Weighted-average method, equivalent units. The assembly division of Quality Time Pieces,Inc. uses the weighted-average method of process costing. Consider the following data for the month ofMay 2017:Physical UnitsDirectMaterialsConversion(Watches)CostsBeginning work in process (May 1)Started in May 2017Completed during May 2017Ending work in process (May 31)Total costs added during May 2017100$ 459,888$ 142,570510450160$3,237,000$1,916,000* Degree of completion: direct materials, 80%; conversion costs, 35%."Degree of completion; direct materials, 80%; conversion costs, 40%.Compute equivalent units for direct materials and conversion costs. Show physical units in the first columnof your schedule.

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Answered: Weighted-average method, equivalent…

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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The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 23,200 Units finished during the period 17,500 Units in process at the end of the period(complete as to materials, ¼ complete as to labor and overhead) 5,700 Cost of materials used $ 55,080 Labor and overhead costs $ 57,075 Total cost of the 17,500 units finished is:
The following information was taken from the books of Hunza Manufacturing Company for the month of January 2016 Cost of Units in process at beginning: January 1, 2016 Rs. 50,000 Cost of Raw Material used 148,000 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January [40% complete as to material and 60% complete as to conversion cost] 5,000 units Units placed in production during January 13,000 units Units in process at end of January 31 [60% complete as to material and 80% as to conversion cost]…
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With respect to direct materials costs, how many equivalent units were calculated for the product that was completed, and how many equivalent units were calculated for the ending balance?
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Gold Nest Company of Guandong, China, makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system that applies overhead to jobs based on direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $94,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. The beginning inventory balances were as follows: Raw materials $ 10,800 Work in process $ 4,900 Finished goods $ 8,800 During the year, the following transactions were completed: Raw materials purchased on account, $162,000. Raw materials used in production, $144,000 (materials costing $123,000 were charged directly to jobs; the remaining materials were indirect). Cash paid to employees: Direct labor $ 155,000 Indirect labor $ 248,800 Sales commissions $ 23,000 Administrative salaries $ 42,000…
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