FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Block Company uses the weighted-average method in its process costing system. The Packaging Department started the month with 260 units in process, started 1,460 units, and had 120 units in process at the end of the period. All materials are added at the beginning of the process, and conversion costs are incurred uniformly. The units in process at the end of the month are 10% complete with respect to conversion costs. During the month 1,600 units were completed and transferred out. The department incurred the following costs: (Click on the icon to view the costs.) The cost per equivalent unit for direct materials is (Round your answer to two decimal places.) OA. $7.67 OB. $1.94 OC. $5.47 OD. $1.80 Data table Direct Materials Conversion Costs Total $ $ Beginning WIP Added this month 300 $ 600 900 $ Print Done 2,800 $ 5,710 8,510 S Total 3,100 6,310 9,410 P Xarrow_forwardANS.arrow_forwardMassey Corporation uses a process cost system and the weighted average cost flow method. Production begins in the Fabricating Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On March 1, the beginning work in process inventory consisted of 20,000 units which were 60% complete and had a cost of P190,000, P145,000 of which was materials cost. During March, the following occurred: Materials added P305,000 Conversion costs incurred P120,000 Units completed and transferred out in March 50,000 Units in ending work in process March 31 (20% complete) 25,000 Instructions Answer the following questions and show the computations that support your answers. 1. What are the equivalent units of production for materials costs in the Fabricating Department for the month of March? 2. What are the costs assigned to the ending work in process inventory on March 31? 3.…arrow_forward
- Assembly department of TT Corp had 100 units as work in process at the beginning of the month. These units were 50% complete. It has 200 units which are 25% complete at the end of the month. During the month, it completed and transferred 500 units. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. TT uses weighted-average process-costing method. What is the total equivalent units in ending inventory for assignment of direct materials cost?arrow_forwardKurtulus Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 1,300 Materials costs $ 7,700 Conversion costs $ 3,000 Percent complete with respect to materials 55 % Percent complete with respect to conversion 25 % Units started into production during the month 7,200 Units transferred to the next department during the month 6,400 Materials costs added during the month $ 110,800 Conversion costs added during the month $ 83,900 Ending work in process inventory: Units in ending work in process inventory 2,100 Percent complete with respect to materials 70 % Percent complete with respect to conversion 55 % The cost of ending work in process inventory in the first processing department according to the…arrow_forwardGunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing departm of 2,800 units. The costs and percentage completion of these units in beginning inventory were: Percent Cost Complete Materials costs $12,600 $14,800 65% 34 Conversion costs 30% A total of 10,500 units were started and 9,400 units were transferred to the second processing department during the month. The following costs were ine first processing department during the month: Cost Materials costs $144,100 $361,500 Conversion costs The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for materials for the month in the first processing department is closest to:arrow_forward
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