Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
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A:
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Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
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- Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.Selected information from Skylar Studios shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2Selected information from Hernandez Corporation shows the following: Prepare journal entries to record the following: raw material purchased direct labor incurred depreciation expense (hint: this is part of manufacturing overhead) raw materials used overhead applied on the basis of $0.50 per machine hour the transfer from department 1 to department 2
- Following is information about the assembly department of a company: 1. 2. 3. 4. 5. There were 194,600 units in work in process inventory on August 1. With respect to units transferred in, 100% were complete and costs incurred amounted to $129,900. With respect to conversion, 90% of the units were complete and costs incurred amounted to $53,500. 494,700 units were transferred in from the cutting department during August. 561,000 units were completed during August and transferred to the finished goods inventory. During August, costs incurred were as follows: $497,363 for units transferred in from cutting, $415,140 for direct materials used, and $137,894 for conversion costs. There are 128,300 units in work in process inventory on August 31. With respect to the units transferred in, 100% are complete and 60% are complete with respect to conversion. Prepare a production cost report. (Round unit costs to 7 decimal places, e.g. 0.1287345 and all other answers to O decimal places, e.g.…Beginning work in process inventory Units started this period Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Units 30,000 390,000 380,000 40,000 Required A Required B Required C $50,200 18,900 Completed and transferred out Ending work in process 1,507,160 1,031,660 Units 380,000 40,000 Complete this question by entering your answers in the tabs below. Direct Materials Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to output LO P1 Percent Complete 80% a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department c. Using the weighted average method, assign costs to the forming…Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion Equivalent Units Direct Materials Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 56,000 56,000 4,000 Total units to be assigned costs 60,000 The beginning work in process inventory on October 1 had a cost of $2,260. 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, October 31 Total costs assigned by the Rolling Department $ $ in the Rolling Department of Jabari Steel Company are $0.85 and $2.50, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Conversion 3,900 56,000 59,900 1,600 61,500 0
- Cost of units transferred out and ending work in processThe costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $0.40 and $0.10, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of periodStarted and completed during the periodTransferred out of Filling (completed)Inventory in process, end of periodTotal units to be assigned costs o42,00042,0008,00050,000 1,60042,00043,6002,00045,600 The beginning work in process inventory had a cost of $1,800. Determine the cost of completed and transferred-out production and the ending work in process inventory.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…Compute the conversion cost per equivalent unit for the Production department using the weighted-average method. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Production department follows. Beginning work in process Conversion costs added this period Conversion Multiple Choice O $172 O $5.60. $0.94 $5.02 Direct Materials Units Percent Complete Percent Complete 10,000 76,000 86,000 15,000 $ 52,100 450, 500 100% 100% Conversion < Prev 30% 25% 12 of 25 Next
- Question Content Area Compute conversion costs given the following data: direct materials, $376,200; direct labor, $200,400; factory overhead, $179,400 and selling expenses, $48,400. a. $555,600 b. $131,000 c. $756,000 d. $379,800Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Production cost Information for the forming department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Required A Required B Required C Units 33,500 470,000 468,500 35,000 Completed and transferred out Ending work in process $ 55,000 22,100 Units 1,745,000 1,154,020 Complete this question by entering your answers in the tabs below. EUPCost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $2.10 and $2.10, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 1,200 31,000 Started and completed during the period 31,000 Transferred out of Filling (completed) 31,000 32,200 Inventory in process, end of period 2,000 1,200 Total units to be assigned costs 33,000 33,400 The beginning work in process inventory had a cost of $660. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred-out production Inventory in process, ending