FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- please answer complete question with detailed workingarrow_forwardThe Welding Department of Concord Company has the following production and manufacturing cost data for February 2020. All materials are added at the beginning of the process. Manufacturing Costs Production Data Beginning work in process Beginning work in process 15,100 units, 1/10 complete Materials $18,100 Units transferred out 55,400 Conversion costs 14,960 $33,060 Units started 51,300 Materials 237,540 Ending work in process 11,000 units, 1/5 complete Labor 67,900 Overhead 89,940 Prepare a production cost report for the Welding Department for the month of February. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 1,225.)arrow_forwardRivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,268,894 as follows. Work in process, November 1 Materials Conversion costs Materials added Labor Overhead $78,800 48,800 $127,600 1,581,280 225,000 335,014 Production records show that 35,400 units were in beginning work in process 30% complete as to conversion costs, 656,300 units were started into production, and 25,400 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.arrow_forward
- Legacy Company manufactures umbrellas and has the following information available for the month of May. Work in process, May 1 (100% complete for materials, 90% for conversion) Direct materials Conversion cost Number of units started May costs Direct materials Conversion cost Work in process, May 31 (100% complete for materials, 20% for conversion) 35,500 units $ 64,000 $ 87,000 90,000 units $ 102,500 $ 189,000 33,000 units E3-11 (Algo) Weighted-Average Method [LO 3-2] Required: Using the weighted-average method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. 3. Calculate the cost per equivalent unit. 4. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Using the weighted-average method of process costing, reconcile the number of physical units worked on…arrow_forwardDate + + + + + I + ī + ||| I General Journal Account/Explanation Page G2 PR Debit Creditarrow_forwardBarney makes a single product in two Departments. The production data for Dept. 2 for Aug 2020 follows: Production Cost Transferred in Materials Conversion Quantities In Process, beginning (40% done) Received from Dept. 1 Completed and transferred In Process, end (60% done) O 70,000 O 111,600 Last Month This Month O 111,400 40,750 222,750 O 68,600 9,500 168,750 4,850 202,500 10,000 Materials are added at the start of the process, and losses normally occur continuously. 75,000 Using the weighted average method, how much is the cost of the work in process, ending? 62,500 15,000arrow_forward
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