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

Equivalent units of products concept came in to existence when some units are not fully completed at…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 34,050 3,780 Units 367,200 190,080 3,500 34,000 33,500 4,000 $ 37,830 557,280 $ 595,110 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 20% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places.
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 $8,700 Conversion costs, 3,000 units, 80% completed 5,100 Materials added during April, 10,000 units 27,800 Conversion costs during April 30,300 Goods finished during April, 11,500 units — April 30, work in process, 1,500 units, 60% completed — All direct materials are placed in process at the beginning of the process, and the weighted average method is used to cost inventories. The materials cost per equivalent unit (to the nearest cent) for April is a.$2.52 b.$2.81 c.$3.65 d.$3.17
The first production department of Stone Incorporated reports the following for April. Direct Materials Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 70,000 372,000 350,000 92,000 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 158,320 51,716 1,062, 050 750,904 Percent Complete 60% 85% $210,036 1,812,954 $ 2,022,990 Conversion Percent Complete 40% 35% a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places.
Information for the Hi-Test company’s production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $45,000 of direct materials cost and $56.320 conversion cost). $101,320 Costs incurred in September Direct materials $375,000 Conversion. $341.000 Work in process inventory, September 30 (7.000 units, 100% complete with respect to direct materials, 40% complete with respect to conversion) $___? Units started in September 28.000 Units completed and transferred to finished goods inventory. 23.000 Compute each of the following. The variable cost per equivalent unit of materials for the month. The variable cost per…
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 $125,760 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT No. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 9,600 units, 30% completed 134,976 30 Direct materials, 87,000 units 1,122,300 1,257,276 30 Direct labor 127,760 1,385,036 30 Factory overhead 176,434 1,561,470 30 Goods finished, ? units 30 Bal., 7,700 units, 80% completed a. Determine the number of units transferred to the next department. units b. Determine the costs per equivalent unit of direct materials and conversion. If reguired, round your answer to two decimal places. Cost per equivalent unit of direct materials Cost per equivalent unit of conversion c. Determine the cost of units started and completed in November.
Do not use ai
The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. Attachment a. Determine the number of units in work in process inventory at March 31.b. Determine the equivalent units of production for direct materials and conversion costs in March.
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, 47,500 partially complete gallons, 20 percent complete with respect to conversion costs. • Units started in July, 87,500 gallons. Units transferred out in July, 97,500 gallons. • Ending inventory, 37,500 gallons, 45 percent complete with respect to conversion costs. Cost per equivalent unit $ 63,500 42,500 $ 106,000 Required: Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average m Note: Round your answers to 2 decimal places. Direct Materials $ 195,000 445,000 $ 640,000 Conversion Costs
Calculate the equivalent units of ABC Company for the month of June. (100% materials, 40% conversion cost) Beginning Work-in Process (June 1st) $20,000 Units Transferred out $80,000 Ending Work-in Process Inventory $20,000 Total material cost incurred during the period: $12,000 Total conversion cost incurred during the period: $20,000 Calculate: 1. The equivalent units that are in the Work In Process account. 2. What their per unit material cost is. 3. What the per unit conversion cost is.
Wildhorse Company has the following production data for selected months. Ending Work in Process Month Beginning Work in Process Units Transferred Out % Complete as to Units Conversion Cost January -0- 42,700 12,200 40 % March -0- 48,800 9,760 75 July -0- 54,900 19,520 25 Compute equivalent units of production for materials and conversion costs, assuming that materials are entered at the beginning of the process and that conversion costs are incurred uniformly throughout the process. January March July Materials Conversion Costs
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 $8,400 Conversion costs, 3,000 units, 80% completed 5,800 Materials added during April, 10,000 units 27,600 Conversion costs during April 31,400 Goods finished during April, 11,500 units — April 30, work in process, 1,500 units, 60% completed — All direct materials are placed in process at the beginning of the process, and the weighted average method is used to cost inventories. The materials cost per equivalent unit (to the nearest cent) for April is
Loll Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below: Units CC % Completion Beg WiP 11,000 50% Started in June 98,000 End WiP 21,000 80% According to the company's records, the conversion cost in beginning work in process inventory was $46,915 at the beginning of June. Additional conversion costs of $825,183 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.)

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