Question 18 Not yet answered Marked out of 0.33 Flag question Assume Towery Company uses a process costing system based on the weighted average method. Towery's accountant produces the following equivalent unit calculations for the month of July for the first department: Where do the units come from? Beginning Inventory Started Total 700 5,000 5,700 Where do the units go? Complete/Transferred Ending Inventory Total Equivalery Units 4,800 % Work Done? 100% 900 100% 5,700 Direct Work Materials Done? 4,800 100% 900 70% 5,700 Conversion Costs 4,800 630 5,430 Also assume that current costs included $34,998 of materials and $97,412 of conversion costs. Finally, assume that during the month of July, the average cost per equivalent unit of materials and conversion costs were $6.64 and $19.40, respectively. Calculate the dollar amount accumulated in the beginning inventory for direct materials from the prior period. Select one: о a. $2,850 b. $40,698 c. $72,846 d. $132,410 e. None of the above

Question 18 Not yet answered Marked out of 0.33 Flag question Assume Towery Company uses a process costing system based on the weighted average method. Towery's accountant produces the following equivalent unit calculations for the month of July for the first department: Where do the units come from? Beginning Inventory Started Total 700 5,000 5,700 Where do the units go? Complete/Transferred Ending Inventory Total Equivalery Units 4,800 % Work Done? 100% 900 100% 5,700 Direct Work Materials Done? 4,800 100% 900 70% 5,700 Conversion Costs 4,800 630 5,430 Also assume that current costs included $34,998 of materials and $97,412 of conversion costs. Finally, assume that during the month of July, the average cost per equivalent unit of materials and conversion costs were $6.64 and $19.40, respectively. Calculate the dollar amount accumulated in the beginning inventory for direct materials from the prior period. Select one: о a. $2,850 b. $40,698 c. $72,846 d. $132,410 e. None of the above

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 15E: Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the...

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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.
Assume Towery Company uses a process costing system based on the weighted average method. Towery's accountant produces the following equivalent unit calculations for the month of July for the first department: Where do the units come from? Beginning Inventory Started Total 700 5,000 5,700 Where do the units.go? Completel Transferred Ending Inventory Total % Work Done? 4,800 100% 900 100% 5,700 Equivalent Units Direct % Work Materials Done? 4,800 900 5,700 100% 70% Conversion Costs 4,800 630 5,430 Also assume that the beginning inventory had accumulated $2,850 of materials and $7,930 of conversion costs in the previous month. During the month of July, current costs included $34,998 of materials and $97,412 of conversion costs. Calculate the average cost per equivalent unit for materials costs for the month of July. a. $0.15 b. $0.50 c. $6.14 $6.64 e. $6.97
Assume Towery Company uses a process costing system based on the weighted average method. Towery's accountant produces the following equivalent unit calculations for the month of July for the first department: Equivalent Units Direct Materials Conversion Costs % Done Units % Done Units Completed and transferred 100% 5,760 100% 5,760 Ending inventory 100% 1,080 70% 756 Equivalent units of production 6,840 6,516 Also, assume that the beginning inventory had accumulated $3,420 of materials and $9,516 of conversion costs in the previous month. Finally, assume that during the month of July, the average cost per equivalent unit of materials and conversion costs were $8.30 and $24.25, respectively. Calculate the current costs incurred for direct materials during the month of July. Select one: a. $60,192 b. $10,688 c. $53,352 d. None of the amounts listed. e. $12,936
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Please show working Part 1 of the question, see images Part 2 of the question, Assuming that the July 1 work in process inventory includes $256,410 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between June and July. If required, round your answers to two decimal places. Increase or Decrease Amount Change in direct materials cost per equivalent unit $ Change in conversion cost per equivalent unit $
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