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 inventor consists of $52,800 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 5,500 units, 70% completed 60,885 30 Direct materials, 50,000 units 465,000 525,885 30 Direct labor 46,910 572,795 30 Factory overhead 64,784 637,579 30 Goods finished, 2 units 30 Bal., 4,400 units, 80% 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 November. c. Cost of ending work in process inventory on November 30.

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 inventor consists of $52,800 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 5,500 units, 70% completed 60,885 30 Direct materials, 50,000 units 465,000 525,885 30 Direct labor 46,910 572,795 30 Factory overhead 64,784 637,579 30 Goods finished, 2 units 30 Bal., 4,400 units, 80% 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 November. c. Cost of ending work in process inventory on November 30.

Name: Costs per Equivalent Unit and Production CostsThe following informati
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Costs per Equivalent Unit and Production CostsThe 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 ev

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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.
Costs per Equivalent Unit and Production 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 $18,000 of direct materials. ACCOUNT Work in Process-Forging Department Date Item ACCOUNT NO. Balance Balance Debit Credit Debit Credit June 1 Bal., 1,800 units, 60% completed 30 Direct materials, 25,800 units 30 Direct labor 247,680 43,300 33,740 30 Factory overhead 30 Goods transferred, 2 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 $ b. Cost of 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 $52,800 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 5,500 units, 70% completed 60,885 30 Direct materials, 50,000 units 465,000 525,885 30 Direct labor 46,910 572,795 30 Factory overhead 64,784 637,579 30 Goods finished, ? units 30 Bal., 4,400 units, 80% 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 process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost of…
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: $ 59,000 38,000 $ 97,000 Beginning inventory, 43,000 partially complete gallons, 55 percent complete with respect to conversion costs. • Units started in July, 83,000 gallons. • Units transferred out in July, 93,000 gallons. • Ending inventory, 33,000 gallons, 70 percent complete with respect to conversion costs. Cost per equivalent unit $ 150,000 400,000 $ 550,000 Required: Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average method. Note: Round your answers to 2 decimal places. Direct Materials Conversion Costs
Prepare a production report for department A for April. The following additional information is available regarding production in department A during April. (12 Marks) Production data: Units in process, April 1:100% complete s to materials 60% completed as to labour and overhead 30 000 Units started into production during April 420 000 Units completed and transferred to department B 370 000 Units in process, April 30: 50% complete as to materials 25% complete as to labour and overhead 80 000 Cost data: Work in process inventory, April a: Materials 92 000 Labour 21 000 Overhead 37 000 Total cost 150 000 Cost added during April (see the entries in (1): Materials 851 000 Labour 330 000 Overhead 665 000
The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process - Assembly Department Transaction Debit amount Transaction Credit amount Bal., 30, 000 units, 40% completed 1,075,500 To Finished Goods, 406, 000 units ? Direct materials, 400, 000 units @ $11.25 4,500,000 Direct labor 4,012, 000 Factory overhead 20,060,000 Bal., ? units, 30% completed ? Cost per equivalent units of $11.25 for Direct Materials and $60.00 for Conversion Costs.
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 $84,680 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 5,800 units, 60% completed 94,424 30 Direct materials, 53,000 units 757,900 852,324 30 Direct labor 66,820 919,144 30 Factory overhead 92,274 ? 1,011,418 30 Goods finished, ? units ? 30 Bal., 4,600 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…
The Mixing department of Modern bakery has the following production and cost data for March 2019: Productions Costs Transferred out 3,500 units beginning work in process $ -0- Started 700 units that are 70% complete Materials 19,950 as to conversion costs and 100% complete Labour 18,952.50 as to materials at March 31. Manufacturing overhead 24,937.50 Materials were added at the beginning of the process. Conversion costs are incurred uniformly during the process. Instructions Prepare schedule for physical units of production (Quantity schedule) Compute the equivalent units of production for (1) materials and (2) conversion costs for each month. Calculate per unit cost Compute the unit costs and prepare a cost reconciliation schedule
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 required, round your answer to two decimal places. Cost per equivalent unit of direct materials Cost per equivalent unit of corriversion c. Determine the cost of units started and completed in November- !
Dmahirap company adds all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in WIP.beg and 50% complete as to 6,000 units in WIP,end. During the month, 12,000 units were completed and transferred to the next department. Analysis of the costs relating to production for October follows: Materials Conversion Cost WIP.beg Costs added this month 15,600 P9,600 P4,800 14,400 How much is the cost of WIP, end using FIFO
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 < Question > The total variable cost of goods transferred out. The total variable cost of ending work in process inventory.
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 $54,610 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 4,300 units, 30% completed 58,738 30 Direct materials, 39,000 units 487,500 546,238 30 Direct labor 56,340 602,578 30 Factory overhead 77,805 ? 680,383 30 Goods finished, ? units ? 30 Bal., 3,400 units, 60% 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 required, round your answer to two decimal places. Cost per equivalent unit of direct materials $ Cost per equivalent unit of…