23 Units accounted for:45ACompleted and transferred outPlus: Ending work in process, January 316 Total physical units accounted for7 Total equivalent unitsFlow ofPhysicalUnitsCEquivalent Units115,00019,000134,000Direct ConversionMaterials Costs Blumhauer's Packaging Department had the following information at January 31, All direct materials are added at the end of the conversion process. The units in ending work in process inventory were only 25%of the way through the conversion process.(Click the icon to view the equivalent units)Complete the schedule by computing the total equivalent units of direct materials and conversion costs for the month(For accounts with no units in inventory, make sure to enter "0" in the appropriate cell)Equivalent UnitsFlow of Physical DirectUnitsMaterialsUnits accounted for:Completed and transferred outPlus: Ending work in process, January 31Total physical units accounted forTotal equivalent units115.00019.000134.000CHIDConversionCosts

To calculate equivalent units represents the number the direct material, direct labor and overhead…

(For accounts with no units in inventory, make sure to enter in the appropriate Equivalent Units Flow of Physical Direct Units Materials Units accounted for: Completed and transferred out Plus: Ending work in process, January 31 Total physical units accounted for Total equivalent units 115.000 19.000 134.000 Conversion Costs

(For accounts with no units in inventory, make sure to enter in the appropriate Equivalent Units Flow of Physical Direct Units Materials Units accounted for: Completed and transferred out Plus: Ending work in process, January 31 Total physical units accounted for Total equivalent units 115.000 19.000 134.000 Conversion Costs

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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Calculate Equivalent Units, Unit Costs, and Transferred Costs-Weighted Average Method Godfrey Manufacturing, Inc., operates a plant that produces its own regionally-marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the start of the process, and labor and overhead are incurred evenly throughout the process. Godfrey uses the weighted average method. The following data from the Work in Process—Blending Department account for January is missing a few items: Work in Process-Blending Department January 1 inventory (5,000 gallons, 60% processed) Direct material Conversion costs Transferred to Bottling Department (60,000 gallons) January charges: Direct material (61,000 gallons) Direct labor $18,000 8,850 228,750 110,400 73,200 Manufacturing overhead January 31 inventory [? gallons, 70% processed] Required Assuming Godfrey uses the weighted average method in process costing, calculate the following…
Current Attempt in Progress Waterway Company developed the following data for the current year: Beginning Work in Process Inventory Direct materials used Actual overhead Overhead applied Cost of goods manufactured Total manufacturing costs $290000 $516000. $226000. $806000. $504000. 146000 298000 226000 278000 794000 Waterway Company's ending Work in Process Inventory is
Prepare a physical unit flow reconciliation with the following information. Units of Product 150,000 310,000 340,000 120,000 Blending Process Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units to account for: Physical unit flow reconciliation Units accounted for:
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Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 25,000 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Amount $ 12,000 Direct materials Conversion costs $ 310,200 396,800 Total costs added $ 707,000 $ 27,800 29,320 $ 57,120 $ 69,120 100% 80% During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in September. Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40,000…
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Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 242,055 9,676 Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. $ 903,625 103,140 The ending inventory has 14,500 units, which are 90 percent complete with respect to Refining Department costs.
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