Universe Corporation operates a fig-assembly process as a consequent step of the series of processes prior to storage for all its wood plants. Direct materials are added at the end of the process while conversion costs are distributed evenly during the process. The following data shows the scenario of the company. Data given: WIP, beg Degree of completion, beg WIP Transferred in during current period Completed and transrred out during current pe WIP, end Degree of completion, end WIP Physical units Transferred-in costs Direct materials Conversion cost 29,000 532,000 210,000 ? Answer the following questions: 1. What is the ending WIP inventory? 2. What is the equivalent production for direct materials? units 3. What is the equivalent production for conversion costs? 100% 100% units 0% units 0% 80% 40% eep your answers in whole numbers unless otherwise specified. Do not use commas (e.g., input 1000 stead of 1,000).

Universe Corporation operates a fig-assembly process as a consequent step of the series of processes prior to storage for all its wood plants. Direct materials are added at the end of the process while conversion costs are distributed evenly during the process. The following data shows the scenario of the company. Data given: WIP, beg Degree of completion, beg WIP Transferred in during current period Completed and transrred out during current pe WIP, end Degree of completion, end WIP Physical units Transferred-in costs Direct materials Conversion cost 29,000 532,000 210,000 ? Answer the following questions: 1. What is the ending WIP inventory? 2. What is the equivalent production for direct materials? units 3. What is the equivalent production for conversion costs? 100% 100% units 0% units 0% 80% 40% eep your answers in whole numbers unless otherwise specified. Do not use commas (e.g., input 1000 stead of 1,000).

Name: Universe Corporation operates a fig-assembly process as a consequent
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Universe Corporation operates a fig-assembly process as a consequent step of the series of processes priorto storage for all its wood plants. Direct materials are added at the end of the process while conversioncosts are distributed evenly during th

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Muskoge Company uses a process-costing system. The company manufactures a product that isprocessed in two departments: Molding and Assembly. In the Molding Department, directmaterials are added at the beginning of the process; in the Assembly Department, additionaldirect materials are added at the end of the process. In both departments, conversion costs areincurred uniformly throughout the process. As work is completed, it is transferred out. Thefollowing table summarizes the production activity and costs for February: Molding AssemblyBeginning inventories: Physical units 10,000 8,000 Costs: Transferred in — $ 45,400 Direct materials $22,000 — Conversion costs $13,800 $ 16,700Current production: Units started 25,000 ? Units transferred out 30,000 35,000 Costs: Transferred in — ? Direct materials $ 56,250 $ 40,250 Conversion costs $103,500 $142,845 Percentage of completion: Beginning inventory 40% 55% Ending inventory 80 50Required:3. Using the FIFO method, prepare the following for…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 27,800 units with the following costs: Amount Degree of Completion Mixing costs transferred in $ 16,200 100% Costs added in Refining Direct materials $ 28,640 100% Conversion costs 31,630 80% $ 60,270 Work in process September 1 $ 76,470 During September, 289,000 units were transferred in from Mixing at a cost of $166,093. The following costs…
please need true help and show all work please provide answer in text not in image
Need explanation for (a2) and take like
Sheridan Company has gathered the following information. All materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Cost of beginning work in process, plus costs incurred during the period: Direct materials Direct labor Overhead Completed and transferred out $ 18,400 Ending work in process 150,880 22,080 60 % 100 % Show the assignment of costs to units completed and transferred out and to work in process at the end of the period. $84,640 $151,616 $169,280
Required information [The following information applies to the questions displayed below.] Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials Conversion Total costs to account for Units 4,300 20,500 24,800 3,700 $ 309,760 1,382,724 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 124,510 1,692,484 $ 1,816,994 80%
Alpesh
Solve it
Equivalent Units; Cost per Equivalent Unit; Assigning Costs to Units—Weighted-Average Method Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Required: 1. Calculate the first production department’s equivalent units of production for materials and conversion for May. 2. Compute the first production department’s cost per equivalent unit for materials and conversion for May. 3. Compute the first production department’s cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the first production department’s cost of the units transferred to the next production department for materials, conversion, and in total for May.
Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for October: All materials are added at the beginning of the process. Beginning work in process had 125,000 units, 40 percent complete with respect to conversion costs. Ending work in process had 25,000 units, 20 percent complete with respect to conversion costs. Started in process, 175,000 units. Required: Question Content Area 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method. 4. Suppose that the cost of direct materials in beginning work in process is $560,000 and that the direct materials cost incurred for October is…
INTEGRITY Company uses process costing. The materials are added when the process in 50% complete and conversion costs are added uniformly throughout the process. The following are the information during the period: Physical Units: Work in Process, beginning (60% complete) Started during the period Work in Process, ending (45% complete) Costs: Work in Process, beginning Materials Conversion Costs Cost added during the period: Materials Conversion Costs Determine the following: 6. How much is the total costs to account for? 30,000 200,000 50,000 67,800 29,300 579,000 248,900 7. Using WAVE, what is the EUP for materials? 8. Using WAVE, how much is the cost of completed and transferred? 9. Using FIFO, what is the EUP for conversion cost? 10. Using FIFO, how much is the cost of work in process, ending?
Dengo Co. makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory.. Units started and completed... Units completed and transferred out... Ending work in process inventory.... [continued on next page] Units 3,000 19,200 22,200 2,400 [continued from previous page] Required Direct Materials Percent Complete 100% 100% Chapter 16 Process Costing and Analysis Conversion Percent Complete 40% 80% Problem 16-7Aª FIFO: Cost per equivalent unit; costs assigned to products C2 Beginning work in process.. Costs added this period Direct materials. Conversion....... Total costs to account for... $248,400 1,082,970 $ 120,870 1,331,370 $1,452,240 1. Compute equivalent units of production for both direct materials and conversion. 2. Compute…