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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.

FINANCIAL ACCOUNTING
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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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
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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