FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- sarrow_forwardQuestion: Materials are added at the beginning of the production process at Santiago Company, which uses a FIFO process costing system. The following information on the physical flow of units is available for the month of April. Beginning work in process (40% complete) $22,500 10,000 units Started in April 50,000 units $255,000 Completed in April and transferred out $240,000 55,000 units Ending work in process 5,000 units (70% $37,500 complete) Compute the equivalent units for the conversion cost calculation. Equivalent units total:arrow_forwardaj.4arrow_forward
- Marigold Company has the following equivalent units of production for July: materials 23240 and conversion costs 18500. Production cost data are: Work in process, July 1 Costs added in July Materials $2.50 $2.50 $2.28 Materials Conversion The unit production costs for July are: $2.28 $5100 53000 Conversion Costs $2.22 $2.40 $2.40 $3400 $2.22 41000arrow_forwardEquivalent Units of Conversion Costs The Rolling Department of Oak Ridge Steel Company had 5,236 tons in beginning work in process inventory (70% complete) on July 1. During July, 74,800 tons were completed. The ending work in process inventory on July 31 was 5,984 tons (10% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit.fill in the blank 1 unitsarrow_forward< Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: Percent Completed Units Materials Work in process, October 1 Work in process, October 31 54,000 35,000 95% 71% Conversion 65% 45% The department started 392,000 units into production during the month and transferred 411,000 completed units to the next department. Required: Compute the equivalent units of production for October. Equivalent units of production Materials Conversionarrow_forward
- Ansarrow_forwardNeed answer for this questionarrow_forwardEquivalent Units of Conversion Costs The Rolling Department of Jabari Steel Company had 4, 698 tons in beginning work in process inventory (10% complete) on October 1. During October, 52, 200 tons were completed. The ending work in process inventory on October 31 was 3, 132 tons (60% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit.arrow_forward
- Current Attempt in Progress Production costs chargeable to the Sanding Department in July in Monty Company are $41,160 for materials, $14,700 for labor, and $12,740 for manufacturing overhead. Equivalent units of production are 29,400 for materials and 19,600 for conversion costs. Compute the unit costs for materials and conversion costs. (Round answers to 2 decimal places, e.g. 15.25.) Unit costs $ Materials $ Conversion Costsarrow_forwardEquivalent Units of Conversion Costs The Rolling Department of Jabari Steel Company had 2,814 tons in beginning work in process inventory (20% complete) on October 1. During October, 40,200 tons were completed. The ending work in process inventory on October 31 was 2,010 tons (10% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit. unitsarrow_forward1) A company uses process costing and provides the following information for the month of August: Physical Flow in August Cost Data for August Units in Process, Aug. 1 100 Materials Conversion Total Units Started in August 1100 Beg. WIP: $734 $1,547 $2,281 Units Completed in August 1120 Current Period: 12,708 $13,897 $26,605 Units in Process, Aug. 30 80 Total: $13,442 $15,444 $28,886 Units in process at the end of August were 30% complete with respect to materials and conversion costs. How much cost should be assigned to ending work-in-process inventory for the month of August? (Round all intermediate calculations and the final answer to the nearest dollar and cents.)2) A company uses process costing. The following information pertains to the Assembly Department for the month of June: Assembly Department physical inventory for June: 100 units completed and transferred out 20 units in ending work‐in‐process inventory Ending work-in-process inventory is 10% complete with respect to…arrow_forward
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