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 $9,000 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 900 units, 60% completed 10,566 30 Direct materials, 12,900 units 123,840 134,406 30 Direct labor 21,650 156,056 30 Factory overhead 16,870 172,926 30 Goods transferred, 2 units ? ? 30 Bal., 1,400 units, 70% completed

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 $9,000 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 900 units, 60% completed 10,566 30 Direct materials, 12,900 units 123,840 134,406 30 Direct labor 21,650 156,056 30 Factory overhead 16,870 172,926 30 Goods transferred, 2 units ? ? 30 Bal., 1,400 units, 70% completed

Name: The following information concerns production in the Forging Departme
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: The following information concerns production in the Forging Department for November. All direct materials are placedinto the process at the beginning of production, and conversion costs are incurred evenly throughout the process. Thebeginning inven

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

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.
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
The following information concerns production in the Forging Department for June. 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 $92,340 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Balance - Debit Credit Date Item June 1 Bal., 8,100 units, 70% completed 30 Direct materials, 74,000 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 6,500 units, 70% completed a. Determine the number of units transferred to the next department. units Debit Credit 821,400 62,560 86,400 103,113 924,513 987,073 1,073,473 b. Determine the costs per equivalent unit of direct materials and conversion. If required, 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 June.
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
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.)
The Fabricating Department started the current month with a beginning Work in Process inventory of $10,500. During the month, it was assigned the following costs: direct materials, $76,500; direct labor $24,500; and factory overhead, 60% of direct labor cost. Also, inventory with a cost of $111,500 was transferred out of the department to the next phase in the process. The ending balance of the Work in Process Inventory account for the Fabricating Department is: $
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for June. 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 $18,000 of direct materials. ACCOUNT Work in Process-Forging Department Date Item ACCOUNT NO. Balance Balance Debit Credit Debit Credit June 1 Bal., 1,800 units, 60% completed 30 Direct materials, 25,800 units 30 Direct labor 247,680 43,300 33,740 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 2,800 units, 70% completed Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. 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 June $ b. Cost of units…
Costs per Equivalent Unit and Production Costs 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 $52,800 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 5,500 units, 70% completed 60,885 30 Direct materials, 50,000 units 465,000 525,885 30 Direct labor 46,910 572,795 30 Factory overhead 64,784 637,579 30 Goods finished, ? units 30 Bal., 4,400 units, 80% completed 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 process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost of…
The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1, 25% completed 1,500 units Transferred to finished goods during June 5,000 units Equivalent units of production during June 5,200 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.300 units b.575 units c.200 units d.1,000 units