FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- A company 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 Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 2,500 $ 14,600 $ 6,700 75 % 20 % 11,200 10,100 $ 173,700 $ 243,700 3,600 90% 30% The cost per equivalent unit for materials for the month in the first processing department is closest to:arrow_forwardMay I ask for help with this question? I got an answer of 380,000 (Rounded Up) Please check. On January 1, 20x1, C Co. incurred P400,000 in registering a patent. I Inc., a third-party, committed to purchase the patent during the remaining five years of its legal useful life for a total cost of P100,000. How much is the carrying amount of the patent on December 31, 20x1?arrow_forwardBoston Company uses the weighted-average method in its process-costing system. Operating data for the first processing department for September appear below for the physical flow of units, and for direct materials (DM) and conversion costs (CC). % of % of completion: completion: Units DM СС Beginning WIP inventory Started into production during September Ending WIP inventory 700 60% 50% 11,760 2,000 90% 70% DM CC Beginning WIP inventory Cost added during September 7,425 $ 60,005 $S 13,409 81,471 24 2$ 19 Compute the equivalent units of production for the processing department Direct materials 12,260 units 12,960 units 12,460 units 10,460 units E. None of the above. Conversion 11,860 units. A. В. 12,760 units 13,760 units 10,460 units С. D. 20 Determine the cost of WIP inventory ending balance: A. $ B. $ 27,000 24,300 18,900 C. $ D. $ 21,100 E. None of the above.arrow_forward
- Help me with this questionarrow_forwardKurtulus 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 Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials Percent complete with respect to conversion 2,400 $ 8,800 $4,100 55% 25% 8,300 7,500 $ 111,900 $ 85,000 3,200 70% 55% The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: (Round "Cost per equivalent unit" to 3 decimal places. Round "Cost…arrow_forwardThe Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 23,800 Units finished during the period 17,900 Units in process at the end of the period(complete as to materials, ¼ complete as to labor and overhead) 5,900 Cost of materials used $ 59,130 Labor and overhead costs $ 61,110 Cost per equivalent unit of materials isarrow_forward
- The Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 20,600 Units finished during the period 16,300 Units in process at the end of the period (complete as to materials, ¼ complete as to labor and overhead) 4,300 Cost of materials used $ 38,570 Labor and overhead costs $ 39,615 Cost per equivalent unit of labor and overhead is:arrow_forwardThe following data reports on the July production activities of the Molding department and Oak Company. Prepare the Molding department's production cost report using the FIFO method. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process Direct materials Conversion Units Direct Materials Percent CompleteConversion Percent Complete 6,000 100% 97.500 96.000 7.500 100% $55,650 6,840 $ 62,490 Costs added this period Direct materials Conversion 1.072,500 566,010 1,638,510 20% 60% Using the FIFO method, what are the Equivalent Units of Production (EUPS) for direct materials and conversion?arrow_forwardPureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 86,000 814,000 820,000 80,000 1. Equivalent units of production 2. Cost per equivalent unit Materials Materials $ 70,200 $ 488,640 The beginning work in process inventory was 80% complete with respect to materials and 65% complete with respect to labor and overhead. The ending work in process inventory was 60% complete with respect to materials and 40% complete with respect to labor and overhead. Labor $ 928,000 Labor $ 39,600 Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor,…arrow_forward
- Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the company's processing departments: Units in beginning inventory Units started into production Units in ending inventory Units transferred to the next department Percentage completion of beginning inventory Percentage completion of ending inventory The cost of beginning inventory according to the company's costing system was $7,827 of which $4,822 was for materials and the remainder was for conversion cost. The costs added during the month amounted to $181,186. The costs per equivalent unit for the month were: Work in process, October 1 Work in process, October 31 Materials Conversion $18.00 $23.00 Materials 70% 80% Cost per equivalent unit Required: 1. Compute the total cost per equivalent unit for the month. 2. Compute the equivalent units of material and conversion in the ending Inventory. 3. Compute the equivalent units of material and…arrow_forwardSumter Corporation uses the weighted-average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started during the month Units completed and transferred out during the month Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion Multiple Choice $535,000arrow_forwardThe Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 23,200 Units finished during the period 17,500 Units in process at the end of the period(complete as to materials, ¼ complete as to labor and overhead) 5,700 Cost of materials used $ 55,080 Labor and overhead costs $ 57,075 Total cost of the 17,500 units finished is:arrow_forward
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