6-30 Equivalent Units; Weighted-Average Method Northern Washington Lumber Company grows, harvests, and processes timber for use as building lumber. The following data pertain to the company's sawmill: Work-in-Process Inventory, January 1 (direct materials: 60%, conversion: 40%) 30,000 units Work-in-Process Inventory, December 31 (direct materials: 70%, conversion: 60%) 15,000 units During the year the company started 180,000 units in production. Required Prepare a physical flow schedule and compute the number of equivalent units of both direct materials and conversion for the year, using the weighted-average method.

6-30 Equivalent Units; Weighted-Average Method Northern Washington Lumber Company grows, harvests, and processes timber for use as building lumber. The following data pertain to the company's sawmill: Work-in-Process Inventory, January 1 (direct materials: 60%, conversion: 40%) 30,000 units Work-in-Process Inventory, December 31 (direct materials: 70%, conversion: 60%) 15,000 units During the year the company started 180,000 units in production. Required Prepare a physical flow schedule and compute the number of equivalent units of both direct materials and conversion for the year, using the weighted-average method.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products

Section: Chapter Questions

Problem 3P: On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that...

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During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000
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.
Northern Washington Lumber Company grows, harvests, and processes timber for use as building lumber. The following data pertain to the company's sawmill: Work-in-process inventory, January 1 (direct materials: 60%, conversion: 40%) Work-in-process inventory, December 31 (direct materials: 70%, conversion: 60%) 30,000 units 15,000 units During the year the company started 180,000 units in production. Required: 1. Prepare a physical flow schedule. 2. Compute the number of equivalent units of both direct materials and conversion for the year, using the weighted-average method.
Idha Lumber Company grows, harvests, and process timber for use in construction. The following data pertain to the firm’s sawmill during November:Work-in-process 1/11 Direct material 75,000 Conversion 190,000Costs incurred during November: Direct material 435,000 Conversion 670,000The equivalent units of activity for November were as follows: 8,000 equivalent units of direct material and 2,000 equivalent units of conversion activity.Required: Calculate the cost per equivalent unit, for both 1. direct material Answer : ...........2. conversion, Answer: ...........during November. Use weighted-average process costing.
McIlhenny CompanyMcIlhenny Company adds material at the start of production. The following production information is available for February: Beginning Work in Process Inventory (35% complete as to conversion) 10,000 units Started this period 120,000 units Ending Work in Process Inventory (60% complete as to conversion) 8,000 units Beginning Work in Process Inventory Costs: Material $24,500 Conversion 68,905 Current Period Costs: Material $ 75,600 Conversion 130,053 Refer to McIlhenny Company. What are the equivalent units for conversion using the weighted average method? Group of answer choices 122,000 130,000 128,360 126,800
Northern Washington Lumber Company grows, harvests, and processes timber for use as building lumber. The following data pertain to the company’s sawmill: Work-in-process inventory, January 1(direct materials: 60%, conversion: 40%) 33,600 units Work-in-process inventory, December 31(direct materials: 70%, conversion: 60%) 16,800 units During the year the company started 210,000 units in production. Required: 1. Prepare a physical flow schedule. 2. Compute the number of equivalent units of both direct materials and conversion for the year, using the weighted-average method.
Idaho Lumber Company grows, harvests, and processes timber for use in construction. The following data pertain to the firm's sawmill during November. Work in process, November 1 Direct material Conversion Costs incurred during November Direct material Conversion $ 72,600 116,800 The equivalent units of activity for November were as follows: 7,700 equivalent units of direct material and 2,600 equivalent units of conversion activity. Direct material Conversion $528,000 879,000 Required: Calculate the cost per equivalent unit, for both direct material and conversion, during November. Use weighted-average process costing. Cost per Equivalent Unit
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 64,000 43,000 $ 107,000 $ 200,000 450,000 $650,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 48,000 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 88,000 gallons. Units transferred out in July, 98,000 gallons. Ending inventory, 38,000 gallons, 50 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out Ending inventory
The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory. Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 63,500 42,500 $ 106,000 $ 195,000 445,000 $640,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 47,500 partially complete gallons, 20 percent complete with respect to conversion costs. • Units started in July, 87,500 gallons. • Units transferred out in July, 97,500 gallons. • Ending inventory, 37,500 gallons, 45 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out Ending inventory