Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 18, Problem 16SE
To determine
Calculate equivalent units of production for direct materials and conversion costs for the filtration department using FIFO method.
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The following cost information is available for July for the Crest Plant at Calvert Company:
Beginning work-in-process inventory
Materials cost
$ 66,000
Conversion cost
45,000
Total
$ 111,000
Current costs
Materials cost
$ 220,000
Conversion cost
470,000
Total
$ 690,000
Materials are added at the beginning of the process. The following quantities have been recorded:
Beginning inventory, 50,000 partially complete gallons, 10 percent complete with respect to conversion costs.
Units started in July, 90,000 gallons.
Units transferred out in July, 100,000 gallons.
Ending inventory, 40,000 gallons, 70 percent complete with respect to conversion costs.
Required:
Compute the cost of goods transferred out and the ending inventory for July using the FIFO method.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
The following cost information is available for July for the Crest Plant at Calvert Company:
Beginning work-in-process inventory
Materials cost
$ 56,500
Conversion cost
35,500
Total
$ 92,000
Current costs
Materials cost
$ 125,000
Conversion cost
375,000
Total
$ 500,000
Materials are added at the beginning of the process. The following quantities have been recorded:
Beginning inventory, 40,500 partially complete gallons, 30 percent complete with respect to conversion costs.
Units started in July, 80,500 gallons.
Units transferred out in July, 90,500 gallons.
Ending inventory, 30,500 gallons, 45 percent complete with respect to conversion costs.
Required:
Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average method.
Note: Round your answers to 2 decimal places.
Cost per equivalent unit
Direct materials:
Conversion cost:
The following cost information is available for July for the Crest Plant at Calvert Company:
Beginning work-in-process inventory.
Materials cost
Conversion cost
Total
Current costs
Materials cost
Conversion cost
Total
$ 63,500
42,500
$ 106,000
$ 195,000
445,000
$640,000
Materials are added at the beginning of the process. The following quantities have been recorded:
Beginning inventory, 47,500 partially complete gallons, 20 percent complete with respect to conversion costs.
• Units started in July, 87,500 gallons.
• Units transferred out in July, 97,500 gallons.
•
Ending inventory, 37,500 gallons, 45 percent complete with respect to conversion costs.
Required:
Compute the cost of goods transferred out and the ending inventory for July using the FIFO method.
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.
Cost of goods transferred out
Ending inventory
Chapter 18 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. 18 - Match each costing system characteristic to job...Ch. 18 - Prob. 2TICh. 18 - Prob. 3TICh. 18 - Match each costing system characteristic to job...Ch. 18 - Prob. 5TICh. 18 - The Cutting Department has 6,500 units in process...Ch. 18 - Prob. 7TICh. 18 - Prob. 8TICh. 18 - Prob. 9TICh. 18 - Prob. 10TI
