Carmelita, Inc., has the following information available: Costs from Beginning Inventory $5,000 5,200 Direct materials $29,600 149,800 Conversion costs. At the beginning of the period, there were 400 units in process that were 40% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,500 units were started and completed. Ending inventory contained 400 units that were 27% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process costing method. Costs from Current Period The cost of completing a unit during the current period was Oa. $45.95 Ob. $36.76 Oc. $30.63 Od. $25.62

Carmelita, Inc., has the following information available: Costs from Beginning Inventory $5,000 5,200 Direct materials $29,600 149,800 Conversion costs. At the beginning of the period, there were 400 units in process that were 40% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,500 units were started and completed. Ending inventory contained 400 units that were 27% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process costing method. Costs from Current Period The cost of completing a unit during the current period was Oa. $45.95 Ob. $36.76 Oc. $30.63 Od. $25.62

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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In a "Cost of Goods Manufactured" report, "COST OF GOODS MANUFACTURED" will be reported at what amount? WIP, beginning 20,000 units Units started during the month 600,000 units WIP, ending (materials complete; 60% complete as to conversion cost) 40,000 Conversion Cost of WIP, beginning P 100,000 Conversion cost for the month P 655,000 Materials Cost of WIP, beginning P 140,000 Materials cost for the month P 790,000
Carmelita Inc., has the following information available: Direct materials Conversion costs Costs from Costs from Beginning Inventory Current Period $2,000 6,200 $22,252 150,536 At the beginning of the period, there were 500 units in process that were 60% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 4,500 units were started and completed. Ending inventory contained 340 units that were 30% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The equivalent units of production for direct materials and conversion costs, respectively, were a. 5,340 for direct materials and 4,902 for conversion costs b. 4,902 for direct materials and 4,802 for conversion costs c. 4,602 for direct materials and 4,802 for conversion costs d. 4,840 for direct materials and 4,802 for conversion costs
Cywila Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information: Costs UnitsMaterialsConversionWork in process, Jan. 1 80% complete with respect to conversion costs100,000$100,000$157,500Units started into production500,000 Costs added during the year: Materials $650,000 Conversion $997,500Units completed during the year450,000 Work in process, Dec. 31 60% complete with respect to conversion costs150,000 The company uses the weighted-average cost method in its process costing system.Required:a) Compute the equivalent units of production for materials and for conversion costs. b) Compute the cost per equivalent units for materials and for conversion costs.c) Determine the cost of units completed during the year.d) Determine the cost of ending work-in-process inventory.
The cost per equivalent unit of direct materials and conversion in the Bottling Department of Beverages on Jolt Company is $0.70 and $0.10, respectively. The equivalent units to be assigned costs are as follows: Direct Materials Conversion Inventory in process, beginning of period 3,160 Started and completed during the period 51,950 51,950 Transferred out of Bottling (completed) 51,950 55,110 00 57,810 Inventory in process, end of period 099 Total units to be assigned costs The beginning work in process inventory had a cost of $3,950. Determine the cost of completed and transferred-out production and the ending work in process inventory. When required, round your answers to the nearest dollar. Completed and transferred out production Inventory in process, ending items Previous ( XƏN へ nere to search 9:44 PM 53°F Cloudy (中岁 12/6/2021 a. SU delete 144 ZA pause alt alt ctrl USE YOL
Vernon Company had 250 units of product in its work in process inventory at the beginning of the period and started 2,100 additional units during the period. At the end of the period, 790 units were in work in process inventory. The ending work in process inventory was estimated to be 60 percent complete. The cost of work in process inventory at the beginning of the period was $6,280, and $25,044 of product costs was added during the period. Required a. Calculate the number of equivalent units of production. b. Calculate the product cost per equivalent unit. c. Calculate the total cost allocated between the ending Work in Process Inventory and Finished Goods Inventory accounts. Complete this question by entering your answers in the tabs below. Req A and B Req C a. Calculate the number of equivalent units of production. b. Calculate the product cost per equivalent unit. Note: Round "Cost per equivalent unit" answer to 2 decimal places. a. Equivalent units b. Cost per equivalent unit
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Brighto processes a single type of paint for commercial use. For the current period the following information is given: Material Costs Conversion Costs Units Beginning Work-in-Process 13,000 (WIP) $ 47,300 $ 49,400 Started During the Current Period $ 520,000 $ 784,225 80,000 Ending Work-in-Process (WIP) 7,500 All materials are added at the beginning of the production process. The beginning WIP was 40% complete as to conversion, while the ending WIP was 30% completed for conversion purposes. b. Calculate:- Brighto’s *physical flow of units: *equivalent units: *cost per equivalent unit: *assign costs to Finished Goods: *and Ending Work-in-Process (WIP) inventories using the WEIGHTED AVERAGE method of process costing. Clearly indicate the costs assigned to inventory categories:
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