The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of productionACCOUNT Work in Process-Baking DepartmentACCOUNT NO.BalanceDateItemDebitCreditDebitCreditMar1 Bal., 4,500 units, 2/5 completed10,530172,53031 Direct materials, 81,000 units162,00031 Direct labor219,98047,45026,69231 Factory overhead246,6728,38231 Goods finished, 82,200 units238,29031 Bal. ? units, 3/5 completed8,382a. 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 unit$3. Cost of the beginning work in process completed during March$4. Cost of units started and completed during March5. Cost of the ending work in processb. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent unit increase, decrease, or remain the same in March?

Calculate total units accounted for:

Answered: The following information concerns…

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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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…
White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process—Sifting Department was as follows on July 1:Work in Process—Sifting Department (900 units, 3/5 completed) on July 1Cost Source Dollar AmountDirect Materials (900 x $3.15) $2,835Conversion (900 x 3/5 x $0.30) 162Total Materials and Conversion 2,997The following costs were charged to Work in Process—Sifting Department during July:Work in Process—Sifting DepartmentCost Source Dollar AmountDirect materials transferred from Milling Department: 15,700 units at $2.30 a unit $36,110Direct Labor 5,420Factory Overhead 2,384During July, 15,500 units of flour were completed. Work in Process—Sifting Department on July 31 was 1,100 units, 4/5 completed.Instructionsa. Prepare a cost…
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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…
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 Bal., 8,100 units, 3/5 completed 31 Direct materials, 145,800 units 31 Direct labor 31 Factory overhead 31 Goods finished, 147,600 units 31 Bal., ? units, 4/5 completed Debit Credit 291,600 85,120 47,882 ACCOUNT NO. 420,426 Balance Balance Debit Credit 12,960 304,560 389,680 437,562 17,136 17,136 a. Determine the number of units in work in process inventory at August 31. units
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., 8,400 units, 2/5 completed 19,656 31 Direct materials, 151,200 units 302,400 322,056 31 Direct labor 88,540 410,596 31 Factory overhead 49,808 460,404 31 Goods finished, 153,300 units 444,402 16,002 31 Bal., ? units, 3/5 completed 16,002 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 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process
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. Date Item Debit Credit Balance Debit Credit March 1 Bal., 6,000 units, 4/5 completed 24,000 31 Direct materials, 108,000 units 216,000 240,000 31 Direct labor 61,860 301,860 31 Factory overhead 34,800 336,660 31 Goods finished, 109,500 units 325,230 11,430 31 Bal. ? units, 3/5 completed 11,430 a. Determine the number of units in work in process inventory at March 31.fill in the blank e90ad102cfba051_1 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…
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 Balance Credit May 1 Bal., 21,500 units, 65% completed 107,500 31 Direct materials, 105, 400 units 321,470 428,970 31 Direct labor 199, 300 628,270 31 Factory overhead 202, 500 830, 770 31 Goods transferred, 111,800 units 799, 370 31,400 31 Bal., ? units, 35% completed 31,400 a. Determine the number of units in work in process inventory at the end of the month. fill in the blank 1 of 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. Line Item Description Units Whole units to be accounted for fill in the blank 1 of 3 units Whole units to be assigned costs fill in the blank 2 of 3 units Equivalent…
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,…
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. Date Item Balance Debit Credit Debit Credit Mar. 1 Bal., 5,100 units, 4/5 completed 11,322 31 Direct materials, 91,800 units 156,060 167,382 31 Direct labor 41,230 208,612 31 Factory overhead 23,198 231,810 31 Goods finished, 93,000 units 222,996 8,814 31 Bal. ? units, 4/5 completed 8,814 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,…
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., 4,500 units, 3/5 completed 8,955 31 Direct materials, 81,000 units 129,600 138,555 31 Direct labor 36,210 174,765 31 Factory overhead 20,364 195,129 31 Goods finished, 82,200 units 188,925 6,204 31 Bal., ? units, 2/5 completed 6,204 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 1.6 2. Conversion cost per equivalent unit .7 3. Cost of the beginning work in process completed during December $fill in the blank 3 4. Cost of units started and completed during December $fill in the blank 4 5. Cost of the…

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