The following refers to units processed by an ice cream maker in July. Compute the total equivalent units of production for conversion for July using the weighted-average method. Gallons of Product Percent of Conversion Beginning work in process.. Goods started... Goods completed.. 320,000 25% 620,000 100 680,000 100 Ending work in process 260,000 75
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- The following data were taken from the records of Milo Company for the month of March: In process, beg (3/5 additional work to be done) 10,125 unitsFinished and Transferred units 15,750 units(Of the units started in process, ½ represents work in process at the end which were 20% completed during the current period)Compute the equivalent units of production of conversion cost using Average.Work in process account data for two months; cost of production reports Hearty Soup Co. uses process costing to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in Process-Filling on April 1 and debits to the account during April were as follows: Bal., 800 units, 30% completed: Direct materials (800 x $4.30) Conversion (800 x 30% × $1.75) From Cooking Department, 7,800 units Direct labor Factory overhead From Cooking Department, 9,600 units Direct labor Factory overhead During April, 800 units in process on April 1 were completed, and of the 7,800 units entering the department, all were completed except 550 units that were 90% completed. Charges to Work in Process-Filling for May were as follows: ACCOUNT Department During May, the units in process at the beginning of the month were completed, and of the 9,600 units entering the department,…Department M had 2,300 units 56% completed in process at the beginning of June, 11,300 units completed during June, and 1,800 units 33% completed at the end of June. The number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories is Oa. 9,000 units Ob. 13,694 units Oc. 10,606 units Od. 11,894 units
- XYZ Company has a cycle time of 2 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of August: RIP beginning, including P17,040 of conversion cost, P26,400; FG beginning, including P17,400 of conversion cost; P27,000; Raw materials purchased on account, P447,000; RIP end, including P18,360 of conversion cost, P28,600; FG end, including P14,400 of conversion cost, P22,000. Direct labor P213,000; Factory overhead P192,000. What is the amount of material included in the cost of goods sold? P447,000 P448,120 P449,000 P446,120Yuan Company has a cycle time of 3 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of July: RIP beginning, including P20,560 of conversion cost, P42,600; FG beginning, including P22,000 of conversion cost; P45,000; Raw materials purchased on account, P356,000; RIP end, including P15,500 of conversion cost, P22,500; FG end, including P11,600 of conversion cost, P16,000. Direct labor P350,000; Factory overhead P196,150. What is the total amount of cost of goods sold? a.P935,790 b.P951,250 c.P989,750 d.P902,150Subject: Cost Accounting
- Acer Corporation. has the following information for June All material is added at the start of the process and all finished products are transferred out. Beginning Work in Process Inventory (70% complete as to conversion) 6,000 units started 24,000 Ending Work in Process Inventory (10% complete as to conversion) 8,500 Beginning Work in Process Inventory Cost: Material P23,400 conversion 50,607 Current Period Cost: Material P31,500 Conversion 76,956 1. How many units were transferred out in June? 2. Assume that weighted average process costing is used. What is the cost per equivalent unit for material? 3. Assume that FIFO process costing is used. What is the cost per equivalent unit for conversion?By how much did the conversion cost EUP for the month of October using average method exceed the conversion EUP for the same month using FIFO method?The following information summarizes the activities in the Mixing Department for the month of March. Beginning inventory 8,000 units, 80% complete Started and completed 196,000 units Ending inventory 24,000 units, 25% complete Material is added at the beginning of the process, and conversion costs are incurred evenly throughout the process. Calculate the equivalent units of production with respect to materials during the month of March using the weighted average method. Select one: a. 228,000 b. 212,000 c. 208,000 d. 244,000 e. 210,000
- Question 2: How much is the conversion cost included cost of goods sold in June? * GHY Company has a cycle time of 2 days. It uses a raw materials and in process account and charges all conversion costs to cost of goods sold. At the end of each month, all inventories are counted, conversion costs components are estimated, and inventory account balances are adjusted. Raw material cost is backflushed from the raw materials and in process account to the finished goods account. The following information is provided for the month of December: 15,000 Beginning Balance of RIP account, including P5,000 conversion cost Beginning Balance of finished goods account, including P8,000 conversion cost Raw materials received on credit Direct labor cost 20.000 500,000 350,000 450,000 30,000 Factory overhead applied Ending RIP inventory per physical count, including P9,000 conversion co Ending finished goods inventory per physical count, including P4,000 conversion cost 11,000 a. 494,000 b. 800,000 c.…If 500 units were one-fourth completed at May 31, 5,500 units were completed during May, and the first-in, first-out method is used, what was the number of equivalent units of production with respect to conversion costs for May? a. 4,875 b. 4,500 c. 5,625 d. 5,500 2. What is the conversion cost per equivalent unit? a. $10 b. $25 c. $32 d. $15Michael Company has a cycle time of 4 days, uses Raw and In Process account (RIP) and expenses all conversion costs to Cost of Goods Sold. At the end of each month, all inventories are counted; their conversion components are estimated and inventory account balances are adjusted accordingly. Raw materials is backflushed from RIP to Finished Goods. The following information is for the month of October: RIP beginning, including $10,000 of conversion cost, $35,000; FG beginning, including $6,800 of conversion cost; $30,000; Raw materials purchased on account, $225,000; RIP end, including $13,700 of conversion cost, $23,500; FG end, including $11,100 of conversion cost, $14,800. Direct labor $175,000; Factory overhead $220,000. What is the amount of materials backflushed from RIP to FG? $240,200 $259,700 $295,700 $220,000
