WIP, beginning inventory 2,500 units (April 1) Started during April Completed and TO during April WIP, ending inventory 7,500 8200 1,800 (100% complete for DM, and 45% for conversion cost) Cost per equivalent unit $18 for direct materials $12.5 for conversion costs

WIP, beginning inventory 2,500 units (April 1) Started during April Completed and TO during April WIP, ending inventory 7,500 8200 1,800 (100% complete for DM, and 45% for conversion cost) Cost per equivalent unit $18 for direct materials $12.5 for conversion costs

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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Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75, 000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252,000 272, 000 $ 126,990 $ 250, 905, Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total f 4. Compute the first production department's cost of the units transferred to the next production department for materials, com and in total for May. Complete this question by entering your answers in…
Required information Skip to question [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount, $330,000 was the cost of direct materials and $491,960 was the cost of conversion. The 52,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 110,000 units were transferred out and 34,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,553,600 for direct materials and $3,326,400 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method.
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Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 75,000 55,000 100 % 50 % 100 % 30 % $59,400 $ 17,400 252, 000 272,000 $ 126, 990 $ 250, 905, Required: . Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for 4. Compute the first production department's cost of the units transferred to the next production department for materials, conve and in total for May. Complete this question by entering your answers…
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Gallons Beginning Work-in-Process Inventory = 400 gallons Started in production = 8,700 gallons Completed and transferred out to Packaging in March = 7,900 gallons Ending Work-in-Process Inventory (80% of the way = 1,200 gallons through the fermenting process) Costs Beginning Work-in-Process Inventory: Direct materials =$6,370 Direct labor = 250 Manufacturing overhead allocated = 260 Costs added during March: Direct materials = 4,550 Direct labor = 196 Manufacturing overhead allocated = 4,610 Total costs added during March = $9,356
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Production data for the month of September was: 13,400 units Completed and Transferred out 4,800 partially complete units in Ending Inventory, which were 70% complete as toconversion and 100% complete as to material
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