There were no beginning work-in-process inventories on April 1. Data for April are shown in the following table. Ending work in process is 20 percent complete in Department A and 50 percent complete in Department B. Conversion costs are allocated based on the number of equivalent units processed in each department. Total X-40 270 190 155 X-20 370 X-10 Units started Units completed in Department A Units completed in Department B Materials 540 440 260 220 $358, 250 $ 40e, see $101,750 $216,000 Conversion costs: Department A Department B Total conversion costs $284,400 30,938 $315,338 Required: a. What is the unit cost of each model transferred to finished goods in April? b. What is the balance of work-in-process inventory on April 30 for Department A? Department B?

There were no beginning work-in-process inventories on April 1. Data for April are shown in the following table. Ending work in process is 20 percent complete in Department A and 50 percent complete in Department B. Conversion costs are allocated based on the number of equivalent units processed in each department. Total X-40 270 190 155 X-20 370 X-10 Units started Units completed in Department A Units completed in Department B Materials 540 440 260 220 $358, 250 $ 40e, see $101,750 $216,000 Conversion costs: Department A Department B Total conversion costs $284,400 30,938 $315,338 Required: a. What is the unit cost of each model transferred to finished goods in April? b. What is the balance of work-in-process inventory on April 30 for Department A? Department B?

Name: There were no beginning work-in-process inventories on April 1. Data
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Description: There were no beginning work-in-process inventories on April 1. Data for April are shown in the following table. Ending work in processis 20 percent complete in Department A and 50 percent complete in Department B. Conversion costs are allocated bas

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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rozen Inc. adds materials at the beginning of the process in department USB. Conversion costs were 70% complete as to the 9,500 work-in-process units on September 1 and 40% incomplete as to the 7,000 work-in-process units on September 30. During September, 12,000 units were completed and transferred to the next department. An analysis of the cost relating to work-in-process on September 1 and to production activity for September is as follows: Work-in-process, September 1Materials P10,000Conversion Costs P12,000Costs incurred during SeptemberMaterials P45,000Conversion Costs P60,0001.) The total cost per equivalent unit for September under WAM is: 2.) The total cost per equivalent unit for September under FIFO is:
Production costs chargeable to the Finishing Department in June in Hollins Company are materials $15,428, labor $39,952, overhead $18,800. Equivalent units of production are materials 20,300 and conversion costs 19,200. Production records indicate that 18,100 units were transferred out, and 2,200 units in ending work in process were 50% complete as to conversion costs and 100% complete as to materials. Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, eg. 2.25 and final answers to O decimal places, e.g. 125.) Cost Reconciliation Cost accounted for Transferred out Work in process Materials Conversion costs Total cost accounted for e Textbook and Media Save for Later M debe alhilling 64 $ 1530 25 25 Attempts: 0 of 2 used Submit Apcwor
Radford Products adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of January is available. Units started in January 892,000 Units completed in January 916,000 Work in process, January 1 (25% complete with respect to conversion) 97,000 Work in process, January 31 (40% complete with respect to conversion) 73,000. Compute the equivalent units for materials costs and for conversion costs using the FIFO method.
Required information [The following information applies to the questions displayed below.] Required: a. Adams Company's production cycle starts in Department A. The following information is available for July: Units Work in process, July 1 (60% complete) 80,000 Started in July 370,000 Work in process, July 31 (30% complete) 36,000 Materials are added at the beginning of the process in Department A. Using the weighted-average method, what are the equivalent units of production for materials and conversion costs for the month of July, respectively?
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $1.05 and $0.80, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 0 3,500 Started and completed during July 50,000 50,000 Transferred out of Rolling (completed) 50,000 53,500 Inventory in process, July 31 5,000 2,000 Total units to be assigned costs 55,000 55,500 The beginning work in process inventory on July 1 had a cost of $2,000. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production $fill in the blank 1 Inventory in process, ending $fill in the blank 2 Total costs assigned by the Rolling Department $fill in the blank 3
The following data were taken from the records of Winner Company for the month of October:Work in process, October 1 10,000 unitsStarted during October 40,000 unitsCompleted and transferred to next department 33,000 unitsAbnormal spoilage incurred 2,000 unitsWork in process, October 31 15,000 unitsMaterials are added after quality control inspection at the end of the process. As to conversion cost, the beginning work in process was 70% complete while the ending work in process is 40% complete.Using the FIFO method, the equivalent units of production for materials was?
Production costs chargeable to the Finishing Department in June in Hollins Company are materials $16,320, labor $32,825, overhead $20,000. Equivalent units of production are materials 20,400 and conversion costs 19,350. Production records indicate that 18,300 units were transferred out, and 2,100 units in ending work in process were 50% complete as to conversion cost and 100% complete as to materials. Prepare cost reconciliation schedule. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 5,125.) Cost Reconciliation Cost accounted for Transferred out Work in process Materials %24 Conversion costs Total cost accounted for
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Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $0.55 and $2.55, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 0 4,100 Started and completed during October 59,000 59,000 Transferred out of Rolling (completed) 59,000 63,100 Inventory in process, October 31 7,000 3,500 Total units to be assigned costs 66,000 66,600 The beginning work in process inventory on October 1 had a cost of $2,500. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department
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