![Loose-Leaf for Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781260004861/9781260004861_largeCoverImage.gif)
Loose-Leaf for Financial and Managerial Accounting
7th Edition
ISBN: 9781260004861
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 16, Problem 4QS
Physical flow reconciliation C2
The following refers to units processed in sunflower Printing binding department in March. Prepare physical flow reconciliation.
Units of Product | Percent of Conversion Added | |
Beginning work in process…………………….. |
Goods started ………………………………….
Goods Completed………………………………
Ending work in process…………………………
310,000
340,000
120,000
100
100
25
Expert Solution & Answer
![Check Mark](/static/check-mark.png)
Want to see the full answer?
Check out a sample textbook solution![Blurred answer](/static/blurred-answer.jpg)
Students have asked these similar questions
Compute the conversion cost per equivalent unit for the Production department using the weighted-average method.
Beginning work in process inventory
Units started and completed
Units completed and transferred out
Ending work in process inventory
Production cost information for the Production department follows.
Beginning work in process
Conversion
costs added this period
Conversion
Multiple Choice
O $172
O $5.60.
$0.94
$5.02
Direct Materials
Units Percent Complete Percent Complete
10,000
76,000
86,000
15,000
$ 52,100
450, 500
100%
100%
Conversion
< Prev
30%
25%
12 of 25
Next
Part A The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that
materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted - average method? Assume that the quarters are independent. \table [[Beginning
,,], [Quarter, \table [[Work in], [Process]], Started, Out, (%)],[1,, 255, 000, 235,50], [2, 2, 500, 275, 000, 250, 40], [3, 3, 600, 290, 000, 275,000, 45], [4, 6, 500, 300,000, 280, 000,60]]
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
Chapter 16 Solutions
Loose-Leaf for Financial and Managerial Accounting
Ch. 16 - Prob. 1MCQCh. 16 - Prob. 2MCQCh. 16 - Prob. 3MCQCh. 16 - 4. A company’s beginning work in process in...Ch. 16 - Prob. 5MCQCh. 16 - What is the main factor for a company in closing...Ch. 16 - Prob. 2DQCh. 16 - Prob. 3DQCh. 16 - Prob. 4DQCh. 16 - Prob. 5DQ
Ch. 16 - Prob. 6DQCh. 16 - Prob. 7DQCh. 16 - Prob. 8DQCh. 16 - Prob. 9DQCh. 16 - Prob. 10DQCh. 16 - Prob. 11DQCh. 16 - Prob. 12DQCh. 16 - 13. List the four steps in accounting for...Ch. 16 -
14. APPLE Companies such as Apple commonly...Ch. 16 - 15. GOOGLE Are there situations where Google can...Ch. 16 - Prob. 16DQCh. 16 - Prob. 17DQCh. 16 - Process vs. job order operations C1 For each of...Ch. 16 - Prob. 2QSCh. 16 - Prob. 3QSCh. 16 - Physical flow reconciliation C2 The following...Ch. 16 - Prob. 5QSCh. 16 - Prob. 6QSCh. 16 - Prob. 7QSCh. 16 - Prob. 8QSCh. 16 - Prob. 9QSCh. 16 - Prob. 10QSCh. 16 - Prob. 11QSCh. 16 - Prob. 12QSCh. 16 - Prob. 13QSCh. 16 - Prob. 14QSCh. 16 - Prob. 15QSCh. 16 - Prob. 16QSCh. 16 - Prob. 17QSCh. 16 - Prob. 18QSCh. 16 - Prob. 19QSCh. 16 - Prob. 20QSCh. 16 - Prob. 21QSCh. 16 - Prob. 22QSCh. 16 - Prob. 23QSCh. 16 - Prob. 24QSCh. 16 - Prob. 25QSCh. 16 - Prob. 26QSCh. 16 - Process Cost Summary C3 Anheuser-Busch In Bev is...Ch. 16 - Prob. 1ECh. 16 - Prob. 2ECh. 16 - Prob. 3ECh. 16 - Prob. 4ECh. 16 - Prob. 5ECh. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Prob. 9ECh. 16 - Prob. 10ECh. 16 - Prob. 11ECh. 16 - Prob. 12ECh. 16 - Exercise 16-13AFIFO: Completing a process cost...Ch. 16 - Prob. 14ECh. 16 - Prob. 15ECh. 16 - Exercise 16-16 Weighted average: Process cost...Ch. 16 - Prob. 17ECh. 16 - Prob. 18ECh. 16 - Prob. 19ECh. 16 - Prob. 20ECh. 16 - Prob. 21ECh. 16 - Prob. 22ECh. 16 - Prob. 23ECh. 16 - Prob. 24ECh. 16 - Prob. 25ECh. 16 - Prob. 26ECh. 16 - Exercise 16-27 Hybrid Costing System A2 Explain a...Ch. 16 - Prob. 1PSACh. 16 - Prob. 2PSACh. 16 - Prob. 3PSACh. 16 - Prob. 4PSACh. 16 -
