Weighted-average method. Hoffman Company manufactures car seats in its Boise plant. Each car seat passes through the assembly department and the testing department. This problem focuses on the assembly department. The process-costing system at Hoffman Company has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added at the beginning of the process. Conversion costs are added evenly during the process. When the assembly de- partment finishes work on each car seat, it is immediately transferred to testing. Hoffman Company uses the weighted-average method of process costing. Data for the assembly de- partment for October 2017 are as follows: Physical Units (Car Seats) Direct Materials Conversion Costs $ 241,650 Work in process, October 1° Started during October 2017 Completed during October 2017 Work in process, October 31b Total costs added during October 2017 4,000 $1,248,000 22,500 26,000 500 $4,635,000 $2,575,125 *Degree of completion: direct materials,?%; conversion costs, 45%. "Degree of completion: direct materials,?%; conversion costs, 65%.

Weighted-average method. Hoffman Company manufactures car seats in its Boise plant. Each car seat passes through the assembly department and the testing department. This problem focuses on the assembly department. The process-costing system at Hoffman Company has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added at the beginning of the process. Conversion costs are added evenly during the process. When the assembly de- partment finishes work on each car seat, it is immediately transferred to testing. Hoffman Company uses the weighted-average method of process costing. Data for the assembly de- partment for October 2017 are as follows: Physical Units (Car Seats) Direct Materials Conversion Costs $ 241,650 Work in process, October 1° Started during October 2017 Completed during October 2017 Work in process, October 31b Total costs added during October 2017 4,000 $1,248,000 22,500 26,000 500 $4,635,000 $2,575,125 *Degree of completion: direct materials,?%; conversion costs, 45%. "Degree of completion: direct materials,?%; conversion costs, 65%.

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 first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete 75% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 73,000 387,000 365,000 95,000 85% Conversion Percent Complete 25% 35%
a. Determine the number of units transferred to the next department. b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places. Cost per equivalent unit of direct materials Cost per equivalent unit of direct materials c. Determine the cost of units started and completed in November.
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Using the information below, prepare a Cost of Production Report for CD Corporation's Packaging Department for May 2019 On May 1, 2019 the following were reported: Inventory In-Process-Packaging (5,500 units, 20% complete) Finished Goods (700 units at $7.25 a unit) 17,500 5,075 The following were charged to Work in Process- Packaging during May: Direct Materials transferred from Mixing 14,000 units @ $6.25 a unit. 87,500 Direct Labor 12,000 Factory Overhead 4,800 During May -15,500 units were transferred to finished goods and 13,700 units were sold. On May 30 Inventory was as follows Inventory in Process - Packaging: 4,000 units (40% complete) Finished Goods - 2,500 units
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Equivalent Units and Product cost Report-Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $20,335 Conversion costs 55,594 Current period Direct materials (5,000 units) 245,000 Direct labor 417,200 Manufacturing overhead applied 264,600 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out.
4. Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the mixing Department. Complete the partial production cost report below for the mixing Department, showing the equivalent units of production for direct materials and for conversion costs.
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Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory Started during the month Total units to account for Completed and transferred out Ending work in process Total units to account for Work in process completion percent Completed and transferred out Ending work in process Total units to account for Costs to account for Beginning work in process Transferred in Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Costs to account for 20,000 75,000 71,000 100% 25% Materials Units Conversion Units Total Units 71,000 71,000 71,000 Materials $3,000 25,500 Conversion $17,000 37,075 0000 00 Total $20,000 62,875