VI. Interpreting a Production Report Dolce company manufactures a productthat goes through several departments. hastily prepared production report fordepartment A for April is given below:Quantity ScheduleUnits to be accounted for:WIP, April 1 (90% materials,80% conversion cost added last month)Started into productionTotal unitsUnits accounted for as follow:Transferred to department BWIP April 30(75% materials, 60%conversion cost added this month)Total costTotal CostCost to be accounted for:WIP,April 1Cost added during the monthTotal CostCost ReconciliationCost accounted for as follow:Transferred to department BWIP April 30Total cost30,000200,000230,000190,00040.000230,000$98,000827.000925,000$805,600119.400925,000Dolce Company has just been acquired by another organization andthe management wants some additional information about Dolce'soperations.Required1)Is Dolce co. using the weighted average method or the FIFO methodto account for units and costs? How can you tell?2) What were the equivalent units for the month?3) What were the unit costs for the month? The beginning inventoryconsisted of the following costs: materials, $67,800, and conversion cost$30,200. The costs added during the month consisted of: materials, $579,000and conversion cost. $248,000.4) How many of the units transferred to department B were startedand completed during the month

Weighted Average Cost Approach: The weighted average approach is most frequently used when inventory…

VI. Interpreting a Production Report Dolce company manufactures a product that goes through several departments. hastily prepared production report for department A for April is given below: Quantity Schedule Units to be accounted for: WIP, April 1 (90% materials, 900/ odded last month) 30,000

VI. Interpreting a Production Report Dolce company manufactures a product that goes through several departments. hastily prepared production report for department A for April is given below: Quantity Schedule Units to be accounted for: WIP, April 1 (90% materials, 900/ odded last month) 30,000

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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A department adds all the direct materials to a process at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of January, there were no units in the beginning Work In Process inventory; 90,000 units were started into production; and there were 20,000 units that were 40% complete with respect to conversion in Work In Process ending inventory at the end of January. What were the equivalent units of production for materials for the month of January? A. 98,000 equivalent units B. 70,000 equivalent units C. 82,000 equivalent units D. 90,000 equivalent units
2. Alloy Manufacturing Company has the following production data for selected months. Ending WIP Units Transferred Units Month Beginning WIP Percentage Complete 30 to out April May 3000 1000 4000 800 60 Compute the physical units of each department.
Required: a. Hillger Paints production cycle starts in Department A. The following information is available for April: Work in process, April 1 (30% complete) Units 125,000 405,000 67,000 Started in April Work in process, April 30 (70% complete) 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? Multiple Choice Materials 347,000; Conversion 372,500 Materials 347,000; Conversion 395,100 Materials 458,000; Conversion 420,500 Materials 530,000; Conversion 509,900 None of the options are correct Check my work
Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 Inventory in process, June 1 Started and completed in June Transferred to Winding Department in June Inventory in process, June 30 Total Drawing Department 6,600 units, 50% completed 5,000 units, 50% completed 2,600 units, 10% Broduction begins in the Drawing Department and finishes h the Winding Department. 90,400 units a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and onversion Equivalent Units of Production For June Inventory in process, June 1 Started and completed in June Transferred to finished goods in June…
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Department M had 2,300 units 56% completed in process at the beginning of June, 11,300 units completed during June, and 1,800 units 33% completed at the end of June. The number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories is Oa. 9,000 units Ob. 13,694 units Oc. 10,606 units Od. 11,894 units
[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
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $109,020 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 7,900 units, 60% completed 118,026 30 Direct materials, 72,000 units 979,200 1,097,226 30 Direct labor 62,610 1,159,836 30 Factory overhead 86,450 1,246,286 30 Goods finished, 2 units ? 30 Bal., 6,300 units, 90% completed ? Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during…
The production process involves three producing department. The following information is available for Department 2 for January Work-in-process inventory 7,000 units January 1 Transferred in 45,000 units Transferred out 42,000 units 1) Determine the number of units started and completed in January. 2) Determine the number of units in work-in-process inventory as of January 31. I got my answer but I'm so sure. Thanks!
Assistants please with all workings. The table below shows monthly data collected on production costs and on the number of units produced over a twelve month period. Month Total ProductionCosts Level of Activity(Units Produced)July $230,000 3,500August 250,000 3,750September 260,000 3,800October 220,000 3,400November 340,000 5,800December 330,000 5,500January 200,000 2,900February 210,000 3,300March 240,000 3,600April 380,000 5,900May 350,000 5,600June…
Department M had 2, 800 units 53% completed in process at the beginning of June, 11, 200 units completed during June, and 800 units 33% completed at the end of June. The number of equivalent units of production for conversion costs for June if the first - in, first-out method is used to cost inventories is a. 11,464 units b. 9, 980 units c. 8, 400 units d. 12, 264 units
The following information summarizes the activities in the Mixing Department for the month of March. Beginning inventory 8,000 units, 80% complete Started and completed 196,000 units Ending inventory 24,000 units, 25% complete Material is added at the beginning of the process, and conversion costs are incurred evenly throughout the process. Calculate the equivalent units of production with respect to materials during the month of March using the weighted average method. Select one: a. 228,000 b. 212,000 c. 208,000 d. 244,000 e. 210,000