Use the following information to answer the next 2 questions: Henry Incorporated manufactures a highvolume of identical flashlights called the Illumin-8. The company reported the following for the month ofAugust: Physical Units Beginning work in process, August 1 18,000 Started during the August 90,000Ending work in process, August 31 24,000 Materials are added at the beginning of the process. Thebeginning inventory was 60% complete with respect to conversion, and ending inventory was 90%complete with respect to conversion. 4. What is Henry's equivalent units for materials in August using theweighted average method? a. 84, 000. b. 90,000. c. 108, 000. d. 66,000. 5. What is Henry'sequivalent units for conversion in August using the FIFO method? a. 98,400. b. 94,800. c. 108,000. d. 105,600.

The objective of the question is to calculate the equivalent units for materials and conversion for…

Answered: Use the following information to answer…

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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At the start of June, the polishing department had 15,000 units in beginning inventory. During the month it received 25,000 units from the department. It started and completed 17,000 units and transferred 32,000 units to the department. It had 8,000 units ending work in process inventory. Direct materials are added at the beginning of the process. Units in beginning work in process inventory were 50% complete in respect to conversion costs. Units in ending work in process inventory were 40% complete with respect to conversion costs. Prepare the production cost report for the department for the equivalent units of production for the month of June. Use the FIFO method
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.
The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 1,400 units, 75% completed. 22,960*Direct materials (1,400 x $12.65) $17,710 Conversion (1,400 x 75% x $5.00) 5,250 ___________ $22,960 Materials added in January from Weaving Department $742,40058,000 units. Direct labor for January $134,550 Factory Overhead for January $151,611 Goods finished during Janaury…
[The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Units Beginning work in process inventory 71,000 Percent Complete 65% Percent Complete 35% Units started this period 377,000 Completed and transferred out 355,000 Ending work in process inventory 93,000 90% 40% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Completed and transferred out Ending work in process Total Equivalent units of production: Weighted average method Direct Materials Conversion Units Percent Complete EUP Percent Complete EUP 355,000 93,000 448,000
. Quality Tea manufacturing company has given the following details for a particular process: During the month of June, 1,600 units were already in process, and another 10,000 units were started. At the end of the period, 8,600 units were completed. All of the Direct Materials (DM) are added at the beginning of the process; however, Conversion Costs (CC) are added evenly throughout the process. Quality follows the Weighted-Average method of inventory valuation. Ending Work-in-Progress (WIP) Inventory was two-thirds complete with respect to Conversion Costs. Find equivalent units in the ending WIP Inventory with respect to Conversion Costs. (Round units to whole number.) A) 1,000 units B) 2,000 units C) 3,000 units D) 8,600 units
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…

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