V2.cengagenow.comCourse Homepage-79574.201940CengageNOWv2 | Online teaching and learning resource from Cengage LeCalculatorPrint ItemEquivalent Units of Production: Average Cost MethodThe Converting Department of Tender Soft Tissue Company uses the average cost method and had 3,800 units in work in process that were 70% complete at thebeginning of the period. During the period, 47,900 units were completed and transferred to the Packing Department. There were 2,100 units in process that were 20%complete at the end of the period.a. Determine the number of whole units to be accounted for and to be assigned costs for the period.unitsb. Determine the number of equivalent units of production for the period.units

A) Determination of number of units to be accounted and assigned cost for the period: Total number…

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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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Froblem. 2 knitting Asaya Clothing, Inc., is a manufacturer of winter clothes. It has a department and a finishing department. This exercise focuses on the finishing department. Direct materials are added at the end of the process Conversion costs are added evenly during the process. The following information for June 2012 is available. Physical Units(tons) Transferred In Direct ConversionCosts Costs Materials Work in process, beginning 75 $75,000 $30,000 inventory (June 1) Degree beginning work in process of completion of 100% 0% 60% Transferred - in during June 135 Completed and transferred out 150 during June Work in process, ending 60 inventory (June 30) Degree of completion of ending 100% 0% 75% work in process Total costs added during June $142,500 $37,500 $78,000 1. Suppose that Asaya uses the FIFO method instead of the weighted- average method in all of its departments. The only changes to the above information under the FIF0 method are that total transferred in costs of…
Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing is a one-step process where the bands are cut and sewn. This is the information related to this year's production: Units to Account For Units Materials Conversion 250 Beginning work in process inventory 600 600 Started 21,400 Total units to accounted for 22,000 Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is $59,840 and the total conversion cost is $37,980. Using the weighted-average method, what are the unit costs if the company transferred out 19,000 units? If required, round final answers to two decimal places. Materials Cost per unit Conversion $ Using the weighted-average method, what is the value of the inventory transferred out and the value of the ending WIP inventory? Inventory transferred out $ Ending WIP inventory $
Provide a solution for number 10 and 11
Activity Cost Driver Chosen asAllocation Base Conversion Cost Per Unit ofAllocation Base Materials handling Number of parts $1.00 Machining Machine hours 60.00 Packaging Number of finished units 2.00 Each windsock requires three parts and spends five minutes in the machining department. The total cost of direct materials and direct labor is $3.50 per windsock. Gale produces 20,000 windsocks each year and sells them at 140% of cost. The total cost of producing the 20,000 windsocks is: Question 7 options: $160,000. $230,000. $270,000. $1,260,000.
1 Grand River Company produces a high-quality insulation material that passes through two production processes. Data for November for the first process follow: Work in process inventory, November 1 Work in process inventory, November 30 Materials cost in work in process inventory, November 1 Conversion cost in work in process inventory, November 1 Units started into production Units transferred to the next process Materials cost added during November Conversion cost added during November Units Completion with Respect to Materials 114,000 50% Completion with Respect to Conversion 25% 92,000 45% 20% $ 57,000 $ 5,700 407,500 429,500 $366,810 $151,065 Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for November for the first process. Equivalent units of production Materials Conversion 2. Compute the costs per equivalent unit for November for the first process. (Round your answers to 2 decimal places.)…
Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing is a one-step process where the bands are cut and sewn. This is the information related to this year’s production: Units to Account For Units Materials Conversion Beginning work in process inventory 500 500 250 Started 21,500 Total units to accounted for 22,000 Ending inventory was 100% complete as to materials and 80% complete as to conversion, and the total materials cost is $60,500 and the total conversion cost is $38,010. Using the weighted-average method, what are the unit costs if the company transferred out 17,000 units? If required, round final answers to two decimal places. Costper unit Materials $fill in the blank 1 Conversion $fill in the blank 2 Using the weighted-average method, what is the value of the inventory transferred out and the value of the ending WIP inventory? Inventory transferred out $fill in the blank 3…
Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 10,900 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units 2,500 60% Percent Complete for Direct Materials Percent Complete for Conversion 40% 10,900 Units completed and transferred out Ending work in process inventory 9,500 3,900 80% 30% Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion $ 944 533 $ 1,477 11,676 15,472 27,148 QS 16-17A (Algo) FIFO: Journal entry to transfer costs LO P4 Prepare the November 30 journal entry to record the transfer of costs from the Assembly department to the…
Required information [The following information applies to the questions displayed below.] Select the best answer for each of the following independent multiple-choice questions. Required: a. Hillger Paints production cycle starts in Department A. The following information is available for April: Work in process, April 1 (30% complete) Started in April Work in process, April 30 (70% complete) Units 125,000 405,000 67,000 & Exi Materials are added at the beginning of the process in Department A. Using the weighted-average method, what are the equivalent units of production for the month of April?
Q1. An order for 5000 units of Part 491 is received by the Diamonds & Spades Engineering Company. The raw material used for the production of part costs $1.5 per part. The basic manufacturing sequence, with standard operation times per part and machine overhead rates, is given below: Operation Cutting Milling Drilling Grinding Packaging Time per Part 3 min. 5 min. 4 min. 3 min. 0.3 min. Overhead Rate $1.20/hour 2.00/hour 1.70/hour 1.40/hour The direct labor hour per part is equal to the machine time per part (packaging is a manual operation only). The tooling cost for this job order is estimated to be $500. In addition to the tooling costs and machine overhead costs, factory overhead costs are $15 per direct labor hour. The average direct labor hour rate is $10 per hour. a. Assuming zero scrap rate during production, determine the total estimated costs for the job order of 5000 units. b. Determine the unit selling price if profit is to be 25% of the selling price.
a.) The cost of Work in process End in Finishing Dept. is?
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Legacy Company manufactures umbrellas and has the following information available for the month of May. Work in process, May 1 (100% complete for materials, 90% for conversion) Direct materials Conversion cost Number of units started May costs Direct materials Conversion cost Work in process, May 31 (100% complete for materials, 20% for conversion) 35,500 units $ 64,000 $ 87,000 90,000 units $ 102,500 $ 189,000 33,000 units E3-11 (Algo) Weighted-Average Method [LO 3-2] Required: Using the weighted-average method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. 3. Calculate the cost per equivalent unit. 4. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Using the weighted-average method of process costing, reconcile the number of physical units worked on…

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