FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Topic Video
Question
Completed and in Process
Work in Process-Assembly Department
gether with information concerning
e as follows. All direct materials are placed
he beginning of production.
completed
units @ $2.1
O
eted
Work in Process-Assembly Department
14,340 To Finished Goods, 92,000 units
197,400
197,500
76,840
alent units of $2.10 for Direct Materials
Conversion Costs.
he above data, determine the different.
OW.
ound your interim calculations to two
es.
inning work in process inventory completed
Es transferred to finished goods during the
ling work in process inventory
nit of the completed beginning work in process
unded to the nearest cent.)
duction costs change from the preceding
hat the direct materials cost per unit did
m the preceding period, did the
ts per equivalent unit increase, decrease,
same for the current period?
0000
expand button
Transcribed Image Text:Completed and in Process Work in Process-Assembly Department gether with information concerning e as follows. All direct materials are placed he beginning of production. completed units @ $2.1 O eted Work in Process-Assembly Department 14,340 To Finished Goods, 92,000 units 197,400 197,500 76,840 alent units of $2.10 for Direct Materials Conversion Costs. he above data, determine the different. OW. ound your interim calculations to two es. inning work in process inventory completed Es transferred to finished goods during the ling work in process inventory nit of the completed beginning work in process unded to the nearest cent.) duction costs change from the preceding hat the direct materials cost per unit did m the preceding period, did the ts per equivalent unit increase, decrease, same for the current period? 0000
Cost of Units Completed and in Process
The charges to Work in Process-Assembly Department
for a period, together with information concerning
production, are as follows. All direct materials are placed
in process at the beginning of production.
Work in Process-Assembly Department
Bal., 4,000 units, 55% completed
Direct materials, 94,000 units @ $2.1
Direct labor
Factory overhead
Bal., 2 units, 80% completed
14,340 To Finished Goods, 92,000 units
197,400
197,500
76,840
Cost per equivalent units of $2.10 for Direct Materials
and $2.90 for Conversion Costs.
a. Based on the above data, determine the different
costs listed below.
If required, round your interim calculations to two
decimal places.
1. Cost of beginning work in process inventory completed
this period
2. Cost of units transferred to finished goods during the
period
3. Cost of ending work in process inventory
4. Cost per unit of the completed beginning work in proc
inventory (Rounded to the nearest cent.)
b. Did the production costs change from the preceding
period?
c. Assuming that the direct materials cost per unit did
not change from the preceding period, did the
conversion costs per equivalent unit increase, decrease,
or remain the same for the current period?
expand button
Transcribed Image Text:Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 4,000 units, 55% completed Direct materials, 94,000 units @ $2.1 Direct labor Factory overhead Bal., 2 units, 80% completed 14,340 To Finished Goods, 92,000 units 197,400 197,500 76,840 Cost per equivalent units of $2.10 for Direct Materials and $2.90 for Conversion Costs. a. Based on the above data, determine the different costs listed below. If required, round your interim calculations to two decimal places. 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in proc inventory (Rounded to the nearest cent.) b. Did the production costs change from the preceding period? c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education