* Your answer is incorrect. Concord Industries began the year with 5,500 stocking hats in WIP Inventory, 20% complete overall. Both conversion costs and DM resources are added to hats evenly throughout the process. Throughout the year, the company started 79,700 more hats, and it had completed 75,400 in total by year-end. Units in ending WIP Inventory were 70% complete overall. Concord uses the FIFO method of process costing. Determine equivalent units for this processing department at year-end by completing Step 2 of the template. Total equivalent units eTextbook and Media DM 132290 Conversion Costs 132290 Assistance Used

* Your answer is incorrect. Concord Industries began the year with 5,500 stocking hats in WIP Inventory, 20% complete overall. Both conversion costs and DM resources are added to hats evenly throughout the process. Throughout the year, the company started 79,700 more hats, and it had completed 75,400 in total by year-end. Units in ending WIP Inventory were 70% complete overall. Concord uses the FIFO method of process costing. Determine equivalent units for this processing department at year-end by completing Step 2 of the template. Total equivalent units eTextbook and Media DM 132290 Conversion Costs 132290 Assistance Used

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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Assume Sherwin-Williams Company, a large paint manufacturer, has determined the following activity cost pools and cost driver levels for the latest period: Activity Cost Pool Activity Cost Activity Cost Driver Machine setup $960,000 2,500 setup hours Material handling 830,000 5,000 material moves Machine operation 200,000 20,000 machine hours The following data are for the production of single batches of two products, Mirlite and Subdue: Mirlite Subdue Gallons produced 50,000 30,000 Direct labor hours 400 250 Machine hours 800 250 Direct labor cost $9,500 $7,000 Direct materials cost $360,000 $160,000 Setup hours 15 12 Material moves 60 35 Determine the batch and unit costs per gallon of Mirlite and Subdue using ABC.Round cost per gallon to two decimal places. Product Costs Mirlite Subdue Direct materials Answer Answer Direct labor Answer Answer Manufacturing overhead: Machine setups Answer Answer Material…
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For Jaja Corp, materials are added at the start of the process in Department Yen. Units received from Department Won costs P11.10 while in Department Yen, unit costs for materials and conversion costs were P1 and P1.22 respectively. The company’s quantity data showed that WIP beg, which had a cost of P80,000, had 8,000 units and were ¾ done. During the period, Department Won transferred 50,000 units to Department Yen. At the end of the period, WIP has 10,000 units which are 1/5 done and there were 3,000 normal lost units. Required: 1. Compute for the cost of work in process end assuming that the 3,000 units were lost at the end of processing. 2. Compute for the unit cost transferred to finished goods if the 3,000 units were lost at the end of processing but were considered abnormal.
Casa Blanca began operations on January 1 of the current year. The company uses a process costing system and conversion cost incurred evenly throughout manufacturing. By January 31, the firm had completed 56,000 units. Which of the following statements could be true about the ending work-in-process (WIP) inventory if equivalent units for conversion cost totalled 68,000 units? Multiple Choice The ending WIP inventory amounted to 4,000 physical units The ending WIP inventory of 10,000 physical units was 30% complete Some other answer There is no ending WIP inventory The ending WIP inventory of 20,000 physical units was 60% complete
The Blending Department for Westiana Paints started October with 1,200 gallons in process and started in production 9,700 gallons. During the month, 7,200 gallons were completed and transferred to the next department. Ending work-in-process was 3,700 gallons (100% comple with respect to direct materials and 30% complete for conversion costs). The department uses the weighted-average method. The Blending Department incurred the following costs: (Click the icon to view the costs.) 7. Prepare a production cost report for the Blending Department for the month of October. (Enter cost per equivalent units to the nearest cent. Abbreviations: EUP = Equivalent Units of Production.) UNITS Units to account for Total units to account for Units accounted for Total units accounted for COST: Costs to account for: Total costs to account for Cost per equivalent unit Costs accounted for: Total costs accounted for Westiana Paints Production Cost Report - Blending Department Month Ended October 31…
Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April.The beginning inventory on the first of April was 100% complete as to materials and 60% as to conversions costs.Beginning WIP included: 4,400 units, which amounted to $23,600. Spacely Sprockets used direct materials for $251,000 and had conversions costs of $142,900 to place 80,500 sprockets into production. Ending WIP amounted to 8,500 units, which were 100% completed for materials and 20% completed to conversions costs.Prepare a production report using the FIFO Method.(Round your answers to two decimal places when needed and use rounded answers for all future calculations).
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Beatty Corporation recently started operations. They add material at the beginning of their production process, but they incur conversion cost evenly throughout manufacturing. During March, Beatty finished 15,000 units and had ending work in process of 2,000 units, 60% complete. Equivalent-unit costs were: materials, $15; conversion, $22.Using process costing, Beatty's completed production should be valued at: Select one: a. $225,000. b. $330,000. c. $333,000. d. $555,000. e. None of the answers is correct.
Bonita Company's Assembly Department has materials cost at $5 per unit and conversion cost at $10 per unit. There are 29500 units in ending work in process, all of which are 70% complete as to conversion costs. Materials are added at the beginning of the process. How much are total costs to be assigned to inventory? $442500. $354000. $147500. $206500.
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Nagkamali Inc. adds materials at the start of the process in Department B. Units received from Department A costs P11.10 while in Department B, unit costs for materials and conversion costs were P1 and P1.22 respectively. The company’s quantity data showed that WIP beg, which had a cost of P80,000, had 8,000 units and were ¾ done. During the period, Department A transferred 50,000 units to Department B. At the end of the period, WIP has 10,000 units which are 1/5 done and there were 3,000 normal lost units. Compute for the total cost of units transferred to finished goods using average costing assuming that the lost units were spoiled at the start of processing. (SOLUTIONS MUST BE IN GOOD ACCOUNTING FORM. EXCEL FORM WOULD BE GREAT. ACCOUNT TITLES ON THE LEFT, AMOUNTS ON THE RIGHT. USE TABLE IF NECESSARY. AVOID PARENTHETICAL SOLUTIONS. THANKS, A LOT!)