FINANCIAL+MANAG.ACCT.
9th Edition
ISBN: 9781260728774
Author: Wild
Publisher: RENT MCG
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Chapter 16, Problem 16E
Exercise 16-16 Weighted average:
Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March.
| Units | Costs | |||
| Beginning work in process inventory | 2,000 | Beginning work in process inventory | ||
| Started………………………… | 20,000 | Direct Materials………………. | $2,500 | |
| Ending work in process inventory… | 5,000 | Conversion………………………. | 6,360 | $ 8,860 |
| Direct materials added…………… | 168,000 | |||
| Status of ending work in process inventory | Direct labor added………………… | 199,850 | ||
| Materials—Percent complete…… | 100% | 279,790 | ||
| Convertion—Percent complete…… | 35% | Total costs to account for…………. | $656,500 | |
| Ending work in process inventory… | $ 84,110 |
Prepare a process cost summary report for this company showing costs charged to production, unit cost information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation. Use the weighted-average method.
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Students have asked these similar questions
Exercise 16-17 (Algo) Weighted average: Production cost report LO P2
Oslo Company produces large quantities of a standardized product. The following information is available for the first
production department for May. Prepare a production cost report for this process using the weighted average method.
(Round "Cost per EUP" to 2 decimal places.)
Direct
MaterialsConversion
Percent
Percent
Units
Complete Complete
Beginning work in process
inventory
Units started this period
Completed and transferred out
Ending work in process inventory
6,300
23,500
22,200
7,600
100%
40%
Beginning work in process
inventory
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
$ 5,258
11,568 $ 16,826
401,590
497,192
898,782
$
915,608
Total costs to account for
X Answer is not complete.
OSLO COMPANY-First Department
Production Cost Report – Weighted Average Method
For Month Ended May 31
Unit reconciliation:
Units to account for:
Beginning work in process
Units started this period…
QUESTION 17
Hanson Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the
most recent month are listed below:
Beginning work in process inventory:
Units in beginning work in process inventory..
Materials costs.
Conversion costs..
Percent complete with respect to materials..
Percent complete with respect to conversion.
Units started into production during the month.
Units transferred to the next department during the
200
S2,200
S1,000
50%
10%
6,500
6,100
month
Materials costs added during the month.
Conversion costs added during the month
Ending work in process inventory:
Units in ending work in process inventory
Percent complete with respect to materials.
Percent complete with respect to conversion..
S135,000
$312,600
600
80%
60%
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you
computed. To reduce rounding error,…
Question Content Area
Department M had 2,800 units 52% completed in process at the beginning of June, 11,900 units completed during June, and 800 units 25% completed at the end of June. What was the number of equivalent units of production for conversion costs for June if the first-in, first-out method is used to cost inventories?
a. 9,100 units
b. 12,900 units
c. 10,644 units
d. 12,100 units
Chapter 16 Solutions
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