EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Chapter 21, Problem 21Q
To determine
Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To compute: The units transferred out.
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Students have asked these similar questions
Micro Inc. processes a single type of microchip in large quantities. For the current period the following information is given:
Units
Material Cost
Conversion Cost
Beginning Inventory
9,000
$18,360
$94,800
Started during the current period
72,000
$273,000
$409,200
Ending Inventory
12,000
All materials are added at the beginning of the production process. The beginning inventory was 40% complete as to conversion, while the ending inventory was 75% completed for conversion purposes.
a. Calculate Micro’s physical flow of units, equivalent units, cost per equivalent unit and assign costs toFinished Goods and Ending Work-in-Process Inventories using the FIFO method of processing
Production data show 35,920 units were transferred out of a stage of production and 6,150 units remained in ending WIP inventory that was 100% complete to material and 35% complete to conversion. The unit material cost is $5 for material and $8 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory? Round to the whole unit and whole dollar, no decimals.Complete the tables below:Equivalent units data UnitsMaterialsConversionTransferred out35,920 Ending inventory6,150 Units accounted for, equivalent units Cost dataTransferred out $ Ending work in process: materials Ending work in process: conversion Ending work in process: total Costs to account for $
How many units must have been completed and transferred if beginning inventory was 75,000 units, ending inventory was 72,000 units, and
290,000 units were started?
PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Costs per unit are rounded to two decimal places and shown with "$" and commas
as needed (i.e. $1,234.56). All other dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345).
Beginning inventory
Units started
Total units to account for
4
Units completed and transferred out
293,000
Ending inventory
Chapter 21 Solutions
EBK ACCOUNTING PRINCIPLES
Ch. 21 - Prob. 1QCh. 21 - Prob. 2QCh. 21 - Prob. 3QCh. 21 - Prob. 4QCh. 21 - Prob. 5QCh. 21 - Prob. 6QCh. 21 - Prob. 7QCh. 21 - Prob. 8QCh. 21 - Prob. 9QCh. 21 - Prob. 10Q
Ch. 21 - Prob. 11QCh. 21 - Prob. 12QCh. 21 - Prob. 13QCh. 21 - Prob. 14QCh. 21 - Prob. 15QCh. 21 - Prob. 16QCh. 21 - Prob. 17QCh. 21 - Prob. 18QCh. 21 - Prob. 19QCh. 21 - Prob. 20QCh. 21 - Prob. 21QCh. 21 - Prob. 22QCh. 21 - Prob. 1BECh. 21 - Prob. 2BECh. 21 - Prob. 3BECh. 21 - Prob. 4BECh. 21 - Prob. 5BECh. 21 - Prob. 6BECh. 21 - Prob. 7BECh. 21 - Prob. 8BECh. 21 - Prob. 9BECh. 21 - Prob. 10BECh. 21 - Prob. 11BECh. 21 - Prob. 12BECh. 21 - Prob. 1DIECh. 21 - Prob. 2DIECh. 21 - Prob. 3DIECh. 21 - Prob. 4DIECh. 21 - Prob. 1ECh. 21 - Prob. 2ECh. 21 - Prob. 3ECh. 21 - Prob. 4ECh. 21 - Prob. 5ECh. 21 - Prob. 6ECh. 21 - Prob. 7ECh. 21 - Prob. 8ECh. 21 - Prob. 9ECh. 21 - Prob. 10ECh. 21 - Prob. 11ECh. 21 - Prob. 12ECh. 21 - Prob. 13ECh. 21 - Prob. 14ECh. 21 - Prob. 15ECh. 21 - Prob. 17ECh. 21 - Prob. 18ECh. 21 - Prob. 19ECh. 21 - Prob. 20ECh. 21 - Prob. 1PSACh. 21 - Prob. 2PSACh. 21 - Prob. 3PSACh. 21 - Prob. 4PSACh. 21 - Prob. 5PSACh. 21 - Prob. 6PSACh. 21 - Prob. 7PSACh. 21 - Prob. 2EYCTCh. 21 - Prob. 5EYCTCh. 21 - Prob. 6EYCT
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- [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $748,960 on October 1. Of this amount, $311,920 was the cost of direct materials and $437,040 was the cost of conversion. The 55,000 units in the beginning inventory were 25 percent complete with respect to both direct materials and conversion costs. During October, 116,000 units were transferred out and 37,000 remained in ending inventory. The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,821,000 for direct materials and $3,582,720 for conversion. Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate calculations to 2 decimal places.)arrow_forwardA company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Costs per unit are rounded to two decimal places and shown with "$" and commas as needed (i.e. $1,234.56). All other dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). Completed and transferred out units Cost of units transferred per unit Cost of inventory transferredarrow_forwardA company started a new product, and in the first month started 124,575 units. The ending work in process inventory was 14,775 units that were 100% complete with materials and 65% complete with conversion costs. There were 14,775 units to account for, and the equivalent units for materials was $5 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?arrow_forward
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