The following information is available for Department Z for the month of July:Work in process, July 1 (70% complete)Direct materialsDirect laborUnits2,000Cost$ 6,0003,000Manufacturing overhead4,000Total work in process, July 1$13,000Started in July20,000Costs added:Direct materialsDirect laborManufacturing overheadTotal costs added during JulyWork in process, July 31 (7.5% complete)$18,0008,00010,000$36,0002,000Materials are added at the beginning of the process. Department Z's cost of goods transferred out using the FIFO methodwould be:O a. $44,500.O b. $40,250.Oc. $45,540.Od. $47,056

1)Statement of Equivalent Units (Using FIFO)ParticularsUnitsMaterialConversion Cost (Labor and…

Answered: The following information is available…

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

Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: work in process, April 1 units started during April work in process, April 30 units 27,000 59,000 34,000 work in process, April 1 costs added during April total costs % complete DM 60% DM $ 25,310 $190,720 $216,030 70% The cost of beginning work in process and the costs added during April were as follows: % complete conversion 85% Conversion $191,175 $208,985 $400,160 40% Total cost $216,485 $399,705 $616,190 Calculate the total cost of the handling department's work in process inventory at April 30 using the weighted average process costing method.
Units to be assigned costs Fortress Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 4,000 tons from the Casting Department. During July, the Rolling Department completed 3,900 tons, including 200 tons of work in process on July 1. The ending work in process inventory on July 31 was 300 tons. How many tons were started and completed during July? Equivalent units of materials cost The Rolling Department of Fortress Steel Company had 200 tons in beginning work in process inventory (60% complete) on July 1. During July, 3,900 tons were completed. The ending work in process inventory on July 31 was 300 tons (25% complete). What are the total equivalent units for direct materials for July if materials are added at the beginning of the process?
Need Help
The work-in-process account for Department #2 for the month of December of the current year is presented below: Work in Process - Department #2 Beginning (1,200 units, 1⁄4 completed) - P1,200 Transferred out (6,200 units) ??? Transferred in from Department #1 (6,000 units) - 3,600 Direct labor - 8,000 Factory overhead - 4,800 Ending (1,000 units, 1⁄2 completed) - ??? No additional direct materials are added in Department #2. The department uses FIFO method. How much is the cost of goods transferred out?12,80017,66016,00013,000 How much is the cost of ending work in process?1,6006002,6001,000
Cost per Equivalent Unit 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 $87,570 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 6,300 units, 40% completed 93,114 30 Direct materials, 57,000 units 780,900 874,014 30 Direct labor 57,750 931,764 30 Factory overhead 79,744 ? 1,011,508 30 Goods finished, ? units ? 30 Bal., 5,000 units, 80% completed ? a. Determine the number of units transferred to the next department.fill in the blank 1 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…
Department G had 2,280 units 25% completed at the beginning of the period, 13,900 units were completed during the period, 1,900 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period: Work in process, beginning of period $28,000 Costs added during period: Direct materials (13,520 units at $9) 121,680 Direct labor 84,000 Factory overhead 28,000 All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. What is the total cost of 2,280 units of beginning inventory which were completed during the period (round unit cost calculations to four decimal places and round your final answer to the nearest dollar)? a.$41,969 b.$28,000 c.$43,869 d.$39,175
Department G had 3,600 units 25% completed at the beginning of the period, 11,000 units were completed during the period, 3,000 units were 20% completed at the end of the period, and the following manufacturing costs were debited to the departmental work in process account during the period: Work in process, beginning of period $40,000 Costs added during period: Direct materials (10,400 units at $8) Direct labor Factory overhead 83,200 63,000 25,000 All direct materials are placed in process at the beginning of production, and the first-in, first-out method of inventory costing is used. What is the total cost of the units started and completed during the period (round unit cost calculations to whole dollars)? a $211,200 b.$190,275 c.$20,934 d.$120,060
Units to be Assigned Costs Oak Ridge Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 63,800 tons from the Casting Department. During July, the Rolling Department completed 74,300 tons, including 16,200 tons of work in process on July 1. The ending work in process inventory on July 31 was 5,700 tons. How many tons were started and completed during July?
Question: Materials are added at the beginning of the production process at Santiago Company, which uses a FIFO process costing system. The following information on the physical flow of units is available for the month of April. Beginning work in process (40% complete) $22,500 10,000 units Started in April 50,000 units $255,000 Completed in April and transferred out $240,000 55,000 units Ending work in process 5,000 units (70% $37,500 complete) Compute the equivalent units for the conversion cost calculation. Equivalent units total:
Process Costing A department using the FIFO method for process costing begins the month with 10,000 units which were 70% complete at the end of the previous month. They started and completed 50,000 units and their ending work in process inventory consisted of 5,000 units which were 10% complete. The costs incurred were $200,000. The cost per equivalent unit of production, using the FIFO method is
The following information is available for Department C for the month of August: Units Cost Work in process, August 1 (70% complete) 10,000 Direct materials $36,000 Direct labor 18,000 Manufacturing overhead 24,000 Total work in process, August 1 $78,000 Started in production during August 40,000 Costs added: Direct materials $108,000 Direct labor 48,000 Manufacturing overhead 61,040 Total costs added during August $217,040 Work in process, August 31 (80% complete) 4,000 Units completed and transferred out 42,000 Materials are added at the beginning of the process. Inspection takes place at the 50% point in the conversion process to determine spoiled units. (Round unit costs to two decimal places.) The company uses the weighted average cost flow assumption. Department C's equivalent units of production for conversion using the weighted average costing method are a. 50,000. b. 54,000. c. 44,800. d. 47,200.
Department G had 2,280 units 25% completed at the beginning of the period, 12,600 units were completed during the period, 1,900 units were 20% completed at the end of the period, and the following manufacturing costs debited to the departmental work in process account during the period: Work in process, beginning of period $32,500 Costs added during period: Direct materials (12,220 units at $8) 97,760 Direct labor 73,800 Factory overhead 24,600 All direct materials are placed in process at the beginning of production and the first-in, first-out method of inventory costing is used. The total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places and round your final answer to the nearest dollar)? a.$17,460 b.$23,677 c.$18,213 d.$15,20

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS