a. Determine the number of units transferred to the next department.unitsb. 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 conversionc. Determine the cost of units started and completed in November. The following information concerns production in the Forging Department for November. Alldirect materials are placed into the process at the beginning of production, and conversioncosts are incurred evenly throughout the process. The beginning inventory consists of $82,770of direct materials.ACCOUNT Work in Process-Forging DepartmentACCOUNT NO.BalanceDateItemDebitCreditDebitCreditNov.1 Bal., 8,900 units, 50% completed98,79030 Direct materials, 81,000 units729,000827,79030 Direct labor130,580958,37030 Factory overhead180,331?1,138,701?30 Goods finished, ? units?30 Bal., 7,100 units, 80% completed

Given, Beginning work in process = 8,900 units Units started = 81,000 units Ending work in process =…

Answered: The following information concerns…

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 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, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 80,000 gallons. Units transferred out in July, 90,000 gallons. Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs. $ 56,000 35,400 $ 91,400 Cost of goods transferred out Ending inventory $ 124,000 372,600 $ 496,600 Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. $544,500
The Cutting Department of Sandhill Company has the following production and cost data for July. 1. 2. Production Completed and transferred out 11,760 units. 2,940 units in ending working in process are 60% complete as to conversion costs and 100% complete as to materials at July 31. Beginning work in process Total equivalent units of production Direct materials Direct labor Costs Manufacturing overhead Determine the equivalent units of production for (1) materials and (2) conversion costs. Materials 14,700 $0 58,800 Materials are entered at the beginning of the process. Conversion costs are incurred uniformly throughout t 15,876 17,934 Conversion Costs
The debits to Work in Process—Assembly Department for April, together with data concerning production, are as follows: April 1, work in process: Materials cost, 3,000 units $8,700 Conversion costs, 3,000 units, 80% completed 5,100 Materials added during April, 10,000 units 27,800 Conversion costs during April 30,300 Goods finished during April, 11,500 units — April 30, work in process, 1,500 units, 60% completed — All direct materials are placed in process at the beginning of the process, and the weighted average method is used to cost inventories. The materials cost per equivalent unit (to the nearest cent) for April is a.$2.52 b.$2.81 c.$3.65 d.$3.17
The first production department of Stone Incorporated reports the following for April. Direct Materials Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 70,000 372,000 350,000 92,000 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 158,320 51,716 1,062, 050 750,904 Percent Complete 60% 85% $210,036 1,812,954 $ 2,022,990 Conversion Percent Complete 40% 35% a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places.
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.
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.)
Assad Company uses the process costing method with the following data for the month of July. Work - in - process, July 1, 30,000 units: Direct material: 100% completed $ 65, 500 Conversion: 30% completed 51,910 Balance in work in process, July 1 $ 117,410 Units started during July 40,000 Units finished 50,000 Work in process, July 31, 20,000 units: Direct material: 100% completed Conversion: 60% completed Cost incurred during July: Direct materials $ 120,000 Conversion costs 199,810 Total $ 319,810 Required: (1) Compute cost per equivalent unit under the weighted - average method. (2) Compute cost per equivalent unit under FIFO method.

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