MacroMin Co. uses a weighted average process costing system. The following data are for the production department for December. The December ending work-in-process Inventory was 80% complete with respect to both materials and conversion costs. The department completed and transferred 80,000 units. Work in process, beginning Units started into production Costs added in December Answer is complete and correct. $57.571.68 Ending inventory Required: 1. Calculate the cost of ending Inventory for December. (Do not round Intermediate calculations and round your final answer to 2 decimal places.) Answer is not complete. Cost of product in ending inventory Ending inventory Units 6,400 2. Assume that the equivalent number of units processed for materials for December was 94,000. Calculate the number of units Introduced and the DM cost of product In ending Inventory for December? (Round your Intermediate calculation and final answer to 2 decimal places.) Answer is not complete. 88,000 units Materials Percentage Complete $ 11,000 (60%) $ 179,000 Conversion Percentage Complete $ 11,600 (60%) $ 164,380 3. Calculate the number of units in ending Inventory, assuming that 94,000 EUs were completed in December by the department.

MacroMin Co. uses a weighted average process costing system. The following data are for the production department for December. The December ending work-in-process Inventory was 80% complete with respect to both materials and conversion costs. The department completed and transferred 80,000 units. Work in process, beginning Units started into production Costs added in December Answer is complete and correct. $57.571.68 Ending inventory Required: 1. Calculate the cost of ending Inventory for December. (Do not round Intermediate calculations and round your final answer to 2 decimal places.) Answer is not complete. Cost of product in ending inventory Ending inventory Units 6,400 2. Assume that the equivalent number of units processed for materials for December was 94,000. Calculate the number of units Introduced and the DM cost of product In ending Inventory for December? (Round your Intermediate calculation and final answer to 2 decimal places.) Answer is not complete. 88,000 units Materials Percentage Complete $ 11,000 (60%) $ 179,000 Conversion Percentage Complete $ 11,600 (60%) $ 164,380 3. Calculate the number of units in ending Inventory, assuming that 94,000 EUs were completed in December by the department.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 1CMA: During December, Krause Chemical Company had the following selected data concerning the manufacture...

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Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
Dublin Brewing Co. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during October: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 13,000 units finished and transferred to stockroom Work in process, end of period, 2,000 units one-half completed Required: Prepare a cost of production summary for October.
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Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November, production is 14,800 equivalent units for materials and 13,300 units for labor and overhead. During the month, materials, labor, and overhead costs were as follows: Beginning work in process for November had a cost of 11,360 for materials, 11,666 for labor, and 9,250 for overhead. Compute the following: a. Weighted average cost per unit for materials b. Weighted average cost per unit for labor c. Weighted average cost per unit for overhead d. Total unit cost for the month
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?
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