Tuvalet Units of Production: weighted average methodThe Converting Department of Tender Soft Tissue Company uses the weighted average method and had 2,000 units in work in process that were 50% complete at the beginning of the period. During the period, 13,800 units areand transferred to the Packing Department. There were 1,200 units in process that were 30% complete at the end of the predDetermine the number of whole units to be accounted for and to be assigned costs for the period.b. Determine the number of equivalent units of production for the period. Assume that direct materials are placed in process during producX units

Name: Tuvalet Units of Production: weighted average methodThe Converting De
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Description: Tuvalet Units of Production: weighted average methodThe Converting Department of Tender Soft Tissue Company uses the weighted average method and had 2,000 units in work in process that were 50% complete at the beginning of the period. During the per

The weighted average technique, which takes into account expenses from both the current and…

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at hits of Production: weighted average th The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 1,900 unts i work in process that and tranderred to Pading Department. There were 1,200 units in process that complete at the end of the p Determine the number of whole units to be accounted for and to be ad Determine the number of O r the period rcs during produc

at hits of Production: weighted average th The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 1,900 unts i work in process that and tranderred to Pading Department. There were 1,200 units in process that complete at the end of the p Determine the number of whole units to be accounted for and to be ad Determine the number of O r the period rcs during produc

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A-1
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $0.55 and $2.55, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 0 4,100 Started and completed during October 59,000 59,000 Transferred out of Rolling (completed) 59,000 63,100 Inventory in process, October 31 7,000 3,500 Total units to be assigned costs 66,000 66,600 The beginning work in process inventory on October 1 had a cost of $2,500. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department
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1 Grand River Company produces a high-quality insulation material that passes through two production processes. Data for November for the first process follow: Work in process inventory, November 1 Work in process inventory, November 30 Materials cost in work in process inventory, November 1 Conversion cost in work in process inventory, November 1 Units started into production Units transferred to the next process Materials cost added during November Conversion cost added during November Units Completion with Respect to Materials 114,000 50% Completion with Respect to Conversion 25% 92,000 45% 20% $ 57,000 $ 5,700 407,500 429,500 $366,810 $151,065 Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for November for the first process. Equivalent units of production Materials Conversion 2. Compute the costs per equivalent unit for November for the first process. (Round your answers to 2 decimal places.)…
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Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for October: All materials are added at the beginning of the process. Beginning work in process had 125,000 units, 40 percent complete with respect to conversion costs. Ending work in process had 25,000 units, 20 percent complete with respect to conversion costs. Started in process, 175,000 units. Required: Question Content Area 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method. 4. Suppose that the cost of direct materials in beginning work in process is $560,000 and that the direct materials cost incurred for October is…
2. XYZ Co. manufactures a high-quality product which goes through two departments; mixing department and finishing department. Beg WIP Inv.: 8,000 units Raw Material $45,600 $49,300 $43,720 $81,200 D/L incurred in current period $206,700 $186,680 30,000 Direct Labor Manuf. Overh. D/M used in current period M/O applied Units completed and T/O End. WIP Inv.: 10,000, D/M 100%, Conv. 20%. a) Prepare the production report b) Prepare the journal entries for -release of D/M, -incurrance of D/L, -application of M/O, and - transferring units completed to mixing dept.