The machining department of Swifty Manufacturing had a busy year! Management evaluated the stage of completion of ending WIP Inventory and recorded the following in Step 1 of its process costing analysis. Step 1: Verify physical units in the period and identify degree of completion Units in beginning WIP Inventory Units started this period Total Units to account for Degree of Completion Physical Units DM Conversion Costs 2,800 100% 70% 224,200 227,000 Units completed and removed from WIP Inventory this period 218,900 Units in ending WIP Inventory 8,100 0% 40% Total units accounted for 227,000 Swifty adds its conversion costs evenly throughout the machining process. (a) Determine the equivalent units of production for both DM and conversion costs this year for the Swifty machining department under the FIFO method. Total equivalent units of work done this period DM Conversion Costs

The machining department of Swifty Manufacturing had a busy year! Management evaluated the stage of completion of ending WIP Inventory and recorded the following in Step 1 of its process costing analysis. Step 1: Verify physical units in the period and identify degree of completion Units in beginning WIP Inventory Units started this period Total Units to account for Degree of Completion Physical Units DM Conversion Costs 2,800 100% 70% 224,200 227,000 Units completed and removed from WIP Inventory this period 218,900 Units in ending WIP Inventory 8,100 0% 40% Total units accounted for 227,000 Swifty adds its conversion costs evenly throughout the machining process. (a) Determine the equivalent units of production for both DM and conversion costs this year for the Swifty machining department under the FIFO method. Total equivalent units of work done this period DM Conversion Costs

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 2,400 $ 8,800 $4,100 55% 25% 8,300 7,500 $ 111,900 $ 85,000 3,200 70% 55% The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round "Cost per equivalent unit" to 3 decimal places. Round "Cost…
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Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion The cost per equivalent unit for materials for the month in the first processing department is closest to: Multiple Choice $16.70 $17.95 800 $ 12,900 $ 5,000 75% 20% 9,500 8,400 $ 172,000 $ 240,200 1,900 90% 30%
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Saved Brody Corp. uses a process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred unformly throughout the process. Beglnning Inventory for January consisted of 1,250 units that were 75% completed. 10,000 units were started into the process during January. On January 31, the inventory consisted of 400 units that were 50% completed. What would be the equivalent units for direct materlals cost using the welghted average method? Multiple Cholce 11,250 10,600 10,300 10,000
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Units Beginning work in process inventory Units started this period 67,000 Direct Materials Percent Complete 100% Conversion Percent Complete 80% 844,000 Units completed and transferred out Ending work in process inventory 715,000 196,000 100% 90% Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 296,075 133,710 $ 429,785 1,981,425 2,540,490 4,521,915 $ 4,951,700 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. Note: Round "Cost per EUP" to 2…
he machining department of Splish Manufacturing had a busy year! Management evaluated the stage of completion of ending WIP Inventory and recorded the following in Step 1 of its process costing analysis. Step 1: Verify physical units in the period and identify degree of completion Physical Units Degree of Completion DM Conversion Costs Units in beginning WIP Inventory 3,200 100% 70% Units started this period 232,200 Total Units to account for 235,400 Units completed and removed from WIP Inventory this period 226,500 Units in ending WIP Inventory 8,900 0% 40% Total units accounted for 235,400 Splish adds its conversion costs evenly throughout the machining process. (a) Determine the equivalent units of production for both DM and conversion costs this year for the Splish machining department under the FIFO method. DM Conversion…
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Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete 75% Conversion Percent Complete 25% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 63,000 337,000 315,000 85,000 80% 30% Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials $ 131,555 24,120 Conversion $ 155,675 Costs added this period Direct materials 825,945 707,955 1,533,900 $ 1,689,575 Conversion Total costs to account for a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign…