-Your answer is partially correct.The cutting process of Sunland Designs started the year with $7,250 in beginning inventory. By year-end, Sunland determined equivalent units of work done this period (from beginning toend of year) under the FIFO method as follows.DMConversion CostsUnits in beginning WIP Inventory completed this period2530Units started and completed this period705705Units in ending WIP Inventory10050Sunland's cost per equivalent unit is $71 for DM and $34 for conversion costs. How much cost should Sunland assign to the units completed this period? How much cost should be assignedto ending WIP Inventory for the cutting process?Total cost of units completed this period$76820Cost of units in ending WIP inventory+A8800

The total equivalent units for Direct Materials (DM) and Conversion Costs are calculated by adding…

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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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* 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
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
Carmelita, Inc., has the following information available: Line Item Description Costs from Beginning Inventory Costs from Current Period Direct materials $4,200 $27,600 Conversion costs 6,700 152,200 At the beginning of the period, there were 500 units in process that were 41% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,400 units were started and completed. Ending inventory contained 400 units that were 27% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process costing method. The cost of completing a unit during the current period was
Explain how the manufacturing costs incurred during the month of september is $440,400. Part 2 : Required: Use the FIFO method, calculate cost per equivalent unit of conversion costs for the month of September. #Please no solution in image thanku#
Carmelita Inc., has the following information available: Direct materials Conversion costs Costs from Costs from Beginning Inventory Current Period $2,000 6,200 $22,252 150,536 At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The equivalent units of production for direct materials and conversion costs, respectively, were a. 5,340 for direct materials and 4,902 for conversion costs b. 4,902 for direct materials and 4,802 for conversion costs c. 4,602 for direct materials and 4,802 for conversion costs d. 4,840 for direct materials and 4,802 for conversion costs
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John Doe Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information: Units Materials Conversion Work in process, Jan. 1 80% complete with respect to conversion costs $100,000 $157,500 100,000 500,000 Units started into production Costs added during the year: Materials $650,000 Conversion $997,500 Units completed during the year 450,000 The company uses the weighted-average method in its process costing system. The ending inventory is 50% complete with respect to conversion costs. Required: a) Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs. b) Determine the cost transferred to finished goods. ) Detemine the amount of cost that should be assigned to the ending work-in-process inventory.
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Carmelita, Inc., has the following information available: Costs from Beginning Inventory Direct materials. Conversion costs $5,000 5,200 Costs from Current Period The cost of completing a unit during the current period was Oa. $45.95 Ob. $36.76 Oc. $30.63 Od. $25.62 $29,600 149,800 At the beginning of the period, there were 400 units in process that were 40% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,500 units were started and completed. Ending inventory contained 400 units that were 27% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process costing method.
BASE DATA: UNITS: Beginning WIP Inventory (20% complete as to CC) 5,000 Units started 20,000 Units completed and transferred out 15,000 Ending WIP Inventory (Mat 100 %, CC 50 % complete) 10,000 Costs: Beginning inventory: Materials $ 4,000 CC $ 1,000 Current period: Materials $ 16,000 CC $ 4,000 All materials are added at the beginning of the process WITH THE ABOVE DATA SOLVE THE FOLLOWING QUESTIONS REGARDING YOUR PRODUCT: What is your Product's Equivalent units (EUP) for Mat & CC using Weighted Average? Materials EUP CC EUP Record your answers here What is your…
Subject: accounting

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