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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Carmelita Inc., has the following information available: Costs fromBeginning Inventory Costs fromCurrent Period Direct materials $4,300 $20,400 Conversion costs 5,700 154,100 At the beginning of the period, there were 500 units in process that were 41% 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 300 units that were 33% complete as to conversion costs and 100% complete as to materials costs. The company uses the FIFO process cost method. The cost of completing a unit during the current period was a.$35.74 b.$42.89 c.$53.61 d.$31.49
Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount, $330,000 was the cost of direct materials and $491,960 was the cost of conversion. The 52,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 110,000 units were transferred out and 34,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,553,600 for direct materials and $3,326,400 for conversion. Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method.
The cost of ending inventory under WAM is:
Carmelita, Inc., has the following information available: Line Item Description Costs from Beginning Inventory Costs from Current Period Direct materials $4,200 $27,600 Conversion costs 6,700 152,200 At the beginning of the period, there were 500 units in process that were 41% complete as to conversion costs and 100% complete as to direct materials costs. During the period, 5,400 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. The cost of completing a unit during the current period was
Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: • beginning inventory of 2,500 units is 100% complete with regard to materials and 60% complete with regard to conversion • 18,000 units were started during the period • 17,700 units were completed and transferred • ending inventory is 100% complete with materials and 65% complete with conversion
Ht.14.
A company started a new product, and in the first month started 64,735 units. The ending work in process inventory was 16,040 units that were 100% complete with materials and 67% complete with conversion costs. There were 16,040 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $9 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?
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Loanstar had 50 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $2,000 in materials and $5,000 in conversion costs before $8,450 of materials and $9,450 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 50% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values. Production Cost Report Work in process completion percent 100% 50% Material Units Conversion Units Total UnitS Completed and transferred out Ending work in process Total units to account for Materials Conversion Total Costs to account for $4 $4 Beginning work in process Incurred during the period $4 Total costs to account for Equivalent units Cost per equivalent unit for department $ %24 %24 %24
Subject: accounting