A company has the following information:Percent Complete,Conversion30%MIlling DepartmentUnitsMaterlalsBeginning work In process InventoryUnits started Into production during the perlodUnits completed during the perlod and transferred tothe next departmentEnding work In process Inventory20040%6,200100%100%60%60070%Milling DepartmentMaterials$21,000290,000%24Conversion$ 15,000385,000%24Cost of beginning work in process inventoryCosts added during the periodTotal cost311,000400,000Using the weighted-average method, the total cost of the units completed and transferred out that would be reported on the costreconciliation report is closest to which of the following? Do not round intermediate calculations.O $672,423O None of the answers listedO $660,823O $678,223O $666,623

Answered: Image /qna-images/answer/22cbb276-b85c-4355-b910-8d1ebbefc6b9.jpg

A company has the following information: Percent Complete MIlling Department Units Materials Conversion Beglnning work In process Inventory Units started into production during the perlod 200 40% 30% 6,200 Units completed during the perlod and transferred to the next department Ending work in process inventory 100% 100% 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory Costs added during the period Total cost 24 21,000 %24 15,000 385,000 290,000 24 311,000 2$ 400,000 Using the weighted-average method, the total cost of the units completed and transferred out that would be reported on the cost reconciliation report is closest to which of the following? Do not round intermediate calculations. O $672,423 O None of the answers listed O $660,823 O $678,223 O $666,623

A company has the following information: Percent Complete MIlling Department Units Materials Conversion Beglnning work In process Inventory Units started into production during the perlod 200 40% 30% 6,200 Units completed during the perlod and transferred to the next department Ending work in process inventory 100% 100% 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory Costs added during the period Total cost 24 21,000 %24 15,000 385,000 290,000 24 311,000 2$ 400,000 Using the weighted-average method, the total cost of the units completed and transferred out that would be reported on the cost reconciliation report is closest to which of the following? Do not round intermediate calculations. O $672,423 O None of the answers listed O $660,823 O $678,223 O $666,623

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 4BE: The Rolling Department of Kraus Steel Company had 200 tons in beginning work in process inventory...

See similar textbooks

Similar questions

K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
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.
ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?
Assume the following information: Milling Department Beginning work in process inventory Units started into production during March Units completed during March and transferred to the Units 300 6,000 next department Ending work in process inventory Using the FIFO method, what is the equivalent units of production for materials? 5,800 500 Percent Complete Materials Conversion 40% 30% 100% 60% 100% 40%
Given the following information Beginning Work in Process Inventory (70% complete as to conversion) Started 6,000 units 24,000 units Ending Work in Process Inventory (10% complete as to conversion) 8,500 units Beginning WIP Inventory Costs: P23,400 50,607 Material Conversion Current Period Costs: Material P31,500 76,956 Conversion All material is added at the start of the process and all finished products are transferred out. Assume that FIFO process costing is used. What is the cost per equivalent unit for conversion?
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 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 292,000 385,000 Total cost $ 302,000 $ 400,000 Using the weighted-average method, the total cost of the ending work in process inventory with respect to materials is closest
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 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 284,000 385,000 Total cost $ 294,000 $ 400,000 Using the weighted-average method, the cost per equivalent unit for materials is closest to
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 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 292,000 385,000 Total cost $ 302,000 $ 400,000 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:
Assume the following information: Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Materials $ 10,000 291,600 $ 301,600 Conversion $ 15,000 385,000 $ 400,000 Total $ 25,000 676,600 $ 701,600 Assume the equivalent units of production for materials and conversion are 5,200 units and 5,000 units, respectively, using the weighted-ave method. If 4,610 units were completed and transferred to the next department, then what is the total cost assigned to the units completed am forred out of the Milling Department?
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 Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Multiple Choice O 5,980 units 6,040 units Using the weighted-average method, what is the equivalent units of production for conversion? 6,220 units Units 6,160 units 200 6,200 5,800 600 Percent Complete Materials 40% 100% 70% Materials $ 10,000 290,000 $ 300,000 Conversion 30% 100% 60% Conversion $ 15,000 385,000 $ 400,000
Assume the following information: Milling Department Units Beginning work in process inventory 200 40% Percent Complete Materials Conversion 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department Ending work in process inventory 5,800 600 100% 70% 100% 60% Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Materials $ 10,000 296,000 $ 306,000 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 о О $22,162. $21,162. $21,862.
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.