Equivalent Units Direct Materials Conversion Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs 80 3,700 3,700 3,700 3,780 300 75 4,000 3,855

Equivalent Units Direct Materials Conversion Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs 80 3,700 3,700 3,700 3,780 300 75 4,000 3,855

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Description: The costs per equivalent unit of direct materials and conversion in the RollingDepartment of Kraus Steel Company are $750 and $120, respectively. The equivalentunits to be assigned costs are as follows:The beginning work in process inventory on Octob

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 14E: Cost per equivalent unit The following information concerns production in the Forging Department for...

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Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Case 6-20 Effect of Incorrect Costing across Departments-Weighted-Average Me LO5] Tavia Limited manufactures a plastic gasket that is used in automobile engines. The gaskets go through th Mixing, Forming, and Stamping. The company's accountant (who is very inexperienced) has prepared a su costs for the Forming Department for October, as follows: Work in process inventory, October 1 (10,500 units; materials 100% complete; conversion 7/8 complete) Costs transferred in from the Mixing Department Material added during October (added when processing is 50% complete in the Forming Department) Conversion costs added during October Total departmental costs Forming Department costs assigned to: Units completed and transferred to the Stamping Department (120,000 units at $3.81451 each) Work in process inventory, October 31 (5,500 units, conversion 2/5 complete) Total departmental costs assigned $ 45,045* 148,130 Required: 56,880 207,686 $457,741 $457,741 0 $457,741 *Consists of cost transferred…
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion Equivalent Units Direct Materials Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 56,000 56,000 4,000 Total units to be assigned costs 60,000 The beginning work in process inventory on October 1 had a cost of $2,260. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department $ $ in the Rolling Department of Jabari Steel Company are $0.85 and $2.50, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Conversion 3,900 56,000 59,900 1,600 61,500 0
Question 3: Process Costing Cannondale Bicycle Company manufactures various lines of bicycles. Because of the high volume of each type of product, the company employs a process cost system to determine unit costs. Bicycle parts are manufactured in the Moulding Department and transferred to the Assembly Department where they are assembled. After assembly, the bicycles are sent to the Packing Department. Cost and production figures for the Assembly Department are presented below for the month of June: Production Data (in unit) 70,000 Beginning WIP Inventory (70% complete as to material; 40% complete as to conversion) Started in June Completed and transferred out Ending WIP Inventory (75% complete as to material; 25% complete as to conversion) 460,000 450,000 80,000 Cost Data (in dollar) Material Conversion $36,550 $391,850 $13,500 Beginning WIP Inventory Current period $287,300 Required: (a) Determine the cost per equivalent unit for the Assembly Department's direct materials and…
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $0.55 and $1.25, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Equivalent Units Conversion Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Total units to be assigned costs 0 5,400 67,000 67,000 67,000 72,400 6,000 73,000 2,400 74,800 The beginning work in process inventory on October 1 had a cost of $3,670. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department
provided for the first week in March: Physical flow schedule: Units to account for: Units in BWIP Units started Total units to account for Units accounted for: Units completed: From BWIP Started and completed Units in EWIP Total units accounted for Required: Direct Materials Direct Materials Conversion $30,000 Inputs Unit conversion cost Total unit cost 0 46,000 1. Calculate the equivalent units for each input category. Equivalent Units $ $50,200 60,000 60,000 Conversion Costs 0 46,000 14,000 60,000 2. Calculate the unit cost for each category and in total. If required, round your answers to the nearest cent. Unit direct materials cost $ 3. What if a different type of materials is also added at the end of the process (a candy wrapper), costing $9,200? Calculate the new unit cost. If required, round your answer to the nearest cent. $ per unit
End. Work in Process Inv. % Complete as to Beg. Work Units Completed in Process Month Inv. and Transferred Out Units Conversion Cost March 2,820 39,480 11,280 75% Compute equivalent units of production for March for both materials and conversion costs using the weighted-average method of process costing. Materials are entered at the beginning of the process. Quantities Units to be accounted for Work in process inventory, 3/1 Started into production Total units to be accounted for Equivalent Units of Production Physical Units Materials Conversion Costs
Goode Company has the following production data for selected months. EndingWork in Process Month BeginningWork in Process UnitsTransferred Out Units % Complete as toConversion Cost January –0– 40,300 10,300 42 % March –0– 41,800 9,000 75 July –0– 48,800 20,700 21 Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process. Materials Conversion Costs January March July
Assume the following Information: Milling Department Beginning work in process inventory Units started into production during March Units completed during the period and transferred to the next department Ending work in process inventory Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Multiple Choice O 5,980 units 6,040 units Using the weighted-average method, what is the equivalent units of production for conversion? 6,220 units Units 6,160 units 200 6,200 5,800 600 Percent Complete Materials 40% 100% 70% Materials $ 10,000 290,000 $ 300,000 Conversion 30% 100% 60% Conversion $ 15,000 385,000 $ 400,000
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $1.05 and $0.80, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 0 3,500 Started and completed during July 50,000 50,000 Transferred out of Rolling (completed) 50,000 53,500 Inventory in process, July 31 5,000 2,000 Total units to be assigned costs 55,000 55,500 The beginning work in process inventory on July 1 had a cost of $2,000. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production $fill in the blank 1 Inventory in process, ending $fill in the blank 2 Total costs assigned by the Rolling Department $fill in the blank 3
Data for July: Work-in-process inventory, July 1 (38,500 units): Direct materials (95% completed) Conversion (55% completed) Balance in work in process inventory, July 1 Units started during July Units completed and transferred Work-in-process inventory, July 31: Direct materials (95% completed) Conversion (55% completed) Cost incurred during July: O Direct materials Conversion costs Cost per equivalent unit for conversion under the FIFO method is calculated to be: Multiple Choice $2.94 $ 122,650 77,100 $ 199,750 $2.35. 92,500 106,750 24,250 $ 182,500 290,500
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak Ridge Steel Company are $0.75 and $1.05, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, July 1 0 2,600 Started and completed during July 44,000 44,000 Transferred out of Rolling (completed) 44,000 46,600 Inventory in process, July 31 3,000 1,500 Total units to be assigned costs 47,000 48,100 The beginning work in process inventory on July 1 had a cost of $1,510. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production $ Inventory in process, ending $ Total costs assigned by the Rolling Department $