solve July 1, Beginning Work In Process Inventory (18,000 units):Direct Materials (70% complete)Conversion Costs (60% complete)$ 122,40076,800Total WIP July 1$199,200During July:Units StartedUnits Completed and Transferred OutCosts incurred during JulyDirect MaterialsConversion$180,000$288,00090,000102,000July 31, Ending Work in Process Inventory (12,000 units):Direct Materials (60% complete)Conversion (50% complete) Part 4: Determine the cost per equivalent unit for Conversion Costs using Weighted AveragePart 5: Determine the costs transferred out to finished goods during July using Weighted Average

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Description: solve July 1, Beginning Work In Process Inventory (18,000 units):Direct Materials (70% complete)Conversion Costs (60% complete)$ 122,40076,800Total WIP July 1$199,200During July:Units StartedUnits Completed and Transferred OutCosts incurred during Ju

Equivalent units: Equivalent units are notional whole units that are equivalent to the number of…

Answered: Part 4: Determine the cost per…

Business

Accounting

Part 4: Determine the cost per equivalent unit for Conversion Costs using Weighted Average Part 5: Determine the costs transferred out to finished goods during July using Weighted Average

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 14E: Cost per equivalent unit The following information concerns production in the Forging Department for...

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On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that were complete as to materials and 50% complete as to labor and overhead. December 1 costs follow: During December the following transactions occurred: a. Purchased materials costing 50,000 on account. b. Placed direct materials costing 49,000 into production. c. Incurred production wages totaling 50,500. d. Incurred overhead costs for December: e. Applied overhead to work in process at a predetermined rate of 125% of direct labor cost. f. Completed and transferred 10,000 units to finished goods. (Hint: You should first compute equivalent units and unit costs. The unit cost should include applied, not actual, factory overhead.) Carmel Valley uses the weighted average cost method. The ending inventory of work in process consisted of 1,000 units that were completed as to materials and 25% complete as to labor and overhead. Required: Prepare the journal entries to record the above December transactions.
The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete Conversion Percent Units Beginning work in process inventory Units started this period Complete 30% 77,000 70% 407,000 Completed and transferred out 385,000 Ending work in process inventory 99,000 908 40% The production department had the cost information below. Beginning work in process inventory. Direct materials Conversion $ 185,086 39,930 $ 225,016 Costs added this period. Direct materials 1,332,034 915,420 Conversion 2,247,454 Total costs to account for $ 2,472,470 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (Round "Cost per EUP" to 2 decimal places.) (b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. (Round "Cost per EUP" to 2 decimal places.) Required a Cost per…
The first production department of Stone Incorporated reports the following for April. Direct Materials Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 70,000 372,000 350,000 92,000 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 158,320 51,716 1,062, 050 750,904 Percent Complete 60% 85% $210,036 1,812,954 $ 2,022,990 Conversion Percent Complete 40% 35% a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places.
Assume the following information: Milling Department Beginning work in process inventory. Units started into production during March Units completed during the period and transferred to the next department Ending work in process inventory Percent Complete Units Materials Conversion 200 40% 30% 6,200 5,800 100% 100% 600 70% 60% Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Materials $ 10,000 281,000 $ 291,000 Conversion $ 15,000 385,000 $ 400,000 Using the weighted-average method, the total cost of the ending work in process inventory with respect to materials is closest to: Multiple Choice $21,150. $20,150. $20,850.
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $1.05 and $0.80, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 0 3,500 Started and completed during July 50,000 50,000 Transferred out of Rolling (completed) 50,000 53,500 Inventory in process, July 31 5,000 2,000 Total units to be assigned costs 55,000 55,500 The beginning work in process inventory on July 1 had a cost of $2,000. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production $fill in the blank 1 Inventory in process, ending $fill in the blank 2 Total costs assigned by the Rolling Department $fill in the blank 3
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Complete Percent Complete Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory 80,000 422,000 400,000 102,000 60% 40% 90% 40% The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials $ 196,304 68,624 $ 264,928 1,451, 226 989, 296 Conversion 2,440,522 Total costs to account for $ 2,705,450 a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory.…
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $1.20 and $1.35, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 0 4,000 Started and completed during July 67,000 67,000 Transferred out of Rolling (completed) 67,000 71,000 Inventory in process, July 31 9,000 4,500 Total units to be assigned costs 76,000 75,500 The beginning work in process inventory on July 1 had a cost of $2,600. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production $ Inventory in process, ending $ Total costs assigned by the Rolling Department $
Units Work in Process Beginning inventory, April 1 8,000 Added to production 45,000 Completed and transferred out ? Ending inventory, April 30 5,000 T2-5 ^ Assign costs to completed units and ending Work in Process Inventory Refer to the information in T2-5. Sury also reported the following cost information in April: Costs Materials Conversion Work in Process Beginning inventory, April 1 $11,000 $ 17,160 Added to production 66,380 104,000 Questionsa.What was the cost per equivalent unit for materials? b.What was the cost per equivalent unit for conversion? c.What cost would be assigned to the units transferred out of Work in Process Inventory? d.What cost would be assigned to the ending Work in Process Inventory?
Goode Company has the following production data for selected months. EndingWork in Process Month BeginningWork in Process UnitsTransferred Out Units % Complete as toConversion Cost January –0– 40,300 10,300 42 % March –0– 41,800 9,000 75 July –0– 48,800 20,700 21 Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process. Materials Conversion Costs January March July
Units Beginning inventory Started during the month 20,000 75,000 Total units to account for ? Completed and transferred out Ending work in process 70,000 Total units accounted for Work in process completion % 100% 25% Material Units Conversion Units Total Completed and transferred out Ending work in process 70,000 70,000 70,000 ? ? Total units accounted for ? Costs to account for Materials Conversion Total $ 3,500 $19,500 Beginning work in process Transferred in $16,000 Incurred during the period $25,000 $45,000 $70,000 Total costs to account for ? Equivalent units Cost per equivalent unit for department ? ? Transferred-out costs End work in process: materials End work in process: conversion End work in process: total ? ? Total costs accounted for ?
Assume the following information: Percent Complete Milling Department Units Materials Conversion Beginning work in process inventory Units started into production during March 200 40% 30% 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 287,000 385,000 Total cost $ 297,000 $ 400,e00 Using the weighted-average method, the total cost of the units completed during the period and transferred out to the next department with respect to materials is closest to: Multiple Cholce $276,950. $275,536. $276,386. $274.285.
The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Complete Percent Complete Beginning work in process inventory 61,000 65% 35% Units started this period. 327,000 Completed and transferred out 305,000 Ending work in process inventory 83,000 85% 35% The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $122,032 41,708 $163,740 779,288 659,797 1,439,085 $1,602,825 (6) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. Note: Round "Cost per EUP" to 2 decimal places. (b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in processi period-end. Use the FIFO method. Note: Round "Cost per EUP" to 2 decimal places. Required a Cost per…