General Accounting problem 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 wereon hand which were 30% complete as to conversion costs and60% complete as to materials. What are the equivalent units ofproduction for the conversion costs in January, assuming Jayuses first-in, first-out (FIFO)?

Explanation: In the given case, we are required to calculate the equivalent units of production for…

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...

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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.
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
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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?
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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
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.…
Problem related to Accounting
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…
DriveTrain, Incorporated instituted a new process in October 2023. During October, 10,800 units were started in Department A. Of the units started, 8,200 were transferred to Department B, and 2,600 remained in Work-in-Process at October 31, 2023. The Work-in-Process at October 31, 2023, was 100% complete as to material costs and 50% complete as to conversion costs. Material costs of $29,160 and conversion costs of $38,000 were charged to Department A in October. What were the total costs transferred to Department B assuming Department A uses weighted-average process costing?

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