Weighted-average method, equivalent units. The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for the month of May 2017: Physical Units Direct Materials Conversion (Watches) Costs Beginning work in process (May 1) Started in May 2017 Completed during May 2017 Ending work in process (May 31) Total costs added during May 2017 100 $ 459,888 $ 142,570 510 450 160 $3,237,000 $1,916,000 * Degree of completion: direct materials, 80%; conversion costs, 35%. "Degree of completion; direct materials, 80%; conversion costs, 40%. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.

Weighted-average method, equivalent units. The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for the month of May 2017: Physical Units Direct Materials Conversion (Watches) Costs Beginning work in process (May 1) Started in May 2017 Completed during May 2017 Ending work in process (May 31) Total costs added during May 2017 100 $ 459,888 $ 142,570 510 450 160 $3,237,000 $1,916,000 * Degree of completion: direct materials, 80%; conversion costs, 35%. "Degree of completion; direct materials, 80%; conversion costs, 40%. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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Cushing, Inc., costs products using a normal costing system. The following data are available for last year: Overhead is applied on the basis of direct labor hours. What was last years per unit product cost? a. 1.39 b. 4.40 c. 4.43 d. 3.01
The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
Weighted-average method, equivalent units. The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for the month of May 2017: Physical Units Direct Materials Conversion (Watches) Costs Beginning work in process (May 1) Started in May 2017 Completed during May 2017 Ending work in process (May 31) Total costs added during May 2017 100 $ 459,888 $ 142,570 510 450 160 $3,237,000 $1,916,000 * Degree of completion: direct materials, 80%; conversion costs, 35%. "Degree of completion; direct materials, 80%; conversion costs, 40%. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.
The assembly division of Stiles Watches,Inc. uses the weighted-average method of process costing. Consider the following data for the month of May 2017: Requirement Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Enter the physical units first, then calculate the equivalent units. Physical Flow of Production Units Work in process beginning Started during current period To account for Completed and transferred out during current period Work in process, ending Accounted for Equivalent units of work done to date Equivalent Units Direct Conversion Materials Costs 1: Data Table Physical Units Direct Conversion (Watches) Materials Costs Beginning work in…
The assembly division of Gannett Watches,Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017: the icon to view the equivalent unit computation.) Requirement Summarize the total costs to account for, calculate the 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. Begin by summarizing the total costs to account for. Total Direct Conversion Production Costs Materials Costs (1) (2) Total costs to account for Next, calculate cost per equivalent unit for direct materials and conversion costs. Direct Conversion Materials Costs (3) Divide by (4) Cost per equivalent unit Finally, assign total costs to units…
The assembly division of Stiles Watches, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017: Requirement Summarize the total costs to account for, calculate the 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. Begin by summarizing the total costs to account for. Total Direct Conversion Production Costs Materials Costs (1) (2) Total costs to account for Next, calculate cost per equivalent unit for direct materials and conversion costs. Direct Conversion Materials Costs (3) Divide by (4) Cost per equivalent unit Finally, assign total costs to units completed (and transferred out) and to units in ending…
The assembly division of Fenton Watches,Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017: Requirement Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Enter the physical units in first, then calculate the equivalent units. Physical Flow of Production Units Work in process, beginning Started during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Equivalent unts of work done in current period Equivalent Units Direct Conversion Materials Costs 1: Data Table Physical Units…
(Process Costing) The following information was taken from the books of Hunza Manufacturing Company for the month of January 2016 Cost of Units in process at beginning: January 1, 2016 (solve the question by using FIFO method) Rs. 50,000 Cost of Raw Material used 148,000 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January [40% complete as to material and 60% complete as to conversion cost] 5,000 units Units placed in production during January…
The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for May 2020: (Click the icon to view the data.) Requirement Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Enter the physical units first, then calculate the equivalent units. Flow of Production Work in process beginning Started during current period To account for Completed and transferred out during current period Work in process, ending Accounted for Equivalent units of work done to date Physical Units Data table Beginning work in process (May 1)ª Started in May 2020 Completed during May 2020 Ending work in process (May 31) Total costs added during May 2020 Physical Units Direct (Watches) Materials 100 $459,888 Print 510 450 160 $3,237,000 aDegree of completion: direct materials, 80%; conversion costs, 35%. bDegree of completion: direct materials, 80%; conversion costs, 40%.…
The assembly division of Stiles Watches,Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017: Requirement Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Enter the physical units in first, then calculate the equivalent units. Physical Flow of Production Units Work in process, beginning Started during current period To account for Completed and transferred out during current period: From beginning work in process Started and completed Work in process, ending Accounted for Equivalent unts of work done in current period Equivalent Units Direct Conversion Materials Costs 1: Data Table Physical Units…
(Process Costing) The following information was taken from the books of Hunza Manufacturing Company for the month of January 2016 Cost of Units in process at beginning: January 1, 2016 Rs. 50,000 Cost of Raw Material used 148,000 Direct Labour cost incurred 115,200 Factory Overhead Cost incurred 86,400 The data extracted from the production report relating to above process are as follows: Units in process at beginning of January [40% complete as to material and 60% complete as to conversion cost] 5,000 units Units placed in production during January 13,000 units Units in process…
EXAMPLE 6 Job costing, journal entries. Donald Transport assembles prestige manufactured homes. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead allocated at a budgeted $31 per machine-hour in 2017). The following data (in millions) show operation costs for 2017: Materials Control, beginning balance, January 1, 2017 Work-in-Process Control, beginning balance, January 1, 2017 Finished Goods Control, beginning balance, January 1, 2017 Materials and supplies purchased on credit Direct materials used Indirect materials (supplies) issued to various production departments Direct manufacturing labor Indirect manufacturing labor incurred by various production departments Depreciation on plant and manufacturing equipment Miscellaneous manufacturing overhead incurred (ordinarily would be detailed as repairs, utilities, etc., with a corresponding credit to various liability accounts)…