keAssignmentSession Locator=&inprogress=false1 = 0From the foregoing information, determine the amount of the conversion costs charged to Raw and In Process Inventory during August.Oa. $681,120Ob. $683,125Oc. $262,350Od. $233,920Sifton Electronics Corporation manufactures and assembles electronic motor drives for video cameras. The company assembles the motor drives for several accounts. Theprocess consists of a lean cell for each customer. The following information relates to only one customer's lean cell for the coming year. For the year, projected labor andoverhead was $6,192,000 and materials costs were $25 per unit. Planned production included 5,760 hours to produce 18,000 motor drives. Actual production for Augustwas 1,980 units, and motor drives shipped amounted to 1,300 units. Conversion costs are applied based on units of productionPreviousUpdateNext

The Cost of conversion means the cost incurred to produce a given number of units. This cost is…

Answered: costs | bartleby

Business

Accounting

costs

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

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Use the following data from a company using a process costing system to answer the question below. Conversion cost per equivalent unit for materials $2.50 Cost per equivalent unit for conversion $3.75 Beginning inventory costs $1, 200 Equivalent units for beginning inventory conversion 2, 400 Equivalent Units started and completed for both materials and conversion 10,000 Compute cost of good manufactured A. $10, 200 B. $72, 700 C. $71,500 D. $62, 500
keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%3D&inprogress%3Dfalse # To еВook Show Me How Process Cost Journal Entries In October, the cost of materials transferred into the Rolling Department from the Casting Department of Kraus Steel Company is $556,500. The conversion cost for the period in the Rolling Department is $116,400 ($69,000 factory overhead applied and $47,400 direct labor). The total cost transferred to Finished Goods for the period was $530,000. The Rolling Department had a beginning inventory of $27,400. a1. Journalize the cost of transferred-in materials. If an amount box does not require an entry, leave it blank. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods. If an amount box does not require an entry, leave it blank. b. Determine the balance of Work in Process-Rolling at the end of the period. Check My Work 2 more Check My Work…
Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 30,053 9,655 Quantity information is obtained from the manufacturing records and includes the following: 183,067 94,025 Cost of goods transferred out Cost of ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 45,900 units 30,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
< a. C. eBook b. Show Me How (Round the per unit cost to the nearest cent and use in subsequent computations. If required, round your answers to the nearest dollar.) Journalize the following entries for the month: a. Materials are purchased to produce 1,560 units. b. Conversion costs are applied to 1,480 units of production. c. The cell completes 1,410 units, which are placed into finished goods. If an amount box does not require an entry, leave it blank. Check My Work intr-amprogress=false Lean Accounting The annual budgeted conversion costs for a lean cell are $124,440 for 1,700 production hours. Each unit produced by the cell requires 15 minutes of cell process time. During the month, 1,480 units are manufactured in the cell. The estimated materials costs are $57 per unit. ☐☐☐☐☐☐ 00 00 00 G ✩ = 0 Previous Next Upd
Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 Beginning inventory Current period units started Ending inventory 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units 45,200 units (40% complete as to materials, 15% complete as to conversion) 23,000 units (75% complete as to materials, 35% complete as to 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 for February using the FIFO method.
The Jordan Corporation uses Raw Material A in a manufacturing process. Information as to balances on hand, purchases, and requisitions of Raw Material A is given in the following table. Raw Material A Transaction Number of Units Balance of Units Unit Price Date Jan. 1 Beginning balance 100 $1.45 100 Jan. 24 Purchased 300 $1.55 400 Feb. 8 Issued 80 320 Mar. 16 Issued 140 180 Jun. 11 Purchased 150 $1.62 330 Aug. 18 Sep. 6 Oct. 15 Issued 130 200 Issued 110 90 Purchased 150 $1.70 240 Dec. 29 Issued 140 100 If a perpetual inventory record of Raw Material A is maintained on a moving average basis, the 140 units issued on March 16 will have a unit cost of (round to 3 decimal places):
takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3Dfalse Calculator A company started the month with 8,333 units in work in process inventory. It started 23,146 units and had an ending inventory of 9,322. The units were 100% complete to materials and 67% complete with conversion. How many units were transferred out during the period? Units transferred out Previous Next Email Instructor Submit Test for Grading All work saved. 5:18 PM 10/2/2020 arch O
Cost Flow Relationships The following information is available for the first year of operations of Idgie Inc., a manufacturer of fabricating equipment: $1,150,100 310,500 103,500 42,600 19,600 586,600 Total manufacturing costs for the period 1,269,700 Materials inventory, end of period 42,600 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased X Open spreadsheet Using the above information, determine the following amounts: a. Cost of goods sold 839,600 501,400 264,400 X b. Direct materials cost c. Direct labor cost $
Question 3: How much direct materials were backflushed trom RIP to Tinished goods?* GHY Company has a cycle time of 2 days. It uses a raw materials and in process account and charges all conversion costs to cost of goods sold, At the cnd of cach month, all inventories are counted, conversion costs components are estimated, and inventory account balances are adjusted. Raw material cost is backflushed from the raw materials and in process account to the finished goods account. The following information is provided for the month of December: Beginning Balance of RIP account, including P5.000 conversion cost Beginning Balance of tinished goods account.including PS.000 conversion cost Raw materials received on credit Direct labor cost Factory overhead applied Ending RIP inventory per physical count, including P9.000 conversion cost Ending finished goods inventory per physical count, including P4,000 conversion cost 15,000 20,000 500,000 350,000 450,000 30,000 11,000 a. 494,000 b. 489,000 c.…
A company manufacturing two products furnishes the following data Annual output Product Output units Machine Hours Purchase Orders Machine set-ups A 5000 20000 160 20 B 60000 120000 384 44 Total 65000 140000 544 64 The annual overheads are as under. Rs Volume related activity costs 4,50,000 Set up related costs 9,20,000 Purchase related costs 5,18,000 Total 1,888,000 You are required to calculate the overheads cost per unit of each product A and B based on Activity based costing method.
Men of Culture Company has a process cost system and uses the weighted-average method. The following information is applicable for the month of September. (refer to image) Base on this information, the cost of the units completed is: a. P135,000 b. P113,600 c. P107,800 d. P120,250 e. Some other answer The cost of the ending WIP inventory is a. P27,200 b. P39,200 c. P21,400 d. P32,400 e. Some other answer
Required information [The following information applies to the questions displayed below.] Felix & Company reports the following information. Period Units Produced Total Costs $ 4,580 2 480 3,880 4,280 4,880 3,980 4,180 3 880 1,280 1,680 2,080 2,480 2,880 3,280 3,680 4 8,680 16,080 4,880 8 9 10 11,020 Use spreadsheet software to use ordinary least-squares regression to estimate the cost equation, including fixed and variable cost amounts. Cost equation = per unit