Utilize the weighted average method (for both of the following situations) to determine the equivalent units of production for labor and overhead, assuming that they are continuously at the same percentage of completion: a. Beginning WIP Inventory (30% complete) 40,000 Units started in production 480,000 Units transferred out ? Ending WIP Inventory (70% complete) 26,000 b. Beginning WIP Inventory (45% complete) 10,000 Units started in production 350,000 Units transferred out 344,000 Ending WIP Inventory (60% complete) 16,000

Utilize the weighted average method (for both of the following situations) to determine the equivalent units of production for labor and overhead, assuming that they are continuously at the same percentage of completion: a. Beginning WIP Inventory (30% complete) 40,000 Units started in production 480,000 Units transferred out ? Ending WIP Inventory (70% complete) 26,000 b. Beginning WIP Inventory (45% complete) 10,000 Units started in production 350,000 Units transferred out 344,000 Ending WIP Inventory (60% complete) 16,000

Name: Utilize the weighted average method (for both of the following situati
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Utilize the weighted average method (for both of the following situations) to determine the equivalent units of production for labor and overhead, assuming that they are continuously at the same percentage of completion:a. Beginning WIP Inventory (30

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5EB: Using the weighted-average method, compute the equivalent units of production if the beginning...

See similar textbooks

Similar questions

Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units, 55,000 units were started in production, and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are 70% complete and the Units are 30% complete with respect to conversion.
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 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
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.
What are the total costs to account for if a companys beginning inventory had $23,432 in materials and $18,450 in conversion costs, and added direct material costs ($41,392), direct labor ($23,192), and manufacturing overhead ($62,500)?
At the end of the first year of operations, 21,500 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows: Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.
Utilize the weighted average method (for both of the following situations) to determine the equivalent units of production for labor and overhead, assuming that they are continuously at the same percentage of completion: c. Beginning WIP Inventory (25% complete) 10,800 Units started in production ? Units transferred out 351,600 Ending WIP Inventory (45% complete) 18,300 d. Beginning WIP Inventory (55% complete) 15,000 Units started in production 405,000 Units transferred out 415,800 Ending WIP Inventory (90% complete) ?
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 25,000 units; 50,000 units were started in production; and 56,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion. Equivalent Units of Materialsfill in the blank 1 Equivalent Units of Conversionfill in the blank 2
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 21,000 units; 56,000 units were started in production; and 61,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 25% complete with respect to conversion. Equivalent Units of Materials fill in the blank 1 Equivalent Units of Conversion fill in the blank 2
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 19,000 units; 52,000 units were started in production; and 54,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion. Equivalent Units of Materials Equivalent Units of Conversion
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 57,000 units were started in production; and 64,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 25% complete with respect to conversion. Equivalent Units of Materials fill in the blank 1 Equivalent Units of Conversion fill in the blank 2
Assuming that there was no beginning work in process inventory and the ending work in process inventory is 50% complete with respect to conversion costs, the number of equivalent units of production with respect to conversion costs under the weighted-average method would be: A. the same as the units started during the period. B. less than the units started during the period. C. the same as the units completed. D. less than the units completed.
Conversion cost is 250,000; Prime cost is 200,000; OH rate is 150% of Direct labor cost; Indirect materials used is 10,000 and indirect labor is 24,000. Work in process, beginning is 6,000; FG Inventory increased by 4,000; actual OH is 156,000 and cost of sales is 350,000 at actual cost. Assume that under or overapplied overhead is immaterial. Wat is the ending balance of WIP account?