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 Oak Ridge Steel Company are $2.75 and $1.30, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 3,200 Started and completed during July 53,000 53,000 Transferred out of Rolling (completed) 53,000 56,200 Inventory in process, July 31 5,000 2,500 Total units to be assigned costs 58.000 58,700 The beginning work in process inventory on July 1 had a cost of $2,050. 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, ending Total costs assigned by the Rolling Department

Beginning work in process (30% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (65% complete) Current period costs Direct materials Conversion cost Total current period costs Required: 1. Using FIFO method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Beginning Inventory Started and Completed Ending Inventory Total Using FIFO method of process costing, calculate the number of equivalent units. Equivalent Units Req 1D Physical Units 0 Direct Materials 0 Units 127,800 233,000 333,800 ? Conversion 0 Costs $ 182,000 334,000 $ 516,000 $ 497,400…

Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Total units Units 67,000 886,000 755,000 198,000 Units $ 433,615 111,700 2,901,885 2,122,300 Direct Materials Percent Complete 100% 100% Percent Complete Required: 1. Compute equivalent units of production for both direct materials and conversion. Conversion Percent Complete 80% $ 545,315 5,024, 185 $ 5,569,500 Equivalent Units of Production (EUP) - Weighted…

Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost per equivalent unit of production Units Total costs + Equivalent units of production (from part 1) Cost per equivalent unit of production 72,000 882,000 775,000 179,000 $ 558,090 84,660 3,734,910 1,608,540 Direct Materials Percent Complete 100% 100% 2. Compute cost per equivalent unit of production for both direct materials and conversion. Costs EUP ( $…

! Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost per equivalent unit of production Units Total costs + Equivalent units of production (from part 1) Cost per equivalent unit of production 67,000 893,000 770,000 190,000 $ 499,200 88,400 3,340,800 1,679,600 Direct Materials Percent Complete 100% 100% Costs EUP Conversion Percent Complete 80% $ 587,600 2. Compute cost per equivalent unit of production…

QualCo manufactures a single product in two departments: Cutting and Assembly. Information for the Cutting department for May follows. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Equivalent units of production (EUP) Cost per equivalent unit of production + Equivalent units of production Cost per equivalent unit of production Cost assignment Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for Units EUP Units 37,500 150,000 187,500 51, 250 Required: 1-3. Using the FIFO method, assign May's costs to the units transferred out and assign costs to its ending work in…

Equivalent Units; Cost per Equivalent Unit; Assigning Costs to Units—Weighted-Average Method Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Required: 1. Calculate the first production department’s equivalent units of production for materials and conversion for May. 2. Compute the first production department’s cost per equivalent unit for materials and conversion for May. 3. Compute the first production department’s cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the first production department’s cost of the units transferred to the next production department for materials, conversion, and in total for May.

Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units EUP 73,000 831,000 710,000 194,000 $352,560 165,280 2,359,440 3,140,320 Direct Materials Percent Complete 100% 3. Assign costs to the department's output-specifically, to the units…