Walbin Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular departm consisted of 18,000 units, 100% complete with respect to materials cost and 40% complete with respect to conversion costs. The total cost in the beginning work in process inventory was $25.200. A total of 53.000 units were transferred out of the department during the month. The costs per equivalent unit were computed to be $1.60 for matenials and $3.30 for conversion costs. The total cost of the unts completed and transferred out of th department was: Multpie Cnoice $259.700 $254180 S189,740

Walbin Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in a particular departm consisted of 18,000 units, 100% complete with respect to materials cost and 40% complete with respect to conversion costs. The total cost in the beginning work in process inventory was $25.200. A total of 53.000 units were transferred out of the department during the month. The costs per equivalent unit were computed to be $1.60 for matenials and $3.30 for conversion costs. The total cost of the unts completed and transferred out of th department was: Multpie Cnoice $259.700 $254180 S189,740

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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Eastern Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 600 units. The costs and percentage completion of these units in beginning inventory were: cost Percent complete Materials costs $3,900 65% Conversion costs $10,200 35% A total of 5,700 units were started and 4,700 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Materials costs $44,800 Conversion costs $206,900 The ending inventory was 75% complete with respect to materials and 20% complete with respect to conversion costs. What are the equivalent units for conversion costs for the month in the first processing department? 5,020 6,300 4,700 320
Hache Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 17,550 units in its beginning work in process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $7,920. An additional 90,100 units were started into production during the month and 93,100 units were completed in the Welding Department and transferred to the next processing department. There were 14,550 units in the ending work in process inventory of the Welding Department that were 90% complete with respect to conversion costs. A total of $203,500 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to: Multiple Choice A. $2.020 B. $2.255 C. $1.991 D. $2.329
The Fremont Company uses the weighted-average method in its process costing system. The company recorded 37,025 equivalent units for conversion costs for November in a particular department. There were 6,700 units in the ending work-in-process inventory on November 30, 75% complete with respect to conversion costs. The November 1 work-in-process inventory consisted of 8,700 units, 50% complete with respect to conversion costs. A total of 32,000 units were completed and transferred out of the department during the month. The number of units started during November in the department was:
Superior Micro Products uses the weighted - average method of process costing. During January, the Assembly Department completed its processing of 26,300 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January totaled $699,230. The ending work in process inventory in January consisted of 3,500 units, which were 50% complete for materials and 30% complete for labor and overhead. The costs per equivalent unit for the month were as follows: Materials Labor Overhead Cost per equivalent unit $ 14.30 $ 3.70 $ 7.20 Required: For January: Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total. Prepare a cost reconciliation report.
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 600 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete $ 5,700 $ 1,900 Materials costs 50% Conversion costs 20 A total of 7,000 units were started and 6,300 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 158,900 $ 120,600 Conversion costs The ending inventory was 85% complete with respect to materials and 75% complete with respect to conversion costs. How many units are in ending work in process inventory in the first processing department at the end of the month?
Mundes Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in its Painting Department consisted of 2,600 units that were 60% complete with respect to materials and 40% complete with respect to conversion costs. The cost of the beginning work in process inventory in the department was recorded as $9,400. During the period, 8,600 units were completed and transferred on to the next department. The costs per equivalent unit for the period were $4.60 for material and $5.60 for conversion costs. The cost of units transferred out during the month was: Multiple Choice A. $48,160 B. $64,400 C. $87,720 D. $82,000
Carpenter Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 600 units. The costs and percentage completion of these units in beginning inventory were: Materials costs Conversion costs Materials costs. Conversion costs A total of 7,800 units were started and 7,100 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Multiple Choice Cost $ 5,200 $ 8,500 $11.58 The ending inventory was 85% complete with respect to materials and 70% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to: $12.21 Percent Complete 60% 55% Cost $ 95,000 $ 169,200
Bims Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 5,400 units in its beginning work in process inventory that were 70% complete with respect to conversion costs. An additional 69,500 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 35,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month? Multiple Choice 99,100 60,900 57,120 39,900
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,600 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $711,660 in total. The ending work in process inventory in January consisted of 3,500 units, which were 40% complete with respect to materials and 20% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Materials Labor Overhead $ 8.40 Cost per equivalent unit $ 13.50 $ 4.80 Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in…
Sarfina Corporation uses the FIFO method in its process costing system. Operating data for the Casting Department for the month of September appear below: Units Percent Complete with Respect to Conversion Beginning work-in-process inventory 15,000 20 % Transferred in from the prior departmentduring September 89,000 Ending work-in-process inventory 24,000 90 % According to the company's records, the conversion cost in beginning work-in-process inventory was $15,660 at the beginning of September. Additional conversion costs of $526,524 were incurred in the department during the month.What would be the cost per equivalent unit for conversion costs for September? (Round your answer to 3 decimal places.) $5.220. $5.916. $5.213. $5.340.
Annenbaum Corporation uses the weighted - average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 900 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 6, 200 65% Conversion costs $ 7,300 45% A total of 7,500 units were started and 6,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 126,000 Conversion costs $ 207,500 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for conversion costs for the first department for the month is closest to: Multiple Choice $26.59 $31.52 $28.72 $30.25
Idaho Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory Units in beginning work in process inventory 700 materials costs $8,600 conversion costs $15,600 Percent complete with respect to materials 70% Percent complete with respect to conversion 50% Units started into production during the month 7,000 Units transferred to the next department during the month 6,200 Materials costs added during the month $97,600 Conversion costs added during the month $253,200 Ending work in process inventory Units in ending work in process inventory 1,500 Percent complete with respect to materials 90% Percent complete with respect to conversion 15% What are the equivalent units for conversion costs for the month in the first processing department? Group of answer choices 6,425 6,200 225 7,700