The Blending Department of Luongo Company has the following cost and production data for the month of April. Costs: Work in process, April 1 Direct materials: 100% complete $118,000 Conversion costs: 20% complete 82,600 Cost of work in process, April 1 $200,600 Costs incurred during production in April Direct materials $944,000 Conversion costs 430,700 Costs incurred in April $1,374,700 Units transferred out totaled 20,060. Ending work in process was 1,180 units that are 100% complete as to materials and 40% complete as to conversion costs. Compute the equivalent units of production for (1) materials and (2) conversion costs for the month of April. Materials Conversion Costs The equivalent units of production Compute the unit costs for the month. Materials Conversion Costs Unit costs $ $ Determine the costs to be assigned to the units transferred out and in ending work in process. Transferred out $ Ending work in process $
The Blending Department of Luongo Company has the following cost and production data for the month of April. Costs: Work in process, April 1 Direct materials: 100% complete $118,000 Conversion costs: 20% complete 82,600 Cost of work in process, April 1 $200,600 Costs incurred during production in April Direct materials $944,000 Conversion costs 430,700 Costs incurred in April $1,374,700 Units transferred out totaled 20,060. Ending work in process was 1,180 units that are 100% complete as to materials and 40% complete as to conversion costs. Compute the equivalent units of production for (1) materials and (2) conversion costs for the month of April. Materials Conversion Costs The equivalent units of production Compute the unit costs for the month. Materials Conversion Costs Unit costs $ $ Determine the costs to be assigned to the units transferred out and in ending work in process. Transferred out $ Ending work in process $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The Blending Department of Luongo Company has the following cost and production data for the month of April.
Units transferred out totaled 20,060. Ending work in process was 1,180 units that are 100% complete as to materials and 40% complete as to conversion costs.
| Costs: | ||
| Work in process, April 1 | ||
| Direct materials: 100% complete | $118,000 | |
| Conversion costs: 20% complete | 82,600 | |
| Cost of work in process, April 1 | $200,600 | |
| Costs incurred during production in April | ||
| Direct materials | $944,000 | |
| Conversion costs | 430,700 | |
| Costs incurred in April | $1,374,700 |
Units transferred out totaled 20,060. Ending work in process was 1,180 units that are 100% complete as to materials and 40% complete as to conversion costs.
Compute the equivalent units of production for (1) materials and (2) conversion costs for the month of April.
|
Materials
|
Conversion Costs
|
|||
| The equivalent units of production |
|
|
Compute the unit costs for the month.
|
Materials
|
Conversion Costs
|
|||
| Unit costs |
$
|
$
|
Determine the costs to be assigned to the units transferred out and in ending work in process.
| Transferred out |
$
|
|
| Ending work in process |
$
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education