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. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 7,200 units, 2/5 completed 16,848 31 Direct materials, 129,600 units 259,200 276,048 31 Direct labor 75,270 351,318 31 Factory overhead 42,342 393,660 31 Goods finished, 131,400 units 380,916 12,744 31 Bal., ? units, 2/5 completed 12,744 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 December $4 4. Cost of units started and completed during December 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for November and December, did the conversion cost per equivalent unit increase, decrease, or remain the same in December?

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. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 7,200 units, 2/5 completed 16,848 31 Direct materials, 129,600 units 259,200 276,048 31 Direct labor 75,270 351,318 31 Factory overhead 42,342 393,660 31 Goods finished, 131,400 units 380,916 12,744 31 Bal., ? units, 2/5 completed 12,744 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 December $4 4. Cost of units started and completed during December 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for November and December, did the conversion cost per equivalent unit increase, decrease, or remain the same in December?

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 December. All direct materials are placed in process at the beginning of production.ACCOUNT Work in Process-Baking DepartmentACCOUNT NO.BalanceDateIt

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

Equivalent Units of Production 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 Date Item August 1 Direct 31 materials, 31 31 Direct labor 31 Bal., 6,000 units, 4/5 completed 31 108,000 units Factory overhead Total Goods finished, 109,500 units ACCOUNT NO. units Debit Credit 205,200 55,450 31,190 Balance Balance Debit Credit 4,560 209,760 Bal., ? units, 4/5 completed a. Determine the number of units in work in process inventory at August 31. Line Item Description Inventory in process, August 1 Started and completed in August Transferred to finished goods in August Inventory in process, August 31 265,210 296,400 284,970 11,430 b. Determine the equivalent units of production for direct materials and conversion costs in August. If an amount is zero, enter in "0". 11,430 Baking Department Equivalent Units of Production for Direct Materials…
Weston Products manufactures an industrial cleaning compound that goes through three processing departments—Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Work in Process—Grinding Department Debit Credit Inventory, May 1 451,950 Completed and transferred to the Mixing Department ? Materials 570,560 Conversion 296,232 Inventory, May 31 ? The May 1 work in process inventory consisted of 131,000 pounds with $279,030 in materials cost and $172,920 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 30% complete with respect to conversion. During May, 240,000 pounds were started into production. The May 31 inventory consisted of 113,000 pounds that were 100% complete with respect to materials and 60% complete with respect to conversion. The company uses the…
2.(4) The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production.
Cost of Production and Journal Entries 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 Debit Credit Balance Debit Credit Mar. 1 Bal., 4,900 units, 40% completed 10,584 31 Direct materials, 26,100 units 46,980 57,564 31 Direct labor 14,380 71,944 31 Factory overhead 8,092 80,036 31 Goods transferred, 29,100 units ? ? 31 Bal., 1,900 units, 50% completed ? a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production. a2. Prepare the March journal entry for the Papermaking Department for the conversion costs…
Hardev
None
Recording Issuing of Materials Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 832 Fiberglass 68 $93,666 833 Plastic 83 64,425 834 Glue Indirect 2,764 835 Wood 89 23,697 836 Aluminium 98 40,753 a. Determine the amount of materials transferred to Work in Process and Factory Overhead for the current month. Materials transferred to Work in Process $fill in the blank 1 Materials transferred to Factory Overhead $fill in the blank 2 b. Illustrate the effect on the accounts and financial statements of the materials transferred in (a). If no account or activity is affected, select "No effect" from the drop-down list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets = Liabilities + Stockholders' Equity + + = + fill in the blank 8 fill in the blank 9 fill in the blank 10 fill in the blank 11…
he 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. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 18,000 units, 1?4 completed 14,760 31 Direct materials, 336,000 units 252,000 266,760 31 Direct labor 40,000 306,760 31 Factory overhead 60,530 367,290 31 Goods finished, 330,000 units 346,410 20,880 31 Bal. ? units, 2?5 20,880 completed a. Determine the number of units in work in process inventory at March 31. units
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): 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…
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 Date Item Dec. 1 Bal., 4,200 units, 2/5 completed 31 Direct materials, 75,600 units 31 Direct labor 31 Factory overhead 31 Goods finished, 76,500 units 31 Bal., ? units, 3/5 completed Debit 113,400 34,410 19,350 Inventory in process, December 1 Credit 168,384 Whole Units ACCOUNT NO. Balance Debit a. Determine the number of units in work in process inventory at December 31. units 7,560 120,960 155,370 174,720 6,336 6,336 b. Determine the equivalent units of production for direct materials and conversion costs in December. If an amount is zero, enter in "0". Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For December Credit Equivalent Units Equivalent Direct Materials Units Conversion