The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was: O $75,600 O $95,400 O $80,100 O $126,000 4

The Richmond Corporation uses the weighted-average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18,000 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.75 for materials and $4.25 for labor and overhead, the total cost assigned to the ending work in process inventory was: O $75,600 O $95,400 O $80,100 O $126,000 4

Name: The Richmond Corporation uses the weighted-average method in its proc
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: The Richmond Corporation uses the weighted-average method in its process costing system. Thecompany has only a single processing department. The company's ending work in process inventoryon August 31 consisted of 18,000 units. The units in the endin

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow. Units 76,000 Materials $ 68,400 Labor $ 30,200 Overhead $ 41,900 Work in process inventory, beginning Units started in process 719,000 Units transferred out 740,000 Work in process inventory, ending 55,000 Cost added during the month $ 984,725 $ 372,370 $ 517,225 The beginning work in process Inventory was 90% complete with respect to materials and 75% complete with respect to labor and overhead. The ending work in process inventory was 70% complete with respect to materials and 10% complete with respect to labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. (Round your answers to…
Pureform, Incorporated, uses the weighted-average method of process costing. It manufactures a product passing through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 650,000 45,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 54,800 Materials $ 725,300 $ 276,175 The beginning work in process inventory was 70% complete for materials and 55% complete for labor and overhead. The ending work in process inventory was 50% complete for materials and 30% complete for labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. Note: Round your answers to 2 decimal places. Labor $…
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 57,000 539,000 560,000 36,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 238,370 $ 344,290 The beginning work in process inventory was 75% complete with respect to materials and 60% complete with respect to labor and overhead. The ending work in process inventory was 55% complete with respect to materials and 35% complete with respect to labor and overhead. Materials $ 51,000 Labor Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for…
The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory Units started in production Units finished during the period Units in process at the end of the period (complete as to materials, % complete as to labor and overhead) Cost of materials used Labor and overhead costs Total cost of the 16,400 units finished is: -0- 20,800 16,400 4,400 $39,780 $42,000
Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Percent Completed Units 49,000 30,000 Materials 95% 72% Conversion 60% 51% The department started 394,000 units into production during the month and transferred 413,000 completed units to the next department. Required: Compute the equivalent units of production for October. Equivalent units of production Materials Conversion
The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 20,000 Units finished during the period 16,000 Units in process at the end of the period(complete as to materials, ¼ complete as to labor and overhead) 4,000 Cost of materials used $ 35,200 Labor and overhead costs $ 37,400 Total cost of the 16,000 units finished is: Multiple Choice $63,360. $67,320. $72,640. $65,120.
Silva Coporation uses the weighted average process costing method. The Mixing Department at Silva had 17,000 units in beginning inventory. These units contained $70,000 in direct materials, $80,000 in direct labor, and $60,000 in overhead. During the period, the department incurred costs of $320,000 in direct materials, $400,000 in direct labor and $200,000 in overhead and started 80,000 units. Ending inventory consisted of 6,000 units which were 100% complete with respect to direct materials and 50% complete with respect to direct labor and overhead. What is the cost per equivalent unit for direct labor (rounded to the nearest cent)? O $5.28 O $5.11 O $4.94 $0.86
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding department: Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Molding department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion $ 58,000 Units 40,000 140,000 180,000 37,500 63,850 $ 121,850 $ 302,000 614, 150 Calculate equivalent units of production for conversion. 916,150 Direct materials Percent Complete. 100% 100% Conversion Percent Complete 55% 25%
Lamberton Industries uses process costing. All of the company’s manufacturing activities take place in a single processing department. The following information was available for the month of July: Direct materials $ 90,000 Direct labor 37,000 Manufacturing overhead applied 51,000 Total costs to account for in July $ 178,000 Partially completed units in July’s beginning and ending work in process inventories were considered immaterial and were assigned no dollar value. During July, 50,000 units were completed, of which 45,000 were sold on account at $16 per unit. Required: Complete a production cost report for Lamberton Industries for the month of July. Note: Do not round intermediate calculations.
The Richmond Corporation uses the weighted average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18, 600 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60%. complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.90 for materials and $4.40 for labor and overhead, the total cost assigned to the ending work in process inventory was: Multiple Choice $135, 780 $81, 468 $86, 676 $103, 044
Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 71,000 679,000 700,000 50,000 Materials $ 61,700 Labor $ 26,800 Overhead $ 38,100 $ 330,700 $ 815,550 $ 469,550 The beginning work in process inventory was 70% complete with respect to materials and 55% complete with respect to labor and overhead. The ending work in process inventory was 50% complete with respect to materials and 30% complete with respect to labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month.