The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (32% completed) Completed units during June Ending inventory (65% complete) 5,000 units 64,600 units 2,900 units The number of materials equivalent units of production in the June 30 Finishing Department inventory, assuming that the first- method is used to cost inventories and materials were added at the beginning of the process, is O a. 62.500 units O b. 2,900 units

The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (32% completed) Completed units during June Ending inventory (65% complete) 5,000 units 64,600 units 2,900 units The number of materials equivalent units of production in the June 30 Finishing Department inventory, assuming that the first- method is used to cost inventories and materials were added at the beginning of the process, is O a. 62.500 units O b. 2,900 units

Name: The following production data were taken from the records of the Fini
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: The following production data were taken from the records of the Finishing Department for June:Inventory in process, June 1 (32% completed)5,000 unitsCompleted units during June64,600 unitsEnding inventory (65% complete)2,900 unitsThe number of mate

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

Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places)? P16,163 P28,935 P35,670 P21,432
Sarasota Company has the following production data for January End. Work in Process Inventory Beg. Work in Units Started % Complete as to Process Inv into Production Units -0- FL180 1,240 Conversion Cost 3084 Compute the physical units for January. Beginning work in process inventory Started into production Total units to be accounted for Completed and transferred out Ending work in process inventory Total units accounted for
The journal entry to record the direct materials cost added in July would include A debit to work-in-process inventory (Department 2) for $425,000 A debit to work-in-process inventory (Department 2) for $400,000 No entry would be required A debit to raw materials inventory for $400,000 The journal entry to record the transferred-in cost added in July would include A debit to work-in-process inventory (Department 2) for $220,000 No entry would be required A debit to work-in-process inventory (Department 1) for $200,000 A debit to work-in-process inventory (Department 2) for $200,000
1.(8) 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 $98,310 of direct materials.
Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department for June Year 2 is provided: Determination of Equivalent Units Beginning inventory Units started Total Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Required: a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine equivalent units. Cost of Production Report Assembly Department Month Ended June 30 Transferred to Finishing Department Ending inventory Total Units Determination of Cost per Unit Cost accumulation: Beginning inventory Materials Labor Overhead Total product costs Divide by equivalent units Cost per equivalent unit Cost Allocation Transferred to Finishing Department Ending work in process inventory Total 500 1,500 1,750 250 Direct Direct % Complete Material Labor Overhead 75% Actual 40% $18, 276 $7,620 $4,564 Total…
The following production data were taken from the records of the finishing department for June: Inventory in process, June 1, 25% completed 220 units Transferred to finished goods during June 5,100 units Equivalent units of production during June 5,495 units Determine the number of equivalent units of production in the June 30, finishing department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion costs. a.360 units b.540 units c.675 units d.450 units
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 67,000 357,000 335,000 89,000 Completed and transferred out Ending work in process Total Direct Materials Percent Units 335,000 89,000 424.000 Complete Percent Complete 70% 30% 85% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Conversion Equivalent units of production: Weighted average method Direct Materials Percent Complete 85% 35% EUP Percent Complete Conversion EUP
The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (40,000 units): Percentage complete with respect to Costs Ending work in process (56,000 units): Percentage complete with respect to Costs Answer is complete but not entirely correct. Direct Materials Cost per equivalent unit Materials Conversion 3.05 Conversion 100% $ 90,600 4.58 22 100% The Remington Plant started 230,000 units and transferred out 214,000 in July. Materials costs incurred in July were $734,000 and conversion costs were $1,119,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the weighted-average method. Note: Round your answers to 2 decimal places. 20% $ 25,636 77 60%
Production data for the month of September was: 13,400 units Completed and Transferred out 4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material
The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (37% completed) Completed units during June Ending Inventory (58% complete) 5,000 units 63,000 units 3,700 units What is the number of material equivalent units of production in the June 30, Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories and materials were added at the beginning of the process? a. 66,700 units Ob. 61.700 units Oc. 3.700 units Od. 58,000 units
The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Beginning work in process (38,000 units): Percentage complete with respect to Costs Ending work in process (54,000 units): Percentage complete with respect to Costs Materials Conversion 100% $ 89,600 20% $ 24,636 100% 60% ?? ?? The Remington Plant started 228,000 units and transferred out 212,000 in July. Materials costs incurred in July were $714,000 and conversion costs were $1,099,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the weighted-average method. Note: Round your answers to 2 decimal places. Cost per equivalent unit Direct Materials Conversion
The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (36% completed) 4,600 units Completed units during June 57,700 units Ending inventory (60% complete) 3,400 units The number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories, is