Work in process, beginning Units started during the month Work in process, ending Costs to account for: Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Beginning Equiv. Units Inventory Conversion Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory

Work in process, beginning Units started during the month Work in process, ending Costs to account for: Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Beginning Equiv. Units Inventory Conversion Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory

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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Given the following information, calculate the direct materials equivalent units for the period (assume all materials are added at the beginning of the process): % Complete as to Conversion costs Beginning work in process 15,000 units 25% Ending work in process 20,000 units 70% Units started during the period 53,000 units Units completed and transferred out 48,000 units Multiple choice question. A. 62,000 B. 50,000 C. 68,000 D. 42,000
Process Cost Practice Quiz - Part 1 The following information is related to the blending department: |1. 1,900 units in beginning WIP, 60% completed as to conversion costs 2. Direct Materials added: 22,000 units 3. Goods completed and transferred total 21,800 units 4. All materials are added at the beginning of the process. 5. Beginning WIP was $7,657 6. Cost of DM added during the month: $77,000 |7. Cost of DL added during the month: $14,200 8. Factory overhead applied during the month: $6,880 9. Ending WIP inventory is 20% completed as to conversion costs Required: 1. Compute total units to be assigned costs 2. Compute Group 1-3 whole units and equivalent units 3. Compute cost per equivalent unit for materials and conversion costs 4. Using cost per equivalent unit above, determine (A) cost transferred out of WIP to next department and (B) cost assigned to ending WIP
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Equivalent Units of Conversion Costs The Filling Department of Ivy Cosmetics Company had 4,100 ounces in beginning work in process inventory (80% complete). During the period, 51,800 ounces were completed. The ending work in process inventory was 3,600 ounces (40% complete). What are the total equivalent units for conversion costs? Feedback X units Check My Work Are you determining the equivalent units of materials added or of conversion of materials? When would materials typically be added in the process? When would conversion of these materials take place? Recall the definition of work in process.
End. Work in Process Inv. % Complete as to Beg. Work Units Completed in Process Month Inv. and Transferred Out Units Conversion Cost March 2,820 39,480 11,280 75% Compute equivalent units of production for March for both materials and conversion costs using the weighted-average method of process costing. Materials are entered at the beginning of the process. Quantities Units to be accounted for Work in process inventory, 3/1 Started into production Total units to be accounted for Equivalent Units of Production Physical Units Materials Conversion Costs
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Question Content Area 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 21,000 Started during the month 76,000 Total units to account for fill in the blank 1 Completed and transferred out 73,000 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 25% Materials Units Conversion Units Total Units Completed and transferred out 73,000 73,000 73,000 Ending work in process fill in the blank 4 fill in the blank 5 fill in the blank 6 Total units to account for fill in the blank 7 fill in the blank 8 fill in the blank 9 Costs to account for Materials Conversion Total Beginning work in process $3,500 $16,000 $19,500 Transferred in — — — Incurred during the period 25,600 47,200 72,800 Total costs…
Aztec Inc. produces sort drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIF thod. All manuracturing costs are added uniformly. For July, the mixing department provided the following information: Production: Units in process, July 1, 60% complete 18,000 gallons Units completed and transferred out 138,000 gallons Units in process, July 31, 55% complete 24,000 gallons Costs: Work in process, July 1 $36,000 Costs added during July 379.080 Required: Prepare a production report. Aztec Inc. Mixing Department Production Report For the Month of July (FIFO Method) Unit Information Physical flow: Units to account for: Units Units in beginning WIP Units started Total units to account for Units to account for: Units Units started and completed
Current Attempt in Progress Blossom Company has the following production data for January. Beginning Work in Process 0 Units Started into Production 8,670 Compute the physical units for January. Beginning Work in Process Inventory Started into production Total units to be accounted for Ending Work in Process % Complete as to Conversion Cost Units 1,180 30%
Q. 2
Reconcile the number of physical units to find the missing amounts. Determine the number of units started and completed each month. Beginning Work in Process Ending Work in Process Conversion Conversion Complete Complete (percent) (percent) Month February June September December Units 2,000 4,700 3,800 48 66 27 39 Units Started 23,900 26,400 22,900 Units Completed 23 36 59 76 Units Started and Completed