Question 4: Company prepares a certain product. All materials are added at the beginning of the process. On December 1, beginning works in process is 55% as a conversion costs. Cost associated with the 4,500 partially completed units are as follows: materials, $4,500; direct labor, $6,000; and overhead, $3,200. On December 31, work in process consisted of 7,000 units, 35% complete as to conversion costs. During the month, 60,000 units were transferred to finished goods. Cost added during the month were as follows Materials $73,000 Labor 17,000 Overhead 90,000 a. Prepare a cost production report for the month of December using the weighted average method b. Prepare a cost production report for the month of December using FIFO

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Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $33,320 of direct materials. LOOK AT IMAGE TO help solve D. and E   Cost per equivalent units of $9.50 for Direct Materials and $2.10 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a.  Cost of beginning work in process inventory completed in November.$ 40222   b.  Cost of units transferred to the next department during November.$ 368502   c.  Cost of ending work in process inventory on November 30.$30753   d.  Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in…

The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 57,000 36,000 $ 93,000 $ 130,000 380,000 $ 510,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 41,000 partially complete gallons, 35 percent complete with respect to conversion costs. • Units started in July, 81,000 gallons. • Units transferred out in July, 91,000 gallons. Ending inventory, 31,000 gallons, 50 percent complete with respect to conversion costs. Cost of goods transferred out Ending inventory Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.