Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40 % complete as to materials, 15% complete as to conversion) 45,200 units 23,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs.

Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40 % complete as to materials, 15% complete as to conversion) 45,200 units 23,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4PA: During March, the following costs were charged to the manufacturing department: $14886 for...

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During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Recording issuing of materials Materials issued for the current month are as follows a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month. b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).:
Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40 % complete as to materials, 15% complete as to conversion) 45,200 units 23,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method. Note: Do not round intermediate calculations. Costs of goods transferred out Costs in ending inventory
Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 30,053 9,655 Quantity information is obtained from the manufacturing records and includes the following: 183,067 94,025 Cost of goods transferred out Cost of ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 45,900 units 30,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
[The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 24,553 8,005 145,832 72,740 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,800 units 19,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and conversion costs. Complete this question by entering your answers in the tabs below. Required A Required B Compute the cost per equivalent…
Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 Beginning inventory Current period units started Ending inventory 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units 45,200 units (40% complete as to materials, 15% complete as to conversion) 23,000 units (75% complete as to materials, 35% complete as to conversion) Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method.
! Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory $ 23,553 7,705 Quantity information is obtained from the manufacturing records and includes the following: 138,672 67,440 Costs of goods transferred out Costs in ending inventory 6,000 units (48% complete as to materials, 15% complete as to conversion) 44,600 units 17,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method. Note: Do not round intermediate calculations. Answer is complete but not entirely correct. $ 181,994 S…
The controller at Bethune Chemicals asks for your help in sorting out some cost information. You receive the following sheet for the most recent year: Cost of goods manufactured Cost of goods sold Direct labor costs Direct materials inventory, December 31 Direct materials purchased Finished goods inventory, December 31 Prime costs for the year Total manufacturing costs Work-in-process inventory, January 11 Required: Compute: a. Direct materials used. b. Direct materials inventory, January 1. c. Conversion costs. d. Work-in-process inventory, December 31. e. Manufacturing overhead. 1. Finished goods inventory, January 1. a. Direct materials used b. Direct materials inventory c. Conversion costs d. Work-in-process inventory e. Manufacturing overhead f. Finished goods inventory $ 906,000 727,400 184,000 52,000 263,200 236,400 466,600 914,400 26,200
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for The production department had the cost Information below. Required a. Cost per equivalent unit of production: FIFO method Costs added this period - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b Cost assignment-FIFO Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Units 80,000 422,000 Completed and transferred out Ending work in process Direct materials Conversion. 400,000 102,000 Total costs…