Problem 16-5AA FIFO: Process cost summary;...Ch. 16 - Prob. 6PSACh. 16 - Prob. 7PSACh. 16 - Prob. 1PSBCh. 16 - Prob. 2PSBCh. 16 - Prob. 3PSBCh. 16 - Problem 16-4B Weighted average: Process cost...Ch. 16 - Problem 16-5BA FIFO: Process cost summary;...Ch. 16 - Prob. 6PSBCh. 16 - Prob. 7PSBCh. 16 - Prob. 16SPCh. 16 - Prob. 16CPCh. 16 - Prob. 1GLPCh. 16 - Prob. 1BTNCh. 16 - Prob. 2BTNCh. 16 - Prob. 3BTNCh. 16 - Prob. 4BTNCh. 16 - Prob. 5BTNCh. 16 - Prob. 6BTNCh. 16 - Prob. 7BTNCh. 16 - Prob. 8BTNCh. 16 - Prob. 9BTN
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Compute the number of equivalent units with respect to both direct materials and conversion for March using the weighted- average method Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Units 27,500 115,000 142,500 32,500 Direct Materials Percent Complete 100% 70% Conversion Percent Complete 55% 60% multiple choice: 1) 162,000 direct materials; 162,000 conversion 2) 142,500 dm; 124,750 conv 3) 152,250 dm; 155,500 conv 4) 165,250 dm; 166,250 conv 5) 165,250 dm; 162,000 convarrow_forwardRefer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.arrow_forwardCost per equivalent unit The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of 9,000 of direct materials. A. Determine the number of units transferred to the next department. B. Determine the costs per equivalent unit of direct materials and conversion. C. Determine the cost of units started and completed in November.arrow_forward
- Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?arrow_forwardVd Subject:accountingarrow_forwardPlease do not give solution in image format thankuarrow_forward
- Compute the number of equivalent units with respect to conversion using the weighted-average method. Direct Materials Conversion Percent Units Percent Complete Complete Beginning work in process inventory Units started and completed 35,000 100% 55% 110,000 Units completed and transferred out Ending work in process inventory 145,000 40,000 100% 30%arrow_forwarda. Using FIFO method, how much cost is transferred to the next department? b. Using FIFO method, how much is the total cost of Work in Process Inventory, End?arrow_forwardAcarrow_forward
- Please do not give solution in image format thankuarrow_forwardComputing units in process, units completed, and equivalent production Using the following data, determine which figures should be inserted in the blank spaces. Beginning Units in Process Units Started in Production Finished Goods Units Ending Units in Process Transferred to Equivalent Units а. 600 8,000 8,600 b. 900 6,500 400–1/2 completed | 1,500 12,900 1,200–1/4 completed C. d. 7,250 7,200 150–1/2 completed 8,400 8,200 200–1/2 completed e. f. 400 6,200 6,200 6,300 -arrow_forwardPlease refer to the attached images.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax CollegeManagerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College PubCornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337912020/9781337912020_smallCoverImage.jpg)
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
![Text book image](https://www.bartleby.com/isbn_cover_images/9781305970663/9781305970663_smallCoverImage.gif)
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Cost Accounting - Definition, Purpose, Types, How it Works?; Author: WallStreetMojo;https://www.youtube.com/watch?v=AwrwUf8vYEY;License: Standard YouTube License, CC-BY