What is the Direct Materials Cost Per Equvalent Unit? What is the Conversion cost per equivalent unit? What is the cost of the beginning work in process completed during May? What is the cost of the ending work in process? What is the amount of the costs transfered to Finished Goods (or the next department)?

What is the Direct Materials Cost Per Equvalent Unit? What is the Conversion cost per equivalent unit? What is the cost of the beginning work in process completed during May? What is the cost of the ending work in process? What is the amount of the costs transfered to Finished Goods (or the next department)?

Name: QUESTION 17ACCOUNT Work in Process-Forging DepartmentDateItemNov. 1 B
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Description: QUESTION 17ACCOUNT Work in Process-Forging DepartmentDateItemNov. 1 Bal., 1,200 units, 60% completed30 Direct materials, 8,300 units30 Direct labor30Factory overhead30 Goods transferred, 2 units30 Bal., 900 units, 70% completedDebit124,50018,95020,1

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 32P: Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a...

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Question Content Area Compute conversion costs given the following data: direct materials, $376,200; direct labor, $200,400; factory overhead, $179,400 and selling expenses, $48,400. a. $555,600 b. $131,000 c. $756,000 d. $379,800
[The following information applies to the questions displayed below.) The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Complete Percent Complete 35% Beginning work in process inventory Units started this period. 76,000 65% 402,000 Completed and transferred out 350,000 Ending work in process inventory 98,000 85% 35% Exercise 20-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials 5.180,444 45,559 Conversion $ 226,003 Costs added this period, Direct materials Conversion 1,278,951 845,186 Total costs to account for 2.124,137 $2,350,140 a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically,…
The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Requirement 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. Begin by summarizing total costs to account for. Total costs to account for Total Production Costs Direct Materials Conversion Costs 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 Conversion (Watches) Materials Costs $459,888 $142,570 100 510 450 160 Print a Degree of completion: direct materials, 80%; conversion costs, 35%. bDegree of completion: direct materials, 80%; conversion costs, 40%.…
Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials. Conversion Total costs to account for Units 4,400 20, 600 25,000 3,800 $314, 760 1,374,948 Direct Materials Conversion Percent Percent Complete Complete 100% 30% 100% $ 124,790 1,689, 708 $ 1,814, 498 70%
6 Compute the conversion cost per equivalent unit for the Production department using the weighted-average method. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Production cost information for the Production department follows. Beginning work in process Direct materials. Conversion Costs added this period Direct materials Conversion $ 93,500 107,000 Units 18,000 90,000 108,000 30,000 $ 253,000 291,160 $ 200,500 $544,160 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% 60%
PR 18-4A Activity-Based Product Costing Obj. 4 Mello Manufacturing Company is a diversified manufacturer that manufactures three products (Alpha, Beta, and Omega) in a continuous production process. Senior management has asked the controller to conduct an activity-based costing study. The controller identified the amount of factory overhead required by the critical activities of the organization as follows: Activity Production Setup Materials handling Inspection Product engineering The activity bases identified for each activity are as follows: Activity Production Alpha Beta 3. Setup Materials handling Inspection Product engineering Total Omega Total Activity Base Machine hours Number of setups Number of parts The activity-base usage quantities and units produced for the three products were determined from corporate records and are as follows: Number of inspection hours Number of engineering hours Machine Hours 1,440 1,080 720 3,240 Number of Setups Activity Cost Pool $259,200 55,000…
Problem Compute for the equivalent units of production in each of the following cases: Case A In process, Sept. 1 Placed in process In process, Sept. 30 Case B Stage of completion Stage of completion In process, Oct 1 Case C Stage of completion Transferred to Dept Y In process, Oct. 31 Stage of completion In process, Nov. 1 Stage of completion Transferred to stockroom Placed in process In process, Nov. 30 Stage of completion Department 1 8,000 units 14 50,000 units 6,000 units 1/5 Department X 3,000 units 1/3 26,000 units 4,000 1/5 Department A ? 1/5 35,000 units 12,000 units 1/3 Department 2 5,000 units 1/10 12,000 units 1/6 Department Y 2,000 units 1/5 7,000 2/7 Department B 8,000 units 1/8 38,000 units 3,200 units 1/10
Following is information about the assembly department of a company: 1. 2. 3. 4. 5. There were 194,600 units in work in process inventory on August 1. With respect to units transferred in, 100% were complete and costs incurred amounted to $129,900. With respect to conversion, 90% of the units were complete and costs incurred amounted to $53,500. 494,700 units were transferred in from the cutting department during August. 561,000 units were completed during August and transferred to the finished goods inventory. During August, costs incurred were as follows: $497,363 for units transferred in from cutting, $415,140 for direct materials used, and $137,894 for conversion costs. There are 128,300 units in work in process inventory on August 31. With respect to the units transferred in, 100% are complete and 60% are complete with respect to conversion. Prepare a production cost report. (Round unit costs to 7 decimal places, e.g. 0.1287345 and all other answers to O decimal places, e.g.…
Details $ Units produced 1,000 Direct materials $8 Direct labour $12 Fixed production overhead $7,000 Variable production overhead $3 Fixed selling and administrative $3,000 Variable selling and administrative $5 a) Determine the unit product cost under absorption costing. b)
Activity Cost Pool Cost Driver EstimatedOverhead Use perProduct A Use perProduct B Machine Setups Setups $144,000 6,000 2,000 Assembly Number of Parts 71,000 25,000 46,000 Machine Maintenance Machine Hours 200,000 13,000 37,000 Compare the overhead allocation using (A) the traditional allocation method and (B) the activity-based costing method. (Hint: the traditional method uses machine hours as the allocation base.) For those boxes in which you must enter subtractive or negative numbers use a minus sign.
Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventory
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