FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The Lakeside Company uses a weighted-average
Beginning inventory | 0 |
---|---|
Units started in production | 23,800 |
Units finished during the period | 17,900 |
Units in process at the end of the period (complete as to materials, ¼ complete as to labor and |
5,900 |
Cost of materials used | $ 59,130 |
Labor and overhead costs | $ 61,110 |
Cost per equivalent unit of materials is
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- The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 20,000 units, The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the costs per equivalent unit for the period $3.20 for the materials and $2.00 for labor and overhead, what is the balance of the ending work in process inventory account would be: (Do not round Cost per equivalent unit) A. $104,000 B. $63,500 C. $92,000 D. $83,500arrow_forwardPureform, Incorporated, uses the weighted-average method of process costing. It manufactures a product passing through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 66,000 629,000 650,000 45,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 54,800 Materials $ 725,300 $ 276,175 The beginning work in process inventory was 70% complete for materials and 55% complete for labor and overhead. The ending work in process inventory was 50% complete for materials and 30% complete for labor and overhead. Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for the month. Note: Round your answers to 2 decimal places. Labor $…arrow_forwardAlpesharrow_forward
- Pureform, Incorporated, uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 57,000 539,000 560,000 36,000 1. Equivalent units of production 2. Cost per equivalent unit Materials $ 238,370 $ 344,290 The beginning work in process inventory was 75% complete with respect to materials and 60% complete with respect to labor and overhead. The ending work in process inventory was 55% complete with respect to materials and 35% complete with respect to labor and overhead. Materials $ 51,000 Labor Required: 1. Compute the first department's equivalent units of production for materials, labor, and overhead for the month. 2. Determine the first department's cost per equivalent unit for materials, labor, and overhead for…arrow_forwardThe Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory Units started in production Units finished during the period Units in process at the end of the period (complete as to materials, % complete as to labor and overhead) Cost of materials used Labor and overhead costs Total cost of the 16,400 units finished is: -0- 20,800 16,400 4,400 $39,780 $42,000arrow_forwardThe Lakeside Company uses a weighted-average process costing system. The following data are available: Beginning inventory 0 Units started in production 20,000 Units finished during the period 16,000 Units in process at the end of the period(complete as to materials, ¼ complete as to labor and overhead) 4,000 Cost of materials used $ 35,200 Labor and overhead costs $ 37,400 Total cost of the 16,000 units finished is: Multiple Choice $63,360. $67,320. $72,640. $65,120.arrow_forward
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