Wildhorse Industries works hard to keep pace with demand for its modern chandelier. To get it out the door, Wildhorse first machinesraw materials into key component parts. Next, the component parts are assembled. These two processing departments work together,coordinating the output from the machining process into the assembly process. All DM resources are added at the beginning of themachining process, while conversion costs are added evenly throughout the process. For May, the following information was availablefor the machining process.UnitsDMConversion CostsUnits in beginning WIP Inventory700Beginning WIP Inventory degree of completion270%Costs in beginning WIP Inventory$36,500$19,650New units started9,200Costs added to WIP Inventory this period$349.600$186,270Units completed9,000Units in ending WIP Inventory900Ending WIP Inventory degree of completion?40%(b)Determine the total cost of units completed and the cost of units in ending WIP Inventory-Machining in May by completing Steps1-5 of the template, assuming Wildhorse Industries uses the weighted-average method of process costing.Total cost of units completed$Cost of units in ending WIP Inventory$品(Ctrl)、

Calculate the Equivalent Units:Equivalent units for Direct Materials (DM) = Units completed +…

Answered: Wildhorse Industries works hard to keep…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

I need the answer as soon as possible
Cool and Clear Company produces premium bottled water. In the second department, the Bottling Department, conversion costs are incurred evenly throughout the bottling process, but packaging materials are not added until the end of the process. Costs in beginning Work-in-Process Inventory include transferred in costs of $2,000, direct labor of $700, and manufacturing overhead of $330. March data for the Bottling Department follow: (Click the icon to view the data.) Read the requirements UND 3 Units to account for: Beginning work-in-process Transferred in Total units to account for Units accounted for: Completed and transferred out Ending work-in-process Total units accounted for COSTS Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Divided by: Total EUP Cost per equivalent unit Costs accounted for: Completed and transferred out Ending work-in-process Total costs accounted for Villa 11,000 164,000 175.000 152,000 23,000 175,000 $…
The Caterpillar Company manufactures small garden tractors on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each tractor must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Caterpillar uses FIFO. Data for the Assembly Department for April 2008 are: Work in process, beginning inventory: Direct materials (100% complete) Conversion costs (40% complete) Units started during April Work in process, ending inventory: Direct materials (100% complete) Conversion costs (80% complete) Costs for April 2008: Work in process, beginning inventory: Direct materials 400 units O 1.350 O 1.190 O 1600 O 1,390 O None of the choices 1,200 units 250 units $100,000 $300,000 $700,000 $1,250,000 Conversion costs Direct materials costs added during April Conversion costs added during April What…
Stem Games manufactures playing cards. It has three departments: Printing, Cutting & Collating, and Wrapping. Transferred-in costs are considered materials costs. The following information is available for the Wrapping department for the month of October: PhysicalUnits Beginning work in process 284,500 (100% complete for materials, 80% complete for conversion) Decks transferred in 3,250,000 Decks completed and transferred to Finished Goods Inventory 3,245,000 Ending Work in Process ? (100% complete for materials, 45% complete for conversion Costs: Beginning work in process: Direct materials $ 206,000 Conversion cost $ 21,600 Costs transferred in $ 1,642,385 October costs: Direct materials $ 24,900 Conversion costs $ 923,477 Required:Using the weighted-average method of process costing,1. Reconcile the number of physical decks worked on during the month.2. Calculate the number of…
Waterway Processing Company uses a weighted-average process cost system and manufactures a single product—an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the Mixing and Cooking department is as follows. Prepare a schedule that shows how the equivalent units were computed so that you can complete the “Quantities: Units accounted for” equivalent units section shown in the production cost report, and compute October unit costs. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.) WATERWAY PROCESSING COMPANYMixing and Cooking DepartmentProduction Cost ReportFor the Month Ended October 31 Equivalent Units Quantities PhysicalUnits Materials ConversionCosts Units to be accounted for…
Brite Ideas, Incorporated, mass-produces reading lamps. Materials used in constructing the body of the lamp are added at the start of the process, while the materials used in wiring the lamps are added at the halfway point. All labor and overhead are added evenly throughout the manufacturing process. Brite Ideas uses process costing and had the following unit production information available for the months of June and July: Number of lamps in beginning work in process Lamps transferred to finished goods Number of lamps in ending work in process June July 810 1,100 3,170 800 2,800 1,100 In June, the lamps in beginning work in process were approximately 90 percent complete, while those in ending work in process were only 30 percent complete. In July, the units remaining in ending work in process were 80 percent complete. All lamps in ending work in process each month are finished in the following month. Required a. For the month of June, calculate the equivalent units of production for…
Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department during June 2017 are presented below. Production Data June Beginning work in process units 0 Units started into production 25,080 Ending work in process units 2,280 Percent complete—ending inventory 40 % Cost Data Materials $225,720 Labor 61,104 Overhead 128,592 Total $415,416 Prepare a schedule showing physical units of production. Physical units Units to be accounted for Work in process, June 1…
Please show your work and please do use Excel so I can see answers and work clearly
Please help me with this! Calegari Corporation makes cleaning products in two sequential departments, Mixing and Packaging. Materials are added at the beginning of the process in the Mixing Department. Conversion costs are added evenly throughout each process. Calegari uses the weighted average method of process costing. In the Mixing Department for the month of May, beginning work in process was 1,800 pounds ( 70% processed), 22,200 pounds were started in process, 21,000 pounds were transferred out, and ending work in process was 60% processed. Calculate equivalent units with respect to conversion costs during May for the Mixing Department.
Prepare a production cost report for Waterways using the weighted-average method.
McKnight Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department. This problem focuses on the assembly department. The process-costing system at McKnight has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added when the assembly department process is 10% complete. Conversion costs are added evenly during the assembly department's process. McKnight uses the weighted-average method of process costing. Consider the following data for the assembly department in April 2017 E (Click the icon to view the data.) Read the requirements. Requirement 1. Summarize total assembly department costs for April 2017, and assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by calculating the physical units and equivalent units. Equivalent Units Data table…
(Click the icon to view the assembly department data.) (Click the icon to view the total costs assigned under the weighted-average method.) Required Begin by calculating the physical units and equivalent units. (For amounts with a 0 balance, make sure to enter" 0 " in the appropriate cell.)

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS