Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Chapter 5, Problem 12EB
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A production department within a company received materials of $8,000 and conversion costs of $11,000 from the prior department. It added material of $23,280 and conversion costs of $42,550. The equivalent units are 17,000 for material and 15,300 for conversion. What is the unit cost for materials and conversion? When required, round final answers to two decimal places.
Unit Cost
Materials
$
Conversion
$
The cost of direct materials transferred into the Bottling Department of Mountain Springs Water Company is $27,225. The conversion cost for the period in the Bottling Department is $7,596. The total equivalent units for direct materials and conversion are 60,500 and 63,300, respectively.
Determine the direct materials and conversion cost per equivalent unit. Round your answers to the nearest cent.
Materials Cost per Equivalent Unit: $
Conversion Cost per Equivalent Unit: $
The cost of direct materials transferred into the Rolling Department of Kraus Company is $3,000,000. The conversion cost
for the period in the Rolling Department is $462,600. The total equivalent units for direct materials and conversion are
4,000 tons and 3,855 tons, respectively. Determine the direct materials and conversion costs per equivalent unit.
Chapter 5 Solutions
Principles of Accounting Volume 2
Ch. 5 - Which of the following production characteristics...Ch. 5 - A process costing system Is most likely used by...Ch. 5 - Which of the following is a prime cost? A. direct...Ch. 5 - Which of the following is a conversion cost? A....Ch. 5 - During production, how are the costs in process...Ch. 5 - Which is nor needed to compute equivalent units of...Ch. 5 - What is the cost of direct labor f the conversion...Ch. 5 - What is the conversion cost to manufacture...Ch. 5 - Which of the following lists contains only...Ch. 5 - Direct material costs $3 per unit, direct labor...
Ch. 5 - Beginning inventory and direct material cost added...Ch. 5 - The initial processing department had a beginning...Ch. 5 - There were 1,000 units in ending inventory after...Ch. 5 - The costs to be accounted for consist of which of...Ch. 5 - Which of the following is the step in which...Ch. 5 - The journal entry to record the $500 of work in...Ch. 5 - Assigning indirect costs to departments is...Ch. 5 - In a process costing system, which account shows...Ch. 5 - In a process cost system, factory depreciation...Ch. 5 - Explain how process costing differs from job order...Ch. 5 - Would a pharmaceutical manufacturer use process or...Ch. 5 - Which costs are assigned using the...Ch. 5 - What is the primary purpose of process costing?Ch. 5 - What is the difference between prime costs and...Ch. 5 - Explain conversion costs using an example.Ch. 5 - Why are there conversion costs in both job order...Ch. 5 - What are equivalent units of production, and how...Ch. 5 - How can there be a different number of equivalent...Ch. 5 - Why is the number of equivalent units for...Ch. 5 - What are the four steps involved in determining...Ch. 5 - What is the weighted-average method for computing...Ch. 5 - How does process costing treat the costs...Ch. 5 - Why does each department have its own work in...Ch. 5 - March each term with its description.Ch. 5 - How is manufacturing overhead handled in a process...Ch. 5 - How are predetermined overhead rates used in...Ch. 5 - How many units were started into production in a...Ch. 5 - A company started a new product, and in the first...Ch. 5 - Given the following information, determine the...Ch. 5 - There were 1,700 units in beginning inventory that...Ch. 5 - A company has 1,500 units in ending work in...Ch. 5 - There were 2,400 units in ending work in process...Ch. 5 - How many units must be in ending inventory if...Ch. 5 - How many units must have been completed and...Ch. 5 - Using the weighted-average method, compute the...Ch. 5 - Using the weighted-average method, compute the...Ch. 5 - Mazomanie Farm completed 20,000 units during the...Ch. 5 - What are the total costs to account for if a...Ch. 5 - A company started the month with 8,329 units in...Ch. 5 - A production department within a company received...Ch. 5 - Production data show 35,920 units were transferred...Ch. 5 - Overhead is assigned to the manufacturing...Ch. 5 - Prepare the journal entry to record the factory...Ch. 5 - Prepare the journal entry to record the transfer...Ch. 5 - Prepare the journal entry to record the sale of...Ch. 5 - Given the following information, determine the...Ch. 5 - There were 2.000 units in beginning inventory that...Ch. 5 - A company has 100 units in ending work in process...Ch. 5 - There were 1,500 units in ending work in process...Ch. 5 - Using the weighted-average method, compute the...Ch. 5 - What are the total costs to account for if a...Ch. 5 - A company started the month with 4,519 units in...Ch. 5 - A production department within a company received...Ch. 5 - Production data show 15,200 units were transferred...Ch. 5 - Overhead is assigned to the manufacturing...Ch. 5 - Prepare the journal entry to record the factory...Ch. 5 - Prepare the journal entry to record the transfer...Ch. 5 - Prepare the journal entry to record the sale of...Ch. 5 - The following product Costs are available for...Ch. 5 - The following product costs are available for...Ch. 5 - Pant Risers manufactures bands for self-dressing...Ch. 5 - During March, the following costs were charged to...Ch. 5 - Materials are added at the beginning of a...Ch. 5 - Narwhal Swimwear has a beginning work in process...Ch. 5 - The following data show the units in beginning...Ch. 5 - The finishing department started the month with...Ch. 5 - The packaging department began the month with 500...Ch. 5 - Production information shows these costs and units...Ch. 5 - Given the following information, prepare a...Ch. 5 - Complete this production cost report:Ch. 5 - Selected information from Skylar Studios shows the...Ch. 5 - Loanstar had 100 units in beginning inventory...Ch. 5 - The following product costs are available for...Ch. 5 - The following product costs are available for...Ch. 5 - Vexar manufactures nails. Manufacturing is a...Ch. 5 - During March, the following costs were charged to...Ch. 5 - Ardt-Barger has a beginning work in process...Ch. 5 - The following data show the units in beginning...Ch. 5 - The following data show the units in beginning...Ch. 5 - The following data show the units in beginning...Ch. 5 - The finishing department started the month with...Ch. 5 - The packaging department began the month with 750...Ch. 5 - Production information shows these costs and units...Ch. 5 - Given the following information, prepare a...Ch. 5 - Selected information from Hernandez Corporation...Ch. 5 - Rexar had 1,000 units in beginning inventory...Ch. 5 - How would process costing exist in a service...Ch. 5 - Why are labor and manufacturing overhead grouped...Ch. 5 - How is process costing for a single manufacturing...Ch. 5 - What is different between the journal entries for...
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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
- Prepare the journal entry to record the transfer of 3,000 units from the packaging department to finished goods if the material cost per unit is $4 and the conversion cost per unit is $5.50.arrow_forwardThe cost of direct materials transferred into the Rolling Department of Jabari Company is $3,013,500. The conversion cost for the period in the Rolling Department is $137,800. The total equivalent units for direct materials and conversion are 4,100 tons and 1,060 tons, respectively. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.arrow_forwardA production department within a company received materials of $10,000 and conversion costs of $10,000 from the prior department. It added material of $27,200 and conversion costs of $53,000. The equivalent units are 20,000 for material and 18,000 for conversion. What is the unit cost for materials and conversion?arrow_forward
- 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 50% at the beginning of the process and 50% at the end 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.arrow_forwardThe 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 50% at the beginning of the process and 50% at the end 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.arrow_forwardThe cost of direct materials transferred into the Rolling Department of Jabari Company is $520, 800. The conversion cost for the period in the Rolling Department is $281,300. The total equivalent units for direct materials and conversion are 2, 800 tons and 4, 850 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: fill in the blank 1 of 2$ per ton Conversion cost per equivalent unit: fill in the blank 2 of 2$ per tonarrow_forward
- The cost of direct materials transferred into the Bottling Department of the Mountain Springs Water Company is $1,000,500. The conversion cost for the period in the Bottling Department is $648,000. The total equivalent units for direct materials and conversion are 34,500 liters and 7,200 liters, respectively. Determine the direct materials and conversion cost equivalent unit. Cost per equivalent unit of materials Cost per equivalent unit of conversionarrow_forwardA production department within a company received materials of $11,166 and conversion costs of $13,726 from the prior department. It added material of $28,663 and conversion costs of $44,448. The equivalent units are 15,244 for material and 19,876 for conversion. What is the unit cost for materials? Round to the nearest penny, two decimal places.arrow_forwardThe cost of direct materials transferred into the Rolling Department of Kraus Company is $3,087,000. The conversion cost for the period in the Rolling Department is $124,600. The total equivalent units for direct materials and conversion are 4,200 tons and 890 tons, respectively. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Determine the direct materials and conversion costs per equivalent unit. Round your answers to the nearest dollar. Direct materials cost per equivalent unit: $fill in the blank 2 per ton Conversion cost per equivalent unit: $fill in the blank 3 per tonarrow_forward
- Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Units started and completed in Equivalent units conversion Cost of units transferred out production Total units to account for Total ending work in process Ending work in process materials Ending work in process conversion Cost per unit conversion Costs to account for Question: A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method? PLEASE NOTE: All dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). Terms Dollars Ending work in process:arrow_forwardThe cost of direct materials transferred into the Bottling Department of the Mountain Springs Water Company is $920,500. The conversion cost for the period in the Bottling Department is $540,000. The total equivalent units for direct materials and conversion are 26,300 and 6,000 liters, respectively. Determine the direct materials and conversion cost per equivalent unit. Round your answers to the nearest cent. $ per equivalent unit of materials $ per equivalent unit of conversion costsarrow_forwardA production department within a company received materials of $11,632 material of $20,944 and conversion costs of $47,607. The equivalent units for conversion? Round to the nearest penny, two decimal places. are 29,937 for material and 18,214 for conversion. What is the unit cost and conversion costs of $10,660 from the prior department. It addedarrow_forward
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