Concept explainers
Cheatchat Company uses the FIFO method in its
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps with 1 images
- Fabert Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 16,000 units in its beginning work in process inventory that were 40% complete with respect to conversion costs. An additional 60,000 units were transferred in from the prior department during the month to begin processing in the Assembly Department. During the month 65,000 units were completed in the Assembly Department and transferred to the next processing department. There were 11,000 units in the ending work in process inventory of the Assembly Department that were 50% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month? Multiple Choice 55,000 64.100 70.500 65,000arrow_forwardBims Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 5,400 units in its beginning work in process inventory that were 70% complete with respect to conversion costs. An additional 69,500 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 35,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month? Multiple Choice 99,100 60,900 57,120 39,900arrow_forwardHache Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 17,000 units in its beginning work in process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $7,480. An additional 89,000 units were started into production during the month and 92,000 units were completed in the Welding Department and transferred to the next processing department. There were 14,000 units in the ending work in process inventory of the Welding Department that were 90% complete with respect to conversion costs. A total of $202,400 in conversion costs were incurred in the department during the month. The cost per equivalent unit for conversion costs for the month is closest to: $1.965 O $2.200 $2.007 O $2.274arrow_forward
- Bistrol Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 15,700 75% Conversion costs $ 7,700 20% A total of 8,400 units were started and 7,500 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 186,300 Conversion costs $ 329,800 The ending inventory was 70% complete with respect to materials and 60% 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_forwardEagles Ltd. uses process costing in its Fabricating Department. At the beginning of October, it had 12,000 units in beginning work-in-process that were 40% complete with respect to conversion. During October, it put 87,000 units into production and completed 89,000 good units. On October 31, there were 3,000 units in ending work- in-process that were 70% complete with respect to conversion. Direct materials are added at the beginning of the process. Inspection occurs at the end of the process, and normal spoilage is 6% of good output. Costs related to the beginning inventory were $36,800 for direct materials and $28,600 for conversion costs. During the month, the company issued $280,000 of direct materials and incurred $599,400 of conversion costs. Assuming Eagles uses the weighted average method of process costing, the cost per equivalent unit for direct materials and conversion costs, respectively, are O a. $3.20; $6.40 b. $3.44; $6.89arrow_forwardIdaho 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 700 materials costs $8,600 conversion costs $15,600 Percent complete with respect to materials 70% Percent complete with respect to conversion 50% Units started into production during the month 7,000 Units transferred to the next department during the month 6,200 Materials costs added during the month $97,600 Conversion costs added during the month $253,200 Ending work in process inventory Units in ending work in process inventory 1,500 Percent complete with respect to materials 90% Percent complete with respect to conversion 15% What are the equivalent units for conversion costs for the month in the first processing department? Group of answer choices 6,425 6,200 225 7,700arrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education