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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Stone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical Units Percent Complete for Conversion Beginning work in process 44,000 54% Ending work in process 40,000 72% Stone adds all materials at the beginning of its manufacturing process. During the month, it started 93,000 units. Required: Using the weighted-average method, reconcile the number of physical units. Using the weighted-average method, calculate the number of equivalent units.
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
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Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete 75% Conversion Percent Complete 25% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 63,000 337,000 315,000 85,000 80% 30% Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials $ 131,555 24,120 Conversion $ 155,675 Costs added this period Direct materials 825,945 707,955 1,533,900 $ 1,689,575 Conversion Total costs to account for a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign…
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