Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Using the weighted-average method and following the format in the textbook, compute the equivalent units of production for a new company that started 85,000 units into production and transferred 67,000 to the second department. Assume that beginning inventory was 0. Conversion is considered to occur evenly throughout the process, while materials are added at the beginning of the process. The ending inventory for Equivalent Units: Conversion is 9,000 units. PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Equivalent Units: Total Units Material Units Conversion Units

Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Using the weighted-average method and following the format in the textbook, compute the equivalent units of production for a new company that started 85,000 units into production and transferred 67,000 to the second department. Assume that beginning inventory was 0. Conversion is considered to occur evenly throughout the process, while materials are added at the beginning of the process. The ending inventory for Equivalent Units: Conversion is 9,000 units. PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Equivalent Units: Total Units Material Units Conversion Units

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 8PB: The following data show the units in beginning work in process inventory, the number of units...

See similar textbooks

Similar questions

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.
Given the following information, prepare a production report with materials added at the beginning and ending work in process inventory being 25% complete with regard to conversion costs.
Which of the following is the step in which materials, labor, and overhead are detailed? A. determining the units to which costs are assigned B. determining the equivalent units of production C. determining the cost per equivalent units D. allocating the costs to the units transferred out and the units partially completed
Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
Which is nor needed to compute equivalent units of production? A. the percentage of completion for inventory still in process B. the number of units transferred out C. the number of units started and completed D. the material cost per unit
Summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. please provide answer along with explanation, computation and formulation with steps thanks
Accounting Question
3. Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: beginning inventory of 2,500 units is 100% complete with regard to materials and 60% complete with regard to conversion 18,000 units were started during the period 17,500 units were completed and transferred ending inventory is 100% complete with materials and 65% complete with conversion PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units ? ? ? ? ? ? Units Accounted For: Total Units…
Please refer the problem from the attached images below. Required: Compute the units of equivalent production for materials and conversion costs. Compute the cost of ending work in process inventory. Prepare a cost of production report.
Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units
Determine the following by using the First-In First-Out (FIFO) method of process costing: 1. Equivalent units of production for materials and conversion cost 2. unit costs, and; 3. Inventory values
The first step in determining the cost per EUP per cost component under the weighted average method is to * a. add the beginning Work in Process Inventory cost to the current period's production cost.b. divide the current period's production cost by the equivalent units.c. subtract the beginning Work in Process Inventory cost from the current period's production cost.d. divide the current period's production cost into the EUP.