Ch. 18 - Prob. 11TICh. 18 - Castillo Company has three departments: Mixing,...Ch. 18 - Prob. 13TICh. 18 - Prob. 14TICh. 18 - Prob. 15TICh. 18 - Prob. 16TICh. 18 - Prob. 17TICh. 18 - Which company is least likely to use a process...Ch. 18 - Which characteristic is the same in both job order...Ch. 18 - Conversion costs are a. direct materials plus...Ch. 18 - Burton Company uses the weighted-average method in...Ch. 18 - Burton Company uses the weighted-average method in...Ch. 18 - Burton Company uses the weighted-average method in...Ch. 18 - The Assembly Department had 4,500 units of...Ch. 18 - The Mixing Department incurred the following costs...Ch. 18 - Department 1 completed work on 500 units and...Ch. 18 - The manager of Gilbert Company used the production...Ch. 18 - Which statement is accurate concerning the FIFO...Ch. 18 - What types of companies use job order costing...Ch. 18 - What types of companies use process costing...Ch. 18 - What are the primary differences between job order...Ch. 18 - List ways in which job order costing systems are...Ch. 18 - Describe the flow of costs through a process...Ch. 18 - What are equivalent units of production?Ch. 18 - Why is the calculation of equivalent units of...Ch. 18 - What are conversion costs? Why do some companies...Ch. 18 - What is a production cost report?Ch. 18 - What are the four steps in preparing a production...Ch. 18 - Explain the terms to account for and accounted...Ch. 18 - If a company began the month with 50 units in...Ch. 18 - Most companies using process costing systems have...Ch. 18 - What is the weighted-average method for process...Ch. 18 - Prob. 15RQCh. 18 - What is the purpose of the Costs Accounted For...Ch. 18 - What are transferred in costs? When do they occur?Ch. 18 - Prob. 18RQCh. 18 - Department 1 is transferring units that cost...Ch. 18 - Prob. 20RQCh. 18 - Describe ways the production cost report can be...Ch. 18 - Prob. 22RQCh. 18 - Describe the three groups of units that must be...Ch. 18 - Prob. 24RQCh. 18 - Prob. 1SECh. 18 - The Jimenez Toy Company makes wooden toys. The...Ch. 18 - Prob. 3SECh. 18 - Cadwell manufactures cell phones. The conversion...Ch. 18 - Spring Fresh produces premium bottled water....Ch. 18 - Prob. 6SECh. 18 - Prob. 7SECh. 18 - The Mixing Department of Complete Foods had 62,000...Ch. 18 - Prob. 9SECh. 18 - Refer to Short Exercises S18-8 and S18-9. Use...Ch. 18 - Prob. 11SECh. 18 - Prob. 12SECh. 18 - The Mixing Departments production cost report for...Ch. 18 - Prob. 14SECh. 18 - Spring Fresh produces premium bottled water....Ch. 18 - Prob. 16SECh. 18 - For each of the following products or services,...Ch. 18 - Prob. 18ECh. 18 - Complete the missing amounts and labels in the...Ch. 18 - Prob. 20ECh. 18 - Prob. 21ECh. 18 - Color Explosion prepares and packages paint...Ch. 18 - Shea Winery- in Pleasant Valley, New York, has two...Ch. 18 - Shea Winery- in Pleasant Valley, New York, has two...Ch. 18 - Complete the missing amounts in the following...Ch. 18 - On May 31, the Mixing Department ending...Ch. 18 - Refreshing Water Company produces premium bottled...Ch. 18 - Oxford Company had the following transactions in...Ch. 18 - Hartley Company has a production process that...Ch. 18 - Blue Ridge Mountain Manufacturing had the...Ch. 18 - Brians Frozen Pizzas uses FIFO process costing....Ch. 18 - Dee Electronics makes game consoles in three...Ch. 18 - Roan Paper Co. produces the paper used by...Ch. 18 - Prob. 34APCh. 18 - Carla (Carpet manufactures broadloom carpet in...Ch. 18 - Prob. 36APCh. 18 - Cheerful Colors manufactures crayons in a...Ch. 18 - Work Problem P18-33A using the FIFO method. The...Ch. 18 - Prob. 39BPCh. 18 - Smith Paper Co. produces the paper used by...Ch. 18 - Prob. 41BPCh. 18 - Casey Carpet manufactures broadloom carpet in...Ch. 18 - Sea Worthy uses three processes to manufacture...Ch. 18 - Happy Colors manufactures crayons in a three-step...Ch. 18 - Work Problem P18-40B using the FIFO method. The...Ch. 18 - Prob. 46PCh. 18 - Prob. 1TIATCCh. 18 - Billy Davidson operates Billys Worm Firm in...Ch. 18 - Rick Fines and Joe Lopez are the plant managers...
