The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, andconversion costs are incurred evenly throughout the process. The beginning inventory consists of $64,170 of direct materials.ACCOUNT Work in Process-Forging DepartmentACCOUNT NO.BalanceDateItemDebitCreditDebitCreditNov.1 Bal., 6,900 units, 30% completed68,51730 Direct materials, 63,000 units573,300641,81730 Direct labor61,660703,47730 Factory overhead85,146788,62330 Goods finished, 2 units30 Bal., 5,500 units, 80% completedBased on the above data, determine each of the following amounts.If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar.a. Cost of beginning work in process inventory completed in November.Cost of units transferred to the next department during November.c. Cost of ending work in process inventory on November 30. Based on the above data, determine each of the following amounts.If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar.a. Cost of beginning work in process inventory completed in November.b. Cost of units transferred to the next department during November.c. Cost of ending work in process inventory on November 30.d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process. If required, round your answers to two decimal places.Direct materials cost per equivalent unit $Conversion cost per equivalent unite. The November increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month. If required, round your answers to two decimalplaces.Increase orAmountDecreaseChange in direct materials cost per equivalentunitChange in conversion cost per equivalent unit

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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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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): Materials Conversion Beginning work in process (26,000 units): Percentage complete with respect to 100 % 20% Costs $ 83,600 $ 18, 636 Ending work in process (42,000 units): Percentage complete with respect to 100 % 60% Costs ? ? ? ? The Remington Plant started 216,000 units and transferred out 200,000 in July. Materials costs incurred in July were $594,000 and conversion costs were $979,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO method.
Units of production data for the two departments of Pacific Cable and Wire Company for November of the current fiscal year are as follows: Drawing Department Winding Department 5,700 units, 35% completed 1,700 units, 90% completed Work in process, November 1 Completed and transferred to next processing department during November Work in process, November 30 4,300 units, 60% completed 2,300 units, 20% completed a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and Conversion Equivalent Units of Production For November Inventory in process, November 1 Started and completed in November Transferred to Winding Department in November Inventory in process, November 30 Total 78,100 units Inventory in process, November 1 Started and completed in November Transferred to finished…
The following production data were taken from the records of the finishing department for June: Inventory in process, June 1, 25% completed 220 units Transferred to finished goods during June 5,100 units Equivalent units of production during June 5,495 units Determine the number of equivalent units of production in the June 30, finishing department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion costs. a.360 units b.540 units c.675 units d.450 units
Work in process account data for two months; cost of production reports Hearty Soup Co. uses process costing to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in Process-Filling on April 1 and debits to the account during April were as follows: Bal., 800 units, 30% completed: Direct materials (800 x $4.30) Conversion (800 x 30% × $1.75) From Cooking Department, 7,800 units Direct labor Factory overhead From Cooking Department, 9,600 units Direct labor Factory overhead During April, 800 units in process on April 1 were completed, and of the 7,800 units entering the department, all were completed except 550 units that were 90% completed. Charges to Work in Process-Filling for May were as follows: ACCOUNT Department During May, the units in process at the beginning of the month were completed, and of the 9,600 units entering the department,…
Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 Inventory in process, June 1 Started and completed in June Transferred to Winding Department in June Inventory in process, June 30 Total Drawing Department 6,600 units, 50% completed 5,000 units, 50% completed 2,600 units, 10% Broduction begins in the Drawing Department and finishes h the Winding Department. 90,400 units a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and onversion Equivalent Units of Production For June Inventory in process, June 1 Started and completed in June Transferred to finished goods in June…
The following cost information is available for July for the Crest Plant at Calvert Company: · ● Beginning work-in-process inventory Materials cost Conversion cost Total . Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 44,800 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 89,600 gallons. Units transferred out in July, 100,800 gallons. Ending inventory, 33,600 gallons, 40 percent complete with respect to conversion costs. $ 62,720 39,648 $ 102,368 $ 138,880 417,312 $ 556,192 Cost of goods transferred out total Ending inventory total Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations.
The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $82,770 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 8,900 units, 50% completed 98,790 30 Direct materials, 81,000 units 729,000 827,790 30 Direct labor 130,580 958,370 30 Factory overhead 180,331 ? 1,138,701 ? 30 Goods finished, ? units ? 30 Bal., 7,100 units, 80% completed
Shirley Processing, Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Beginning work-in-process Started To account for Transferred out Ending work in process Accounted for Physical units Percentage Complete. Materials 107,000 100% Conversion 40% 957,000 1,064,000 975,500 100% 100% 88,500 100% 20% 1,064,000 Cost Beginning work-in-process Current period Total $ 186,570 1,871,298 Direct Materials $ 167,180 1,234,530 Conversion $ 19,390 636,768 Total $ 2,057,868 $ 1,401,710 $ 656,158 Required: a. Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing. Incorporated uses the weighted-average method. b. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method. Complete this question by entering your answers in the tabs below. Required A Required B Compute…
Required information [The following information applies to the questions displayed below.] The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion. Direct Conversion Equivalent Units of Production Units transferred out Materials 43,500 EUP 3,500 EUP 43,500 EUP 2,100 EUP Units of ending work in process Equivalent units of production 47,000 EUP 45,600 EUP Direct Costs per EUP Costs of beginning work in process Costs incurred this period Materials $33,700 563,200 $ 596,900 Conversion $ 4,440 333,000 Total costs $ 337,440 Units in beginning work in process (all completed during July) Units started this period Units completed and transferred out Units in ending work in process 3,000 44,000 43,500 3,500 Prepare…
The debits to Work in Process—Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $ 8,142 Conversion costs, 3,000 units, 40% completed 5,220 Materials added during April, 10,000 units 25,698 Conversion costs during April 32,143 Goods finished during April, 12,000 units 0 April 30 work in process, 1,000 units, 40% completed 0 All direct materials are added at the beginning of the process, and the first-in, first-out method is used to cost inventories. The conversion cost per equivalent unit for April is a.$3.21 b.$2.47 c.$2.80 d.$2.87
The following information summarizes the activities in the Mixing Department for the month of March. Beginning inventory 8,000 units, 80% complete Started and completed 196,000 units Ending inventory 24,000 units, 25% complete Material is added at the beginning of the process, and conversion costs are incurred evenly throughout the process. Calculate the equivalent units of production with respect to materials during the month of March using the weighted average method. Select one: a. 228,000 b. 212,000 c. 208,000 d. 244,000 e. 210,000
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