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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The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 57,000 36,000 $ 93,000 $ 130,000 380,000 $ 510,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 41,000 partially complete gallons, 35 percent complete with respect to conversion costs. • Units started in July, 81,000 gallons. • Units transferred out in July, 91,000 gallons. Ending inventory, 31,000 gallons, 50 percent complete with respect to conversion costs. Cost of goods transferred out Ending inventory Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
Dimahirap company adds all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in Work in process, beginning and 50% complete as to 6,000 units in Work in process, end. During the month, 12,000 units were completed and transferred to the next department. Analysis of the costs relating to production for october follows: work in process beginning: materials 9,600, conversion cost 4,800; costs added this month: materials 15,600, conversion cost 14,400. How much is the cost per equivalent unit for the month using fifo costing?
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
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…
Super Sports Drinks, Inc. has two departments: Mixing and Bottling. Direct materials are added at the beginning of the mixing process and at the end of the bottling process. Conversions costs are added evenly throughout each process. Data for the month of May for the Mixing Department are as follows: Units Amount Beginning Work-in-Process Inventory 0 units Started in production 8,150 units Completed and transferred out to Bottling 4,200 units Ending Work-in-Process Inventory 60% through mixing process 3,950 units Costs Amount Beginning Work-in-Process Inventory $0.00 Costs added during May: Direct Materials $8,581 Direct Labor $2,153 Manufacturing overhead allocated $4,470 Total costs added during May $15,204 Complete the production report for the month of May.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).Super Sports Drinks, Inc. Equivalent Units UNITS Whole Units Transferred…
Winkle Company uses the FIFO method in its process costing system. At the beginning of March, the work in process inventory in the Blending Processing Center consisted of 5,000 units, 90% complete with respect to conversion costs. At the end of the month, the work in process inventory consisted of 2,000 units that were 40% complete with respect to conversion costs. If 10,000 units were transferred to the next processing center during the month, the equivalent units of production for conversion costs were: A. 6,700 units B. 6,300 units C. 10,300 units
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
Vista Vacuum Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process. Units • Beginning inventory of 3,500 units that are 100 percent complete for materials and 23 percent complete for conversion. • 15,400 units started during the period. • Ending inventory of 3,400 units that are 14 percent complete for conversion. Manufacturing Costs • Beginning inventory was $20,200 ($8,900 materials and $11,300 conversion costs). • Costs added during the month were $29,600 for materials and $54,300 for conversion ($28,200 labor and $26,100 applied overhead). Assume the company uses Weighted-Average Method. Required: 1. Calculate the number of equivalent units of production for materials and conversion for March. 2. Calculate the cost per equivalent unit for materials and conversion for March. 3. Determine the costs to be assigned to the units transferred out and the units still in process. Complete this question…
Required information [The following information applies to the questions displayed below.] The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion. Direct Conversion Equivalent Units of Production Units transferred out Materials 43,500 EUP 3,500 EUP 43,500 EUP 2,100 EUP Units of ending work in process Equivalent units of production 47,000 EUP 45,600 EUP Direct Costs per EUP Costs of beginning work in process Costs incurred this period Materials $33,700 563,200 $ 596,900 Conversion $ 4,440 333,000 Total costs $ 337,440 Units in beginning work in process (all completed during July) Units started this period Units completed and transferred out Units in ending work in process 3,000 44,000 43,500 3,500 Prepare…
Super Sports Drinks, Inc. has two departments: Mixing and Bottling. Direct materials are added at the beginning of the mixing process and at the end of the bottling process. Conversions costs are added evenly throughout each process. Data for the month of May for the Mixing Department are as follows: Units Amount Beginning Work-in-Process Inventory 0 units Started in production 7,780 units Completed and transferred out to Bottling 4,110 units Ending Work-in-Process Inventory 60% through mixing process 3,670 units Costs Amount Beginning Work-in-Process Inventory $0.00 Costs added during May: Direct Materials $8,531 Direct Labor $2,264 Manufacturing overhead allocated $4,680 Total costs added during May $15,475 Complete the production report for the month of May.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).
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. Tl 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 Required: 30,000 units $ 38,850 13,692 $ 52,542 77,000 units $ 88,900 57,100 $ 146,000 15,000 units ?? ?? ?? a. Complete the production cost report for August using the weighted-average method.…