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- The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost $ 63,280 Conversion cost 40,002 Total $ 103,282 Current costs Materials cost $ 140,120 Conversion cost 421,038 Total $ 561,158 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 45,200 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 90,400 gallons. Units transferred out in July, 101,700 gallons. Ending inventory, 33,900 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. please do not image format answer.arrow_forwardThe following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs ● Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 80,000 gallons. Units transferred out in July, 90,000 gallons. Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs. $ 56,000 35,400 $ 91,400 Cost of goods transferred out Ending inventory $ 124,000 372,600 $ 496,600 Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. $544,500arrow_forwardThe following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 64,000 43,000 $ 107,000 $ 200,000 450,000 $650,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 48,000 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 88,000 gallons. Units transferred out in July, 98,000 gallons. Ending inventory, 38,000 gallons, 50 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar. Cost of goods transferred out Ending inventoryarrow_forward
- The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total $ 57,000 36,000 $ 93,000 $ 130,000 380,000 $ 510,000 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 41,000 partially complete gallons, 35 percent complete with respect to conversion costs. • Units started in July, 81,000 gallons. • Units transferred out in July, 91,000 gallons. Ending inventory, 31,000 gallons, 50 percent complete with respect to conversion costs. Cost of goods transferred out Ending inventory Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar.arrow_forwardThe following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: $ 59,000 38,000 $ 97,000 Beginning inventory, 43,000 partially complete gallons, 55 percent complete with respect to conversion costs. • Units started in July, 83,000 gallons. • Units transferred out in July, 93,000 gallons. • Ending inventory, 33,000 gallons, 70 percent complete with respect to conversion costs. Cost per equivalent unit $ 150,000 400,000 $ 550,000 Required: Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average method. Note: Round your answers to 2 decimal places. Direct Materials Conversion Costsarrow_forwardThe following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: • Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs. • Units started in July, 80,000 gallons. $ 56,000 35,400 $ 91,400 • Units transferred out in July, 90,000 gallons. • Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs. Cost per equivalent unit $ 124,000 372,600 $ 496,600 Required: Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average method. Note: Round your answers to 2 decimal places. Direct Materials Conversion Costsarrow_forward
- On March1, the Mixing Department had 200 rolls of paper in process. During March, the Mixing Department completed the mixing process for those 200 rolls and also started and completed the mixing process for an additional 4,800 rolls of paper. The department started but did not finish the mixing process for an additional 500 rolls, which were 20% complete with respect to both direct materials and conversion work at the end of March. Direct materials and conversion costs are incurred evenly throughout the mixing process.arrow_forwardThe following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs Materials co Conversion cost Total ● $ 56,000 35,400 $ 91,400 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 80,000 gallons. Units transferred out in July, 90,000 gallons. Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs. $ 124,000 372, 600 $ 496,600 X Answer is complete but not entirely correct. Cost of goods transferred out $ 371,400 X Ending inventory $ 95,100 Required: Compute the cost of goods transferred out and the ending inventory for July using the FIFO method.arrow_forwardThe following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost Conversion cost Total Current costs ● Materials cost Conversion cost Total $ 56,000 35,400 $ 91,400 $ 124,000 372, 600 $ 496,600 Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 40,000 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 80,000 gallons. ● • Units transferred out in July, 90,000 gallons. Ending inventory, 30,000 gallons, 40 percent complete with respect to conversion costs. Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method.arrow_forward
- The following cost information is available for July for the Crest Plant at Calvert Company: · ● Beginning work-in-process inventory Materials cost Conversion cost Total . Current costs Materials cost Conversion cost Total Materials are added at the beginning of the process. The following quantities have been recorded: Beginning inventory, 44,800 partially complete gallons, 25 percent complete with respect to conversion costs. Units started in July, 89,600 gallons. Units transferred out in July, 100,800 gallons. Ending inventory, 33,600 gallons, 40 percent complete with respect to conversion costs. $ 62,720 39,648 $ 102,368 $ 138,880 417,312 $ 556,192 Cost of goods transferred out total Ending inventory total Required: Compute the cost of goods transferred out and the ending inventory for July using the weighted-average method. Note: Do not round your intermediate calculations.arrow_forwardMountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Department received 67,000 liters from the Purifying Department. During the period, the Bottling Department completed 65,000 liters, including 3,000 liters of work in process at the beginning of the period. The ending work in process had 5,000 liters. How many liters were started and completed during the period? ____________________ liters started and completedarrow_forwardThe Mountain Springs Water Company has two departments, Purifying and Bottling. The Bottling Department received 60,750 liters from the Purifying Department. During the period, the Bottling Department completed 58,200 liters, including 2,620 liters of work in process at the beginning of the period. The ending work in process was 5,170 liters. How many liters were started and completed during the period?fill in the blank 1 liters started and completedarrow_forward
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