esWeighty Steel processes a single type of steel. For the current period the following information is given:UnitsMaterial Costs Conversion Costs4,000$4,800$5,400Beginning InventoryStarted During the Current PeriodEnding Inventory20,20032,40078,7002,600All materials are added at the beginning of the production process. The beginning inventory was 40% complete as to conversion, while the ending inventory was35% completed for conversion purposes.ed:Weighty uses the weighted - average costing method.coreWhat is the total cost assigned to the units completed and transferred this period? (Round intermediary dollar amounts to the nearest cent and total costs to thenearest whole dollar.)missiA. $114,048O B. $115,235O C. $105,840-8 (1/1)2 (1/1O D. $121,300|-1 (1/1)1 (1/11-9а (1/1)-3 (1/12a (1/1)-11a (110a (1/1)

Total Equivalent Units with regard to Material = 24,200 Conversion = 22,510

Answered: Weighty Steel processes a single type…

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 Molding Department of Bonita Company has the following production data: beginning work in process inventory 26000 units (70% complete as to conversion), started into production 473000 units, completed and transferred out 449000 units, and ending work in process inventory 50000 units (30% complete as to conversion). Assuming that conversion costs are incurred uniformly during the process, the equivalent units of production for conversion costs are 464000. 449000. 458000. 499000.
*The cost per equivalent units of direct materials and conversion in the Roasting Department of Robusta Coffee Company are $0.60 and $0.25, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, beginning of period Direct Materials Conversion 0 3,000 Started and completed during the period 52,000 52,000 Transferred out of Roasting (completed) 52,000 55,000 Inventory in process, end of period Total units to be assigned costs 3,500 2,100 55,500 57,100 The beginning work in process inventory had a cost of $6,500. Based on the information provided, the total cost of units completed and transferred-out production is equal to: $54,075 $2,625 $51,450 $44,200
Required: Trout, Incorporated, adds direct materials at the beginning of the process, while conversion costs are incurred uniformly throughout the process. At the beginning of the period, Work In Process Inventory was 40% complete. At the end of the period, Work in Process Inventory was 70% complete. Trout, Incorporated, started the following production report: Complete the production report by filling in the missing amounts. Note: Round your "Cost per Equivalent Unit" answers to 2 decimal places. UNITS Units to be accounted for Beginning Work in Process Started into Production Total units Units accounted for: TROUT, INCORPORATED Process Costing Production Report (Weighted Average Method) Step 1: Physical Units Completed and transferred Ending Work in Process Total units COSTS Beginning inventory Current period costs Total manufacturing costs 3,000 7,800 $3,900 3,900 7,800 Step 2 Equivalent Units Direct Materials Conversion Cost 3,900 3,900 7,800 6,630 Step 3: Cost per Equivalent Unit…
ect materials are added at the beginning of the process. This period began with 5,000 units in ginning inventory that are 25% complete. What are the equivalent units for beginning work in process der the FIFO method? a. Direct materials 5,000; Conversion costs 3,750 b. Direct materials 0; Conversion costs 3,750 c. Direct materials 5,000; Conversion costs 1,250 d. Direct materials 0; Conversion costs 1,250
Chem Manufacturing Company processes direct materials up to the splitoff point where two products (X and Y) are obtained and sold. The following information was collected for the month of November: Production: X 3000 gallons, Y 2000 gallons . Sales: X 2600 at $15 per gallon ,Y 1700 at $10 per gallon. The joint cost was $20000. No beginning inventories of X and Y. --- Using the physical-volume method, joint cost allocated for X : Select one: O a. $20000 O b. $8000 c. $12000 O d. $10000
Cullumber Company completes and transfers out 15,360 units and has 2,560 units of ending work in process that are 25% complete as to conversion costs. Materials are entered at the beginning of the process, and there is no beginning work in process. Cullumber uses the FIFO method to compute equivalent units. Assuming unit materials costs of $3 and unit conversion costs of $7, what are the costs to be assigned to units (a) completed and transferred out and (b) in ending work in process? (a) Completed and transferred out (b) Ending work in process tA $ tA $ Costs to be assigned

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