5Cc Ce XClav2.cengagenow.comO searchCePrint ItemDateHcNov.FaItemSoMohamedIn1 Bal., 8,400 units, 80% completed30 Direct materials, 76,000 units30 Direct labor30 Factory overhead30 Goods finished, ? units30 Bal., 6,700 units, 70% completedbry Myofirvaker Winke/vekurs med extent WinDebitThe following information concerns production in the Forging Department for November. All direct materials are placed into the process atof production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $110,040 of direct mACCOUNT Work in Process-Forging Department972,80095,340131,670WApCheck My Work 0 more Check My Work uses remaining.Credit<a. Determine the number of units transferred to the next department.77,700 ✓ units1.21?c. Determine the cost of units started and completed in November.72,426.90 Xgo12.80 VCDebitdu Ac Ac ACACCOUNT NO.Balance129,5281,102,3281,197,6681,329,3382a?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 materialsCost per equivalent unit of conversionAca AC FlaCreditwprost interho M +10ANEarnings upcoming

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Description: 5Cc Ce XClav2.cengagenow.comO searchCePrint ItemDateHcNov.FaItemSoMohamedIn1 Bal., 8,400 units, 80% completed30 Direct materials, 76,000 units30 Direct labor30 Factory overhead30 Goods finished, ? units30 Bal., 6,700 units, 70% completedbry Myofirva

Direct material and conversion costs are the costs incurred on the making of the goods. These are…

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Accounting

The following information concerns production in the Forging Department for November. All direct materials are placed into the process at of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $110,040 of direct m ACCOUNT Work in Process-Forging Department ACCOUNT NO. Date Item Nov. 1 Bal., 8,400 units, 80% completed 30 Direct materials, 76,000 units 30 Direct labor 30 Factory overhead 30 Goods finished, 2 units 30 Bal., 6,700 units, 70% completed Debit 972,800 95,340 131,670 Credit ? Debit a. Determine the number of units transferred to the next department. 77,700 units 1.21 X c. Determine the cost of units started and completed in November. $ 72,426.90 X Balance 129,528 1,102,328 1,197,668 1,329,338 ? ? 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 $ 12.80 ✓ Cost per equivalent unit of conversion Credit

The following information concerns production in the Forging Department for November. All direct materials are placed into the process at of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $110,040 of direct m ACCOUNT Work in Process-Forging Department ACCOUNT NO. Date Item Nov. 1 Bal., 8,400 units, 80% completed 30 Direct materials, 76,000 units 30 Direct labor 30 Factory overhead 30 Goods finished, 2 units 30 Bal., 6,700 units, 70% completed Debit 972,800 95,340 131,670 Credit ? Debit a. Determine the number of units transferred to the next department. 77,700 units 1.21 X c. Determine the cost of units started and completed in November. $ 72,426.90 X Balance 129,528 1,102,328 1,197,668 1,329,338 ? ? 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 $ 12.80 ✓ Cost per equivalent unit of conversion Credit

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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1.(8) 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 $98,310 of direct materials.
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.
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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
Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 200 tons in beginning work in process inventory (60% complete) on October 1. During October, 3,900 tons were completed. The ending work in process inventory on October 31 was 300 tons (25% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process?
The Rolling Department of Jabari Steel Company had 2,300 tons in beginning work in process inventory (90% complete) on October 1. During October, 38,000 tons were completed. The ending work in process inventory on October 31 was 1,900 tons (80% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? units
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 Debit Credit Date Item June 1 Bal., 1,800 units, 60% completed 30 Direct materials, 25,800 units 30 Direct labor 30 Factory overhead 30 Goods transferred, ? 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 $ 247,680 43,300 33,740 b. Cost of units transferred to the next department during June $ c. Cost of ending work in process…
Equivalent Units of Materials Cost The Rolling Department of Jabari Steel Company had 4,500 tons in beginning work in process inventory (30% complete) on October 1. During October, 74,300 tons were completed. The ending work in process inventory on October 31 was 3,700 tons (50% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process? X 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 $109,020 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 7,900 units, 60% completed 118,026 30 Direct materials, 72,000 units 979,200 1,097,226 30 Direct labor 62,610 1,159,836 30 Factory overhead 86,450 1,246,286 30 Goods finished, 2 units ? 30 Bal., 6,300 units, 90% 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 in process inventory completed in November. b. Cost of units transferred to the next department during…
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 $33,320 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 3,400 units, 70% completed 38,080 30 Direct materials, 31,000 units 294,500 332,580 30 Direct labor 28,000 360,580 30 Factory overhead 38,675 ? 399,255 30 Goods finished, ? units ? 30 Bal., 2,700 units, 90% completed ? Cost per equivalent units of $9.50 for Direct Materials and $2.10 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…
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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