Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: • Beginning inventory, 50,000 partially complete units, 10 percent complete with respect to conversion costs. ⚫ Units started in December, 111,000 units. • Units transferred out in December, 107,000 units. • Ending inventory, 54,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method. Materials Conversion Costs Equivalent Units

Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in-process in December follows: • Beginning inventory, 50,000 partially complete units, 10 percent complete with respect to conversion costs. ⚫ Units started in December, 111,000 units. • Units transferred out in December, 107,000 units. • Ending inventory, 54,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the FIFO method. Materials Conversion Costs Equivalent Units

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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Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs The ending Inventory has 14,200 units, which are 90 percent complete with respect to Refining Department costs. Required: Complete the production cost report using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for:…
Trevor Mills produces agricultural feed at its only plant. Materials are added at the beginning of the process. Information on work-in- process in December follows: ● Beginning inventory, 16,000 partially complete units, 10 percent complete with respect to conversion costs. Units started in December, 77,000 units. Units transferred out in December, 73,000 units. Ending inventory, 20,000 units, 62 percent complete with respect to conversion costs. Required: Compute the equivalent units for materials and conversion costs for December using the weighted-average method. Materials Conversion Costs Equivalent Units
Materials are added at the start of the process in ABC preparing department, the first stage of the production cycle. The following information is available in August: Work in process, December 31 (50% complete as to conversion cost) - 175,000 Transferred to next department - 275,000 Started in December - 375,000 Work in process, December 1 (60% complete as to conversion cost) -150,000 Lost in production (continuous normal) - 75,000 What is the EUP for conversion costs using FIFO method?362,500347,500437,500272,500 What is the EUP for conversion cost using the weighted-average method?272,500362,500437,500367,500
Vikram Bhai
Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is added only in the Mixing Department. The following information is given for the Processing Department for August. TI uses process costing. WIP Inventory Processing Department: August 1 Quantity (60% complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 1 Current production and costs (August) Units started Current costs Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total current cost: August WIP Inventory Processing Department (August 31) Quantity (20 % complete) Transferred-in costs (from Mixing Department) Conversion costs (Processing Department) Total WIP cost: August 31 Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out Units in ending…
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ect materials are added at the beginning of the process. This period began with 5,000 units in ginning inventory that are 25% complete. What are the equivalent units for beginning work in process der the FIFO method? a. Direct materials 5,000; Conversion costs 3,750 b. Direct materials 0; Conversion costs 3,750 c. Direct materials 5,000; Conversion costs 1,250 d. Direct materials 0; Conversion costs 1,250
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Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 245,055 9,676 $ 906,625 103,140 The ending inventory has 14,800 units, which are 90 percent complete with respect to Refining Department costs. Required: Complete the production cost report using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to…
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