Using Process Costs for Decision Making The costs of materials consumed in producing good units in the Forming Department of McMillan Company were $129,600 and $132,500 for September and October, respectively. The number of equivalent units produced in September and October was 1,200 tons and 1,250 tons, respectively. Evaluate the change in the cost of materials between the two months. Material cost per ton, September $ Material cost per ton, October $ The cost of materials. by $ per ton between September and October.

Using Process Costs for Decision Making The costs of materials consumed in producing good units in the Forming Department of McMillan Company were $129,600 and $132,500 for September and October, respectively. The number of equivalent units produced in September and October was 1,200 tons and 1,250 tons, respectively. Evaluate the change in the cost of materials between the two months. Material cost per ton, September $ Material cost per ton, October $ The cost of materials. by $ per ton between September and October.

Name: Using Process Costs for Decision MakingThe costs of materials consume
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Using Process Costs for Decision MakingThe costs of materials consumed in producing good units in the Forming Department of McMillan Company were $129,600 and $132,500 for September andOctober, respectively. The number of equivalent units produced i

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

Production costs chargeable to the Finishing Department in June in Hollins Company are materials $15,428, labor $39,952, overhead $18,800. Equivalent units of production are materials 20,300 and conversion costs 19,200. Production records indicate that 18,100 units were transferred out, and 2,200 units in ending work in process were 50% complete as to conversion costs and 100% complete as to materials. Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, eg. 2.25 and final answers to O decimal places, e.g. 125.) Cost Reconciliation Cost accounted for Transferred out Work in process Materials Conversion costs Total cost accounted for e Textbook and Media Save for Later M debe alhilling 64 $ 1530 25 25 Attempts: 0 of 2 used Submit Apcwor
Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Blackrock Steel Company is $625,500. The conversion cost for the period in the Rolling Department is $157,680. The total equivalent units for direct materials and conversion are 13,900 tons and 13,140 tons, respectively.Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit:Conversion costs per equivalent unit:per ton
Unit Cost, Valuing Goods Transferred Out and EWIP During August, the drilling department of Arenal Inc. completed and transferred out 190,000 units. At the end of August, there were 42,700 units in process, 70% complete. Arenal incurred manufacturing costs totaling $1,759,120. Required: 1. Calculate the unit cost. $ per unit 2. Calculate the cost of goods transferred out and the cost of EWIP. Cost of goods transferred out Cost of ending work in process
A production department within a company received materials of $8,000 and conversion costs of $11,000 from the prior department. It added material of $23,280 and conversion costs of $42,550. The equivalent units are 17,000 for material and 15,300 for conversion. What is the unit cost for materials and conversion? When required, round final answers to two decimal places. Unit Cost Materials $ Conversion $
Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 200 tons in beginning work in process inventory (60% complete) on October 1. During October, 3,900 tons were completed. The ending work in process inventory on October 31 was 300 tons (25% complete). What are the total equivalent units for direct materials for October if materials are added at the beginning of the process?
Production costs chargeable to the Finishing Department in June in Hollins Company are materials $16,320, labor $32,825, overhead $20,000. Equivalent units of production are materials 20,400 and conversion costs 19,350. Production records indicate that 18,300 units were transferred out, and 2,100 units in ending work in process were 50% complete as to conversion cost and 100% complete as to materials. Prepare cost reconciliation schedule. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 5,125.) Cost Reconciliation Cost accounted for Transferred out Work in process Materials %24 Conversion costs Total cost accounted for
Using Process Costs For Decision Making The costs of energy consumed in producing good units in the Baking Department of Pan Company were $31,552 and $33,792 for June and July, respectively. The number of equivalent units produced in June and July was 46,400 pounds, and 52,800 pounds, respectively. Evaluate the change in the cost of energy between the two months. Round all answers to the nearest whole cent.
Using Process Costs For Decision Making The costs of energy consumed in producing good units in the Baking Department of Victor Company were $26,160 and $26,265 for June and July, respectively. The number of equivalent units produced in June and July was 54,500 pounds and 51,500 pounds, respectively. Evaluate the change in the cost of energy between the two months. Round all answers to the nearest cent. Energy cost per pound, June $ Energy cost per pound, July $ The cost of energy has appeared to by $ per pound between June and July.
Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Blackrock Steel Company is $625,500. The conversion cost for the period in the Rolling Department is $157,680. The total equivalent units for direct materials and conversion are 13,900 tons and 13,140 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: Conversion costs per equivalent unit: per ton per ton
Sheffield Company had the following department information for the month: Total materials costs Equivalent units of production for materials Total conversion costs Equivalent units of production for conversion costs What is the total manufacturing cost per unit? O $3.20. O $7.90. O $4.70. O $3.63. $47000 10000 $80000 25000
Equivalent Units of Conversion Costs The Rolling Department of Blackrock Steel Company had 800 tons in beginning work in process inventory (20% complete). During the period, 12,700 tons were completed. The ending work in process inventory was 2,000 tons (30% complete). What are the total equivalent units for conversion costs? units
II. Process Costing Our company manufactures Chemical X. Assume the company uses weighted average. Separate direct materials and conversion costs. Chemical X is comprised of two liquids, Liquid A and Liquid B. The formula of Chemical Xis 60% Liquid A, 40% Liquid B. 70% of the mixed liquid is added at the beginning of the process: 30% added at the very end. The average cost of the raw materials is $35 per gallon. At the beginning of the month, there was 1,500 gallons in process, 40% through the process (as to conversion costs). The total costs in beginning WIP is $36,750 for materials and $97,440 for conversion costs. During the month, 15,000 gallons were started. Conversion costs were $455,400 for the month. Compute direct material costs (hint use DM EUP under FIFO). At the end of the month, there were 1,200 gallons in process, 80% through the process. Answer each question separately. DO NOT just complete a table - this will result in a zero! How many units were started AND completed?…