Units15,000Work in process, May 1Units started during May60,000Units completed and transferred out 68,000Work in process, May 317,000Direct Materials Conversion CostsTotalCosts:Work in process, May 1 $ 41,250Costs incurred during May 234,630Totals$ 16,50072,000$275,880 $88.500None of the answers is correct.$2.50$2.76.$2.53.$24.750162,630$ 187,380Using the weighted-average method of process costing, the cost per unit of conversion activity is:$2.70.

Name: Units15,000Work in process, May 1Units started during May60,000Units
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Description: Units15,000Work in process, May 1Units started during May60,000Units completed and transferred out 68,000Work in process, May 317,000Direct Materials Conversion CostsTotalCosts:Work in process, May 1 $ 41,250Costs incurred during May 234,630Totals$

Direct costs are the expenses that are directly used for the production of goods and services for…

Business

Accounting

Units 15,000 60,000 Units completed and transferred out 68,000 Work in process, May 31 7,000 Direct Materials Conversion Costs Work in process, May 1 Units started during May Total Costs: Work in process, May 1 $41,250 $ 16,500 Costs incurred during May 234,630 72,000 Totals $275,880 $ 88,500 $24,750 162.630 $ 187,380 Using the weighted-average method of process costing, the cost per unit of conversion activity is: $2.70 None of the answers is correct. $2.50 $2.76 $2.53.

Units 15,000 60,000 Units completed and transferred out 68,000 Work in process, May 31 7,000 Direct Materials Conversion Costs Work in process, May 1 Units started during May Total Costs: Work in process, May 1 $41,250 $ 16,500 Costs incurred during May 234,630 72,000 Totals $275,880 $ 88,500 $24,750 162.630 $ 187,380 Using the weighted-average method of process costing, the cost per unit of conversion activity is: $2.70 None of the answers is correct. $2.50 $2.76 $2.53.

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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Problem 2 Jeffery Technologies used the weighted-average method in it process costing system. Data for the Assembly Department for October appears below: Work in Process, October 1 Costs added during October Equivalent Units of Production Required: Materials $25,000 $235,000 40,000 Conversion Costs $40,000 $260,000 25,000 1. Compute the cost per equivalent unit of production for materials and conversion costs. Show calculations. 2. Compute the total cost per equivalent whole unit.
Q. 2
Date ACCOUNT Work in Process-Forging Department Nov. Item 1 Bal., 900 units, 60% completed 30 Direct materials, 12,900 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed $ Debit 123,840 21,650 16,870 $ Credit ? ACCOUNT NO. Balance Debit Direct materials cost per equivalent unit Conversion cost per equivalent unit 10,566 134,406 156,056 172,926 ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. ? If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. Credit b. Cost of units transferred to the next department during November. $ c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in…
Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory
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Saved Help Save & Exis A company has two manufacturing departments, Forming and Painting. The company uses the weighted-average method and it reports the following data. Units completed in the Forming department are transferred to the Painting department. Units 52 Units completed and transferred out Ending work in process inventory 120,000 40,000 Direct materials Percent Complete 100% Conversion Percent Complete 100% 20% 60% Determine the equivalent units of production for the Forming department for direct materials and conversion costs assuming the weighted average method. Multiple Choice 120,000 direct materials; 120,000 conversion 120,000 direct materials; 160,000 conversion 128,000 direct materials; 120,000 conversion 128,000 direct materials; 144,000 conversion 128,000 direct materials; 184,000 conversion
Question Content Area Department A had 4, 800 units in Work in Process that were 79% completed at the beginning of the period at a cost of $6, 100. During the period, 25,000 units of direct materials were added at a cost of $55,000, and 27,700 units were completed. At the end of the period, 2, 100 units were 36% completed. All materials are added at the beginning of the process. Direct labor was $25,200 and factory overhead was $4,200. The cost of the 2,100 units in process at the end of the period if the first - in, first-out method is used to cost inventories was a. $5,521 b. $6, 422 c. $5,071 d. $4,620
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ces Beginning work in process inventory Units started this period Beginning work in process Direct materials Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Conversion Costs added this period Direct materials Conversion Total costs to account for Required A Required B Required C Units Costs of beginning work in process Costs added this period Total costs Equivalent units of production (from part a) Cost per equivalent unit of production 320,000 312,000 35,000 $ $ $ 40,000 16,100 Complete this question by entering your answers in the tabs below. 1,660,000 929,300 a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming departm c. Using the weighted average method, assign costs to the forming department's output-specifically, its units…