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.

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.

Name: The following cost information is available for July for the Crest Pl
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Description: The following cost information is available for July for the Crest Plant at Calvert Company:Beginning work-in-process inventoryMaterials costConversion costTotalCurrent costsMaterials costConversion costTotal$ 57,00036,000$ 93,000$ 130,000380,000$ 5

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost $ 63,280 Conversion cost 40,002 Total $ 103,282 Current costs Materials cost $ 140,120 Conversion cost 421,038 Total $ 561,158 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 45,200 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 90,400 gallons. Units transferred out in July, 101,700 gallons. Ending inventory, 33,900 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. please do not image format answer.
Winter Company reported the following for the most recent month: Physical Units Beginning work in process (60% complete) Units transferred in (started) during month Ending work in process 700 4,800 950 Materials are added at the end of the process and conversion costs are added evenly throughout the process. If equivalent whole units of production for conversion using the FIFO were 4,396, what percent complete was ending work in process at the end of the month? (Round to the nearest whole percent.) а. 20% b. 16% с. 44% d. 28% е. 25% f. 72% g. 100% h. None of the above
Kronk, Incorporated provides the following information concerning the work in process at its plant: Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete). Started this month, 74,500 units. Transferred out, 71,500 units. Ending inventory, 35,750 units (materials are 100 percent complete; conversion costs are 60 percent complete). Required: Compute the equivalent units for materials using FIFO. Compute the equivalent units for conversion costs using FIFO.
Madad Company had the following production and cost information for its blending department during February (with materials added at the beginning of the process): Production: Units in process February 1, 50% complete with respect to conversion 2,000 Units completed 13,000 Units in process, February 28, 60% complete 2,400 Costs: RM Work In Process, February 1 16,000 Materials 12,000 Conversion costs 28,00 Current Costs: Materials 50,000 Conversion costs 84,000 Total 134,000 REQUIRES: 1 Develop an equivalent units schedule. 2 Calculate the unit cost. 3 Calculate the costs of units transferred out and the cost of EWIP.
The following information about the work-in-process inventory pertains to the Remington Plant for the month of July (all materials are added at the beginning of the process): Materials Conversion Beginning work in process (26,000 units): Percentage complete with respect to 100 % 20% Costs $ 83,600 $ 18, 636 Ending work in process (42,000 units): Percentage complete with respect to 100 % 60% Costs ? ? ? ? The Remington Plant started 216,000 units and transferred out 200,000 in July. Materials costs incurred in July were $594,000 and conversion costs were $979,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the FIFO method.
Radford Products adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of January is available. Units started in January 892,000 Units completed in January 916,000 Work in process, January 1 (25% complete with respect to conversion) 97,000 Work in process, January 31 (40% complete with respect to conversion) 73,000. Compute the equivalent units for materials costs and for conversion costs using the FIFO method.
The debits to Work-In process for Dep# 2 for the month of March of the current year, together with the information concerning production, are presented below. All direct materials came from Dep# 1. The units completed include 1,200 in process during the beginning of the period. Dep# 2 uses WA costing
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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 $82,770 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 8,900 units, 50% completed 98,790 30 Direct materials, 81,000 units 729,000 827,790 30 Direct labor 130,580 958,370 30 Factory overhead 180,331 ? 1,138,701 ? 30 Goods finished, ? units ? 30 Bal., 7,100 units, 80% completed
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ect materials are added at the beginning of the process. This period began with 5,000 units in ginning inventory that are 25% complete. What are the equivalent units for beginning work in process der the FIFO method? a. Direct materials 5,000; Conversion costs 3,750 b. Direct materials 0; Conversion costs 3,750 c. Direct materials 5,000; Conversion costs 1,250 d. Direct materials 0; Conversion costs 1,250
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $1.70 and $2.40, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials 0 Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs 72,000 The beginning work in process inventory on October 1 had a cost of $2,900. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 65,000 65,000 7,000 Equivalent Units Conversion 4,600 65,000 69,600 S 2,800 72,400