Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Using the weighted-average method and following the format in the textbook, compute the equivalent units of production for a new company that started 85,000 units into production and transferred 67,000 to the second department. Assume that beginning inventory was 0. Conversion is considered to occur evenly throughout the process, while materials are added at the beginning of the process. The ending inventory for Equivalent Units: Conversion is 9,000 units. PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Equivalent Units: Total Units Material Units Conversion Units

Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Using the weighted-average method and following the format in the textbook, compute the equivalent units of production for a new company that started 85,000 units into production and transferred 67,000 to the second department. Assume that beginning inventory was 0. Conversion is considered to occur evenly throughout the process, while materials are added at the beginning of the process. The ending inventory for Equivalent Units: Conversion is 9,000 units. PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Equivalent Units: Total Units Material Units Conversion Units

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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Compute the total costs of the units (gallons) (a) completed and transferred out to the Packaging Department, and (b) in the Department ending Work-in-Process Inventory. Complete the Production Cost Report that you began in Requirement 1 by calculating the costs per equivalent unit in this step, and then by calculating the the total cost of units completed and transferred out and of units in ending inventory in the following step. (Complete all input fields. Enter a "0" for any zero balances. Round the cost per equivalent unit amounts to the nearest cent and all other amounts to the nearest dollar. Abbreviation used: EUP = equivalent units of production.)
7. Using the following terms, complete the production cost report shown below: Ending work in process Total costs to account for Cost per equivalent unit Units started into production Manufacturing Overhead Beginning work in process Total units accounted for Raw Materials Inventory Transferred in costs Incurred during the period Completed and transferred out Total costs accounted for Finished Goods Inventory Equivalent units Total units to account for Materials are added at the beginning of the production process and ending work in process inventory is 80% complete with regard to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Cost to Account For Beginning inventory: materials $ 25,000 Beginning inventory: conversion 30,500 Direct materials 2,000 Direct labor 45,000 Applied overhead…
Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units
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The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process. Quarter BeginningWIP Started TransferredOut Conversion(%) 1 — 134,150 133,250 25 2 524 132,594 132,493 24 3 339 133,246 133,445 20 4 489 134,845 134,434 23 What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent. Quarter 1 Quarter 2 Quarter 3 Quarter 4 Units for material costs fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Units for conversion costs fill in the blank 5 fill in the blank 6 fill in the blank 7 fill in the blank 8
For each of the following independent cases (1 to 4), compute the missing values. Note: Enter all amounts as positive values. Beginning raw materials Raw materials purchases Indirect materials issued Ending raw materials Direct materials used Direct labor Manufacturing overhead applied Total current manufacturing costs Beginning work in process Ending work in process Cost of goods manufactured Beginning finished goods Ending finished goods Cost of goods sold Case 1 $ 6,200 53,000 900 1,700 36,000 62,000 45,000 134,000 78,000 80,000 Case 2 11,550 2,000 2,450 13,500 39,450 80,600 38,600 73,800 31,900 74,000 Case 3 $ 30,000 49,640 1,400 32,720 29,280 94,000 42,950 90,125 53,200 113,075 Case 4 $ 94,000 3,600 94,200 121,750 540,930 101,920 238,100 831,900 398,500 845,400
Compute (a) manufacturing cycle time and (b) manufacturing cycle efficiency using the following information from a manufacturing company. Process time. 15.0 minutes Move time. 6.4 minutes Inspection time. 2.0 minutes Wait time. 36.6 minutes
Elliott Company... (see pictures).
Requirement 2. Compute the total costs of the units (gallons) (a) completed and transferred out to the Packaging Department, and (b) in the Blending Department ending Work-in-Process Inventory. Complete the Production Cost Report that you began in Requirement 1 by calculating the costs per equivalent unit in this step, and then by calculating the the total cost of units completed and transferred out and of units in ending inventory in the following step. (Complete all input fields. Enter a "0" for any zero balances. Round the cost per equivalent unit amounts to the nearest cent and all other amounts to the nearest dollar. Abbreviation used: EUP = equivalent units of production.) COSTS Costs to account for: Step-by-Step Painting Production Cost Report - Blending Department (Partial) Month Ended May 31 Total costs to account for Cost per equivalent unit Direct Materials Conversion Costs Total Costs
6. Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Using the weighted-average method, compute the equivalent units of production for a new company that started 85,000 units into production and transferred 67,000 to the second department. Assume that beginning inventory was 0. Conversion is considered to occur evenly throughout the process, while materials are added at the beginning of the process. The ending inventory for Equivalent Units: Conversion is 9,000 units. PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Units Accounted For: Total Units Material Units…