I'm waiting for accurate step by step answer to this accounting Q The Jay Company had 20,000 units in process on December 31,2021 which was 80% complete as to materials but only 40%complete as to conversion costs. The company's records show40,000 units were transferred to the Finished Goods Inventoryduring January 2022. On January 31, 2022, 15,000 units were onhand which were 30% complete as to conversion costs and 60%complete as to materials. What are the equivalent units ofproduction for the conversion costs in January, assuming Jay usesfirst-in, first-out (FIFO)?

Explanation of Equivalent Units of Production (EUP):Equivalent Units of Production is a concept used…

Answered: The Jay Company had 20,000 units in…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 8EB: A production department within a company received materials of $7,000 and conversion costs of $5,000...

See similar textbooks

Similar questions

The cost of direct materials transferred into the Rolling Department of Kraus Company is 3,000,000. The conversion cost for the period in the Rolling Department is 462,600. The total equivalent units for direct materials and conversion are 4,000 tons and 3,855 tons, respectively. Determine the direct materials and conversion costs per equivalent unit.
There were 1,700 units in beginning inventory that were 40% complete with regard to conversion. During the month, 8,550 units were started and 9,000 were transferred to finished goods. The ending work in process was 60% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method?
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
The Morning Star Company had 25,000 units in process on December 31, 2019 which was 80% complete as to materials but only 40% complete as to conversion costs. The company's records show 45,000 units were transferred to the Finished Goods Inventory during January 2020. On January 31, 2017, 17,000 units were on hand which were 30% complete as to conversion costs and 60% complete as to materials. What are the equivalent units of production for the conversion costs in January, assuming Morning Star uses first-in, first-out (FIFO)?
First In First Out
"Gardenia Company uses the weighted-average method. It had P8,000 of conversion cost in the beginning Work in Process Inventory ånd added P64,000 of conversion cost during 2019. The company completed 40,000 equivalent units for conversion costs during the year. The company had 10,000 units in the ending Work in Process Inventory that were 30% complete as to conversion. 25. The amount of conversion cost assigned to the unit in process. a. P12,600 b. P 5,400 c. P11,200 d. P 4,800
Company had 20,000 units
The Miracle company had 20,000 units in prcoess on December 31,2020, which was 80% complete as to materials but only 40% complete as to conversion costs. The company's records show 40,000 units were transfered to finished goods inventory during January 2012. On Janurary 31 2021, 15,000 units were on hand which waere 30% complete as to conversion costs and 60% complete as to materials. what are the equivalent units or production (EUPS) added for the conversion costs in january, assuming miracle uses FIFO?
Sandhill Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2022, inventories consisted of Raw Materials $31,200, Work in Process- Mixing $0, Work in Process-Packaging $300,000, and Finished Goods $346,800. The beginning inventory for Packaging consisted of 12,000 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 60,000 units were started into production in the Mixing Department and the following transactions were completed. 1. Purchased $360,000 of raw materials on account. 2. Issued direct materials for production: Mixing $252,000 and Packaging $54,000. 3. Incurred labor costs of $334,680. (Use Wages Payable.) 4. Used factory labor: Mixing $219,000 and Packaging $115,680. 5. Incurred $972,000 of manufacturing overhead on account. 6. Applied manufacturing overhead on the basis of $23 per machine hour.…
The following are information provided for Norman Company for the month of August 2019 (refer to the attached picture): Raw materials purchased during the period costs P40,800; overhead incurred and paid or accrued for the period was P21,750; and 23,600 direct labor hours were incurred at a rate of P13.75 per hour. inventories beginning ending raw materials 9900 7600 work in process 44500 31800 finished goods 36580 61300 1. conversion cost 3. total manufacturing cost 4. cost of goods put into process 5. cost of goods manufactured 6. cost of goods sold
Blossom Company manufactures its product, Vitadrink, through two manufacturing processes: Mixing and Packaging. All materials are entered at the beginning of each process. On October 1, 2025, inventories consisted of Raw Materials $26,520, Work in Process- Mixing $0, Work in Process-Packaging $255,000, and Finished Goods $294,780. The beginning inventory for Packaging consisted of 10,200 units that were 50% complete as to conversion costs and fully complete as to materials. During October, 51,000 units were started into production in the Mixing Department and the following transactions were completed. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased $306,000 of raw materials on account. Issued direct materials for production: Mixing $214,200 and Packaging $45,900. Incurred labor costs of $284,478. (Use Wages Payable.) Used factory labor: Mixing $186,150 and Packaging $98,328. Incurred $826,200 of manufacturing overhead on account. Applied manufacturing overhead on the basis of $23 per machine…
Problem related to Accounting

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Cornerstones of Cost Management (Cornerstones Ser…

Accounting

ISBN:

9781305970663

Author:

Don R. Hansen, Maryanne M. Mowen

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS