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 $35,700 of direct materials. ACCOUNT Work in Process-Forging Department Date Item Debit 316,200 33,410 46,140 403,338.955 X Credit ACCOUNT NO. 10.20 Balance Nov. 1 Bal., 3,400 units, 60% completed 30 Direct materials, 31,000 units 30 Direct labor 30 Factory overhead 30 Goods finished, ? units 30 Bal., 2,700 units, 80% completed a. Determine the number of units transferred to the next department. 31,700 ✓ units 2.50 Debit 40,596 356,796 390,206 ? 436,346 b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places. Credit 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 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 $35,700 of direct materials. ACCOUNT Work in Process-Forging Department Date Item Debit 316,200 33,410 46,140 403,338.955 X Credit ACCOUNT NO. 10.20 Balance Nov. 1 Bal., 3,400 units, 60% completed 30 Direct materials, 31,000 units 30 Direct labor 30 Factory overhead 30 Goods finished, ? units 30 Bal., 2,700 units, 80% completed a. Determine the number of units transferred to the next department. 31,700 ✓ units 2.50 Debit 40,596 356,796 390,206 ? 436,346 b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places. Credit Cost per equivalent unit of direct materials Cost per equivalent unit of conversion c. Determine the cost of units started and completed in November.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $35,700 of direct materials.
ACCOUNT Work in Process-Forging
Department
Date
Item
Nov.
Debit
316,200
33,410
46,140
Credit
1 Bal., 3,400 units, 60% completed
30 Direct materials, 31,000 units
30 Direct labor
30 Factory overhead
30 Goods finished, ? units
30 Bal., 2,700 units, 80% completed
a. Determine the number of units transferred to the
next department.
31,700 ✓ units
ACCOUNT NO.
10.20
Balance
2.50
Debit Credit
40,596
356,796
390,206
436,346
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
November.
403,338.955 X
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