Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN: 9781305970663
Author: Don R. Hansen, Maryanne M. Mowen
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Related questions
Question
thumb_up100%
Transcribed Image Text:The ledger of American Company has the following work in process
account.
Work in Process-Painting
5/1
Balance
3,790 5/31
Transferred out
?
5/31
Materials
5,650
5/31
Labor
3,330
5/31
Overhead
2,080
5/31 Balance
?
Production records show that there were 570 units in the beginning
inventory, 30% complete, 1,630 units started, and 1,530 units
transferred out. The beginning work in process had a materials cost of
$2,440 and conversion costs of $1,350. The units in the ending
inventory were 40% complete. Materials are entered at the beginning of
the painting process.
a. How many units are in process at May 31?
b. What is the unit materials cost for May?
c. What is the unit conversion cost for May?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by stepSolved in 2 steps
Knowledge Booster
Similar questions
- The ledger of American Company has the following work in process account. Work in Process—Painting 5/1 Balance 3,890 5/31 Transferred out ? 5/31 Materials 5,900 5/31 Labor 3,066 5/31 Overhead 2,480 5/31 Balance ? Production records show that there were 600 units in the beginning inventory, 30% complete, 1,800 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,740 and conversion costs of $1,150. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. What is the total cost of units transferred out in May? The total cost of units transferred out in May $enter a dollar amount of the total cost of units transferred out in May What is the cost of the May 31 inventory? Work in process $enter a dollar amount of the cost of the inventory on May 31arrow_forwardThe ledger of Sheffield Company has the following work in process account. Work in Process—Painting 5/1 Balance 3,690 5/31 Transferred out ? 5/31 Materials 5,890 5/31 Labor 5,252 5/31 Overhead 1,680 5/31 Balance ? Production records show that there were 400 units in the beginning inventory, 30% complete, 1,700 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $3,140 and conversion costs of $550. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. How many units are in process at May 31? Work in process, May 31 units What is the unit materials cost for May? (Round unit cost to 2 decimal places, e.g. 2.25.) The unit materials cost for May $ What…arrow_forwardThe ledger of American Company has the following work-in-process account. Work in Process- Painting Transferred 5/1 Balance 3,790 5/31 ? out 5/31 Materials 6,990 5/31 Labor 3,130 5/31 Overhead 1,580 Balance ? 5/31 Production records show that there were 500 units in the beginning inventory, 30% complete, 1,630 units started, and 1,500 units transferred out. The beginning work in process had a materials cost of $2,840 and conversion costs of $950. The units in the ending inventory were 40% complete. Materials are entered at the beginning of the painting process. a. How many units are in process at May 31? b. What is the unit materials cost for May?arrow_forward
- Swifty Company had the following department data: Work in process inventory, beginning Completed and transferred out Work in process inventory, ending Physical Units 0 91000 8000 Materials are added at the beginning of the process. What are the equivalent units of production for materials during the period?arrow_forwardCoronado Company had the following department data: Work in process inventory, physical units, beginning Units started Completed and transferred out physical units Work in process inventory, physical units, ending -0- O 15000 O 24200 O 21210 O 23190 24800 19600 4600 Direct materials are added at the beginning of the process. Conversion costs are added evenly throughout the process. The incomplete units are 35% completed as to conversion costs. What is the total number of equivalent units of production for direct materials during the period if the weighted-average method is used?arrow_forwardRequired information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 31,450 3,900 Units 470,050 263, 250 3,000 39,500 39,000 3,500 $ 35,350 733,300 $768,650 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 20% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places.arrow_forward
- The Molding Department of Sheffield Company has the following production data: beginning work process inventory 37000 units (50% complete as to conversion), started into production 720000 units, completed and transferred out of 692000 units, and ending work in process inventory 65000 units (50% complete as to conversion). Assuming that materials are entered at the beginning of the process, equivalent units of production for materials arearrow_forwardThe Molding Department of Sunland Company has the following production data: beginning work in process 25800 units (60% complete), started into production 474600 units, completed and transferred out 449800 units, and ending work in process 50600 units (40% complete). Assuming all materials are entered at the beginning of the process, equivalent units of production for materials are: 424000. 525200. 500400. 449800.arrow_forwardThe following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 34,050 3,780 Units 367,200 190,080 3,500 34,000 33,500 4,000 $ 37,830 557,280 $ 595,110 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 20% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places.arrow_forward
- [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 875,840 $ 27,150 3,658 $ 30,800 552,450 323,390 5906,640 Direct Materials Conversion Percent Percent Units Complete Complete Beginning work in process inventory 2,500 100% 20% Units started this period 43,500 Completed and transferred out 43,000 Ending work in process inventory 3,000 100% без Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. Unit Reconciliation Units to account for Total units to account for Units accounted for Total units accounted for Equivalent Units of Production (EUP) Equivalent units of production Cost per EUP Total costs -Equivalent units of production Cost per equivalent…arrow_forwardThe ledger of Crane Company has the following work in process inventory account. 5/1 Balance 5/31 Direct materials 5/31 Direct labor 5,252 5/31 Manufacturing overhead 1.680 5/31 Balance ? Work in Process-Painting (a) 3,690 5/31 Completed and transferred out ? 7,360 Production records show that there were 400 units in the beginning inventory, 30% complete, 1,700 units started into production, and 1.500 units completed and transferred out. The beginning work in process had materials cost of $3,140 and conversion costs of $550. The units in ending inventory were 40% complete as to conversion costs. Materials are entered at the beginning of the painting process, and conversion costs are incurred uniformly throughout the process. Work in process, May 31 How many units are in process at May 31? unitsarrow_forwardOverton Company has gathered the following information. Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Costs incurred: 21,240 2,30,760 24,120 60% 100% Direct materials Direct labor Overhead $ 1,00,800 $ 3,21,469 $ 1,87,470 Compute equivalent units of production for materials and for conversion costs.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub 
Principles of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Cengage Learning