17. The Nameless Co. uses process costing and has the following information: Materials 1,000 Units completed Units in ending WIP: 6,000 x 60% complete 3,600 6,000 x 40% complete 2.400 Total EU of output 4,600 3,400 *Unit costs were $1.60 per unit for materials and $4.10 per unit for conversion. Determine: a. Cost of ending inventory. ANSWER: Conversion 1,000 b. Cost of goods completed and transferred out. ANSWER: I

17. The Nameless Co. uses process costing and has the following information: Materials 1,000 Units completed Units in ending WIP: 6,000 x 60% complete 3,600 6,000 x 40% complete 2.400 Total EU of output 4,600 3,400 *Unit costs were $1.60 per unit for materials and $4.10 per unit for conversion. Determine: a. Cost of ending inventory. ANSWER: Conversion 1,000 b. Cost of goods completed and transferred out. ANSWER: I

Name: 17. The Nameless Co. uses process costing and has the following infor
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Description: 17. The Nameless Co. uses process costing and has the following information:Materials1,0003,6002,4004,6003,400*Unit costs were $1.60 per unit for materials and $4.10 per unit for conversion.Determine: a. Cost of ending inventory.Units completedUnits

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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C) what's is the cost per equivalent unit for materials ? ( round your answer to 2 decimal places.) D) what is the cost equivalent unit for conversion? (Round your answer to 2 decimal places.) E) what is the cost of units transferred out? (Round your cost per equivalent unit to 2 decimal places.)
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Part B: Assuming Wildhorse uses the FIFO method of process costing, complete Step 4 to determine its cost per equivalent unit for both DM and conversion costs. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.) DM Conversion Costs Total equivalent units of work done this period (FIFO) 29,000 26,000 STEP 4 Calculate Cost Per Equivalent Unit DM Conversion Cost select an item Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer select an item Correct answer enter a number of unitsCorrect answer enter a number of unitsCorrect answer select a closing name Correct answer $enter a dollar amount rounded to 2 decimal places $enter a dollar amount rounded to 2…
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The equivalent production under weighted average costing method is arrived at as follows: Finished and transferred 20,000 x 100% 20,000 In process, Feb. 28 3,000 x 2/3 2,000 22,000 With beginning work in process consisting of 5,000 units, 1/5 done, what should be the equivalent production under FIFO? а. 23,000 b. 21,000 C. 22,000 d. 19.000
Given the following information, calculate the direct materials equivalent units for the period (assume all materials are added at the beginning of the process): % Complete as to Conversion costs Beginning work in process 15,000 units 25% Ending work in process 20,000 units 70% Units started during the period 53,000 units Units completed and transferred out 48,000 units Multiple choice question. A. 62,000 B. 50,000 C. 68,000 D. 42,000
Assuming a weighted average method of process costing, compute the average cost per unit for Material A.
4. Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: There were 1,700 units in beginning inventory that were 40% complete with regard to conversion. During the month, 8,550 units were started and 9,000 were transferred to finished goods. The ending work in process was 60% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units ? ? ? ? ? ? Units Accounted For: Total…
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Note: Use FIFO method 1. Equivalent production for materials and conversion costs 2. Unit cost for materials and conversion cost 3. Total cost of units completed and transferred 4. Total costs of units in process, end
compute equivalent production ANSWER IN EXCEL FORM
keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Print Item Sitka Industries uses a cost system that carries direct materials inventory at a standard cost. The controller has established these standards for one ladder (unit): Standard Standard Standard %3D Quantity Price Cost Direct materials 3 pounds $4.50 per pound $13.50 Direct labor 2.00 hours 12.00 per hour 24.00 Total cost $37.50 Sitka Industries made 3,100 ladders in July and used 9,200 pounds of material to make these units. Sitka Industries bought 15,600 pounds of material in the curr period. There was a $300 unfavorable direct materials price variance. Enter all amounts as positive numbers. A. How much in total did Sitka pay for the 15,600 pounds? Amount paid B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. What if 9,800 pounds were used to make these…