Homework Help is Here – Start Your Trial Now!
Business
Accounting
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. Date ACCOUNT Work in Process-Forging Department Item Debit 123,840 21,650 16,870 Credit c. Cost of ending work in process inventory on November 30. s Nov. 1 Bal., 900 units, 60% completed 10,566 30 Direct materials, 12,900 units 134,406 30 Direct labor 156,056 30 Factory overhead 172,926 30 Goods transferred, 2 units ? 30 Bal., 1,400 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 November. s ? b. Cost of units transferred to the next department during November. s ACCOUNT NO. Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit Balance Debit Credit 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 unit e. 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 decimal places. Increase or Decrease 100 Amount

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. Date ACCOUNT Work in Process-Forging Department Item Debit 123,840 21,650 16,870 Credit c. Cost of ending work in process inventory on November 30. s Nov. 1 Bal., 900 units, 60% completed 10,566 30 Direct materials, 12,900 units 134,406 30 Direct labor 156,056 30 Factory overhead 172,926 30 Goods transferred, 2 units ? 30 Bal., 1,400 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 November. s ? b. Cost of units transferred to the next department during November. s ACCOUNT NO. Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit Balance Debit Credit 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 unit e. 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 decimal places. Increase or Decrease 100 Amount

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

7

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 Date Item Debit 123,840 21,650 16,870 Credit Nov. 1 Bal., 900 units, 60 % completed 10,566 30 Direct materials, 12,900 units 134,406 30 Direct labor 156,056 30 Factory overhead 172,926 ? 30 Goods transferred, ? units 30 Bal., 1,400 units, 70% completed ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. 7 c. Cost of ending work in process inventory on November 30. ACCOUNT NO. b. Cost of units transferred to the next department during November. Balance Debit Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit 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. Credit 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 unit e. 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 decimal places. Increase or Decrease Amount
Transcribed Image Text: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 Date Item Debit 123,840 21,650 16,870 Credit Nov. 1 Bal., 900 units, 60 % completed 10,566 30 Direct materials, 12,900 units 134,406 30 Direct labor 156,056 30 Factory overhead 172,926 ? 30 Goods transferred, ? units 30 Bal., 1,400 units, 70% completed ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. 7 c. Cost of ending work in process inventory on November 30. ACCOUNT NO. b. Cost of units transferred to the next department during November. Balance Debit Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit 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. Credit 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 unit e. 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 decimal places. Increase or Decrease Amount
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS