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. Date Debit Credit Item August 1 Bal., 6,300 units, 3/5 completed 15,813 31 Direct materials, 113,400 units 242,613 31 Direct labor 307,723 31 Factory overhead 344,349 31 Goods finished, 114,900 units 11,328 31 Bal., 2 units, 2/5 completed 11,328 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 226,800 65,110 36,626 and completed during August Balance Balance Debit Credit 333,021 $ $ $

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. Date Debit Credit Item August 1 Bal., 6,300 units, 3/5 completed 15,813 31 Direct materials, 113,400 units 242,613 31 Direct labor 307,723 31 Factory overhead 344,349 31 Goods finished, 114,900 units 11,328 31 Bal., 2 units, 2/5 completed 11,328 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 226,800 65,110 36,626 and completed during August Balance Balance Debit Credit 333,021 $ $ $

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Description: 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 DepartmentACCOUNT NO.DateItemDebit CreditAugust 1 Bal., 6,300

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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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…
Equivalent Units of Production The following information concerns production in the Baking Department for December. 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 Credit Dec. 1 Bal., 8,400 units, 2/3 completed 10,640 31 Direct materials, 151,200 units 287,280 297,920 31 Direct labor 78,200 376,120 31 Factory overhead 43,992 420,112 31 Goods finished, 153,300 units 404,110 16,002 31 Bal., ? units, 4/5 completed 16,002
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. Date Item August 1 Bal., 9,000 units, 2/5 completed 31 Direct materials, 162,000 units 31 Direct labor 31 Factory overhead 31 Goods finished, 164,100 units 31 Bal., ? units, 4/5 completed Line Item Description Inventory in process, August 1 Started and completed in August Transferred to finished goods in August Inventory in process, August 31 Total Debit Credit 275,400 74,380 41,834 a. Determine the number of units in work in process inventory at August 31. units 2002 394,380 b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is zero, enter in "0". Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For August Whole Units Balance Balance Debit Credit 18,360 293,760 368,140…
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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 Bal., 8,400 units, 3/5 completed 26,880 31 Direct materials, 151,200 units 241,920 268,800 31 Direct labor 68.110 336,910 31 Factory overhead 38,318 375,228 31 Goods finished, 153,300 units 362,502 12,726 31 Bal. ? units, 3/5 completed 12,726 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 box does not require an entry, leave it blank. Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs Costs For March Direct Materials Conversion Equivalent Equivalent Whole Units Units Units Inventory in process, March 1 Started and…
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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 Mar. 1 Bal., 5,100 units, 1/3 completed 11,645 31 Direct materials, 91,800 units 183,600 195,245 31 Direct labor 53,940 249,185 31 Factory overhead 30,336 279,521 31 Goods finished, 93,000 units 269,615 9,906 31 Bal. ? units, 3/5 completed 9,906 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 March 4. Cost of units started and completed during March 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent unit increase,…
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