct materials, 105,000 units 357,000 366,178 31 Direct labor 40,580 406,758 31 Factory overhead 44,396 451,154 31 Goods transferred, 104,800 units 31 Bal., 3,000 units, 80% completed ? ? ? Required: a. On March 31, prepare the following journal entries for the Papermaking Department:* 1. The materials charged to production 2. The conversion costs charged to production 3. The completed production transferred to the Converting Department +b. Determine the Work in Process-Papermaking Department March 31 balance. *Refer to the chart of accounts for the…
The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 5,100 units, 2/5 completed 12,240 31 Direct materials, 91,800 units 183,600 195,840 31 Direct labor 53,290 249,130 31 Factory overhead 29,978 279,108 31 Goods finished, 93,000 units 269,904 9,204 31 Bal., ? units, 2/5 completed 9,204 Question Content Area a. Determine the number of units in work in process inventory at August 31.fill in the blank 1 of 1 units Feedback Area Feedback How many units were in process during the period? How many units were completed during the period? Question Content Area b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is zero, enter in "0". Baking DepartmentEquivalent Units of Production…
Required information [The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June):- June 1 balance Materials Direct labor Overhead June 30 balance. Debit Work in Process-Mixing Department Cost per equivalent unit for materials 28,000 147,630 93,500 111,000 ? Credit Completed and transferred to Finished Goods The June 1 work in process inventory consisted of 4,600 units with $15,000 in materials cost and $13,000 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 37,100 units were started into production. The June 30…
Equivalent Units of Production: Weighted average method The following information concerns production in the Finishing Department for May. The Finishing Department uses the Weighted average method. ACCOUNT Work in Process—Finishing Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May 1 Bal., 20,300 units, 75% completed 121,800 31 Direct materials, 99,500 units 364,170 485,970 31 Direct labor 225,800 711,770 31 Factory overhead 229,400 941,170 31 Goods transferred, 105,600 units 906,048 35,122 31 Bal., ? units, 30% completed 35,122 a. Determine the number of units in work in process inventory at the end of the month.fill in the blank 1 units b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production. Whole units to…
Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit March 1 1 Bal., 6,300 units, 2/5 completed 18,900 31 Direct materials, 113,400 units 170,100 189,000 31 Direct labor 52,070 241,070 31 Factory overhead 29,284 270,354 31 Goods finished, 114,900 units 260,466 9,888 31 Bal. ? units, 4/5 completed 9,888 a. Determine the number of units in work in process inventory at March 31. units b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount is zero, enter in "0". Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For March Direct Materials Whole Units Conversion Equivalent Units Equivalent Units Inventory in process, March 1 Started and completed in March…