My HomeCengageNOWv2| Online te...eBookThe packaging department began the month with 500 units that were 100% complete with regard to material andconversion. It received 9,300 units from the processing department and ended the month with 850 units that were100% complete with regard to materials and 30% complete with regard to conversion. With a $4 per unit cost forconversion and a $4 per unit cost for materials, what is the cost of the units transferred out and remaining inending inventory?Units transferred outEnding inventory

Equivalent units of production (EUP) seems to be a management accounting computation that calculates…

Answered: The packaging department began the…

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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Running Company had the following information for the month of June: Work in process beginning inventory, June 1 2,200 units Units transferred in 16,600 units Work in process ending inventory, June 30 4,200 units Beginning work-in-process inventory is 30 percent complete as to conversion. Ending work-in-process inventory is 50 percent complete as to conversion. Materials are added at the end of the process. How many units were started and completed in June? Multiple Choice 12,400. 10,200. 14,500. 16,700. 18,700.
Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount, $330,000 was the cost of direct materials and $491,960 was the cost of conversion. The 52,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 110,000 units were transferred out and 34,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,553,600 for direct materials and $3,326,400 for conversion. Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method.
In the beginning inventory, 5,000 units were 40% complete with regard to materials. During this period 40,000 units were transferred out. Ending inventory consisted of 7,000 units that were 70% complete with respect to materials. How many units were started and completed during the period?
4. Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: 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? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units ? ? ? ? ? ? Units Accounted For: Total…
Accounting Bosco Corp. uses a process costing system. Beginning inventory for January consisted of 1,020 units that were 69% completed. During January, 11,100 units were completed. On January 31, the inventory consisted of 590 units that were 50% completed. How many units were started during January? Multiple Choice 11,690 10,375 10,250 10,670.
Sitaben
A company has 1,300 units in ending work in process that are 30% complete after transferring out 12,000 units. All materials are added at the beginning of the process. If the cost per unit is $3 for materials and $6 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? Cost of units transferred out $fill in the blank 1 Ending work in process inventory $fill in the blank 2
A company started a new product, and in the first month started 64,735 units. The ending work in process inventory was 16,040 units that were 100% complete with materials and 67% complete with conversion costs. There were 16,040 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $9 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?
Gore’s Green Chemicals inventory goes through 2 distinct processes. Process 1 had beginning WIP inventory of $98,260 on October 1. Of this amount, $31,400 was the cost of direct materials, and $66,860 was for conversion costs. The 8,000 units in the beginning inventory were 30% complete with respect to both direct materials and conversion costs. During October 17,000 units were transferred out, 500 were spoiled, and 4,500 units remain in ending inventory. Spoiled units were 100% complete with respect to materials and 50% complete with respect to conversion costs. The units in ending WIP were 80% complete with respect to direct materials and 40% complete with respect to conversion costs. Cost incurred during the period amounted to $390,600 for direct materials and $504,640 for conversion costs. Required: Prepare a production cost report for Process 1 using weighted-average costing. What journal entry would be made after preparing the production cost report for process 1?
Loanstar had 50 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $2,000 in materials and $5,000 in conversion costs before $8,450 of materials and $9,450 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 50% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values. Production Cost Report Work in process completion percent 100% 50% Material Units Conversion Units Total UnitS Completed and transferred out Ending work in process Total units to account for Materials Conversion Total Costs to account for $4 $4 Beginning work in process Incurred during the period $4 Total costs to account for Equivalent units Cost per equivalent unit for department $ %24 %24 %24

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