The 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 $42,000

Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost per equivalent unit of production Units Total costs + Equivalent units of production (from part 1) Cost per equivalent unit of production 72,000 882,000 775,000 179,000 $ 558,090 84,660 3,734,910 1,608,540 Direct Materials Percent Complete 100% 100% 2. Compute cost per equivalent unit of production for both direct materials and conversion. Costs EUP ( $…

Pureform, 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 $…

Entries for Flow of Factory Costs for Process Cost System Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $527,700, $184,700, and $121,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,600, and work in process at the end of the period totaled $36,400. a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. If an amount box does not require an entry, leave it blank. 1. Work in Process-Refining Department. ✓ 284,500 X Materials 2. Work in Process-Refining Department Wages Payable Feedback ✓ 3. Work in Process-Refining Department -✓ Factory Overhead-Refining Department Feedback ✓ - ✓ Feedback…

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…

The 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.

Meman

Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units EUP 73,000 831,000 710,000 194,000 $352,560 165,280 2,359,440 3,140,320 Direct Materials Percent Complete 100% 3. Assign costs to the department's output-specifically, to the units…

Following is a partial production cost report for Mitchell Manufacturing's Canning Department. Equivalent units of production (EUP) Completed and transferred out Ending Work in Process Cost per EUP Cost of beginning work in process Costs added this period Total costs % EUP from part (a) Cost per EUP Multiple Choice $158,400. $175,032. Direct Materials $ 41,800 140,100 $ 181,900 92,000 $ 1.98 per EUP The total direct materials costs transferred out of the Canning department equals: $181,900. $182,160. Units 80,000 12,000 $226,400. Direct Materials Percent Complete 100% 100% EUP 80,000 12,000 92,000 Conversion Percent Complete Conversation $ 61,500 188,500 $ 250,000 88,400 100% 70% $ 2.83 per EUP EUP 80,000 8,400 88,400