FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following production data were taken from the records of the Finishing Department for June:
Inventory in process, June 1 (30% completed)- 4,000 units
Completed units during June- 65,000 units
Ending Inventory (60% completed)- 7,000 units
What is the number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories?
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- The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (31% completed) 4,500 Completed units during June Ending inventory (61% complete) The number of materials equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories and materials were added at the beginning of the process, is a.3,900 units b.68,800 units c.60,400 units d.64,300 units units 64,900 units 3,900 unitsarrow_forwardThe assembly department had 700 units 35% completed in process at the beginning of June, 10,000 units completed during June, and 900 units 60% completed at the end of June. Using the first-in, first-out method of inventory costing, what was the number of WHOLE units?arrow_forwardThe following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process. Quarter BeginningWIP Started TransferredOut Conversion(%) 1 — 134,350 133,350 25 2 525 132,593 132,593 24 3 339 133,247 133,456 20 4 491 134,844 134,335 23 What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent. Quarter 1 Quarter 2 Quarter 3 Quarter 4 Units for material costs fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 Units for conversion costs fill in the blank 5arrow_forward
- Part A The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted - average method? Assume that the quarters are independent. \table [[Beginning ,,], [Quarter, \table [[Work in], [Process]], Started, Out, (%)],[1,, 255, 000, 235,50], [2, 2, 500, 275, 000, 250, 40], [3, 3, 600, 290, 000, 275,000, 45], [4, 6, 500, 300,000, 280, 000,60]]arrow_forwardThe following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1 (39% completed) 5,000 units Completed units during June 65,000 units Ending inventory (58% complete) 4,300 units What is the number of conversion equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories? a.69,300 units b.60,000 units c.64,300 units d.2,494 unitsarrow_forwardData for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (95% completed) Conversion (55% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (95% completed) Conversion (55% completed) Cost incurred during July: O Direct materials Conversion costs Cost per equivalent unit for conversion under the FIFO method is calculated to be: Multiple Choice $2.94 $ 122,650 77,100 $ 199,750 $2.35. 92,500 106,750 24,250 $ 182,500 290,500arrow_forward
- Running Company had the following information for the month of June: Work in process beginning inventory, June 1 2,000 units Units transferred in 16,000 units Work in process ending inventory, June 30 4,000 units Beginning work-in-process inventory is 30 percent complete as to conversion. Ending work-in-process inventory is 50 percent complete as to conversion. Materials are added at the end of the process. How many units were completed in June?arrow_forwardSigman Company's inventories in process were at the following stages of completion at April 30: Number of Units Percent Complete 260 90 210 80 360 10 Equivalent units of production in ending inventory amounted toarrow_forwardRunning Company had the following information for the month of June Work in process beginning inventory, June 1 Units transferred in Work in process ending inventory, June 30 3,600 units 14,200 units 3,400 units Beginning work-in-process inventory is 30 percent complete as to conversion. Ending work-in-process inventory is 50 percent complete as to conversion Materials are added at the end of the process. How many units were completed in June?arrow_forward
- The assembly department had 700 units 35% completed in process at the beginning of June, 10,000 units completed during June, and 900 units 60% completed at the end of June. Using the first-in, first-out method of inventory costing, what was the number of EQUIVALENT units of production for material costs AND conversion costs for the period?arrow_forwardThe following data show the units in beginning work in process inventory, the number of snits started, the number of units transferred, and the penant completion of the beginning of the process. Beginning Transferred Conversion Quarter WIP Started Out (1) 134,200 133,400 132,591 132,490 25 24 20 133,245 133,464 480 134,843 134,132 22 What are the equivalent units for material and conversion costs for each quarter using the weighted average method Assume that the quarters are Quarter 2 Quarter 3 Quarter 4 2 3 524 339 Units for material costs Units for conversion costs Quarter 1arrow_forwardThe 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): Beginning work in process (43,000 units): Percentage complete with respect to Costs Ending work in process (59,000 units): Percentage complete with respect to Costs Materials Conversion 100% 20% $ 92,100 $ 27,136 100% 60% ?? ?? The Remington Plant started 233,000 units and transferred out 217,000 in July. Materials costs incurred in July were $764,000 and conversion costs were $1,149,000. Required: Compute the cost per equivalent unit for materials and conversion costs using the weighted-average method. Note: Round your answers to 2 decimal places. Cost per equivalent unit Direct Materials Conversionarrow_forward
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