Units Beginning inventory of 4,000 units that are 100 percent complete for materials and 22 percent complete for conversion. . 14,500 units started during the period. Ending inventory of 2,700 units that are 14 percent complete for conversion. Manufacturing Costs Beginning inventory was $19,200 ($8,900 materials and $10,300 conversion costs). Costs added during the month were $28,600 for materials and $53,000 for conversion ($27,500 labor and $25,500 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 by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number of equivalent units of production for materials and conversion for March. Equivalent Units Physical Units Direct Materials Conversion Units Completed

Units Beginning inventory of 4,000 units that are 100 percent complete for materials and 22 percent complete for conversion. . 14,500 units started during the period. Ending inventory of 2,700 units that are 14 percent complete for conversion. Manufacturing Costs Beginning inventory was $19,200 ($8,900 materials and $10,300 conversion costs). Costs added during the month were $28,600 for materials and $53,000 for conversion ($27,500 labor and $25,500 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 by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number of equivalent units of production for materials and conversion for March. Equivalent Units Physical Units Direct Materials Conversion Units Completed

Name: UnitsBeginning inventory of 4,000 units that are 100 percent complete
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Description: UnitsBeginning inventory of 4,000 units that are 100 percent complete for materials and 22 percent complete for conversion.• 14,500 units started during the period.Ending inventory of 2,700 units that are 14 percent complete for conversion.Manufactu

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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In July, one of the processing departments at Junkin Corporation had beginning work in process inventory of $30,000 and ending work in process inventory of $32,000. During the month, $206,000 of costs were added to production and the cost of units transferred out from the department was $204,000. Required: Construct a cost reconciliation report for the department for the month of July. Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the month Total cost to be accounted for Costs accounted for as follows: Cost of ending work in process inventory Cost of units transferred out Total cost accounted for
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Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount, $330,000 was the cost of direct materials and $491,960 was the cost of conversion. The 52,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 110,000 units were transferred out and 34,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,553,600 for direct materials and $3,326,400 for conversion. Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method.
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Pacific Ink had beginning work-in-process inventory of $750,960 on October 1. Of this amount, $307,920 was the cost of direct materials and $443,040 was the cost of conversion. The 51,000 units in the beginning inventory were 25 percent complete with respect to both direct materials and conversion costs. During October, 108,000 units were transferred out and 33,000 remained in ending inventory. The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,556,000 for direct materials and $3,278,760 for conversion. a-1. Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. (Do not round intermediate calculations.) Cost of goods transferred out Cost of ending…
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