Abraci Co. uses process costing. It reported the following accounting information: work in process on January 1, 20X1 at 2,000 units, all materials, 40% converted; processed and transferred out at 20,000 units; work in process on January 31, 20X1 at 4,000 units, all materials, 60% converted. Which of the following are Abraci Co.’s equivalent units of production if the company uses FIFO method?   20,000 units for materials and 20,000 units for conversion costs   21,600 units for materials and 22,000 units for conversion costs   24,000 units for materials and 22,400 units for conversion costs   22,000 units for materials and 21,600 units for conversion costs

Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 57,000 539,000 560,000 36,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 238,370 $ 344,290 The beginning work in process inventory was 75% complete with respect to materials and 60% complete with respect to labor and overhead. The ending work in process inventory was 55% complete with respect to materials and 35% complete with respect to labor and overhead. Materials $ 51,000 Labor Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for…

The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 20,000 Units finished during the period 16,000 Units in process at the end of the period(complete as to materials, ¼ complete as to labor and overhead) 4,000 Cost of materials used $ 35,200 Labor and overhead costs $ 37,400 Total cost of the 16,000 units finished is:   Multiple Choice   $63,360.   $67,320.   $72,640.   $65,120.

Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…

Domestic

The Richmond Corporation uses the weighted average method in its process costing system. The company has only a single processing department. The company's ending work in process inventory on August 31 consisted of 18, 600 units. The units in the ending work in process inventory were 100% complete with respect to materials and 60%. complete with respect to labor and overhead. If the cost per equivalent unit for August was $2.90 for materials and $4.40 for labor and overhead, the total cost assigned to the ending work in process inventory was: Multiple Choice $135, 780 $81, 468 $86, 676 $103, 044