Connect Access Card For Fundamentals Of Cost Accounting

6th Edition

ISBN: 9781260708738

Author: William N. Lanen Professor, Shannon Anderson Associate Professor, Michael W Maher

Publisher: McGraw-Hill Education

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Textbook Question

Chapter 8, Problem 19E

Compute Equivalent Units: FIFO Method

Refer to the data in Exercise 8-18. Assume that beginning inventory is 50 percent complete with respect to materials and 30 percent complete with respect to conversion costs.

Required

a. Compute the equivalent units for materials using FIFO.
b. Compute the equivalent units for conversion costs using FIFO.

8-18 Compute Equivalent Units: Weighted-Average Method

Conlon Chemicals manufactures paint thinner. Information on the work in process follows:
Beginning inventory, 30,000 partially complete gallons.
Transferred out, 157,500 gallons.
Ending inventory (materials are 10 percent complete; conversion costs are 20 percent complete).
Started this month, 180,000 gallons.

Required

a. Compute the equivalent units for materials using the weighted-average method.
b. Compute the equivalent units for conversion costs using the weighted-average method.

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Chapter 8, Problem 18E

Chapter 8, Problem 20E

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Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials Beginning inventory: conversion Direct material Direct labor Applied overhead Total costs to account for Units to Account For Beginning work in proces Units started into production Transferred out Completed and transferred out Ending work in process Total units to account for Completed and transferred out Ending work in process Total units to account for Work in process completion percent Transferred out costs End work in process: materials Costs to account for Beginning work in process Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department End work in process: conversion $11,000 18,000 49,000 76,000 21,184 $175,184 End work in…

Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials Beginning inventory: conversion Direct material Direct labor Applied overhead Total costs to account for Units to Account For Beginning work in process Units started into production Transferred out Completed and transferred out Ending work in process Total units to account for Transferred out costs Completed and transferred out Ending work in process Total units to account for Work in process completion percent End work in process: materials End work in process: conversion $11,000 Costs to account for Beginning work in process Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department End work in process: total 18,000 Costs to account for…

Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: beginning inventory of 2.500 units is 100% complete with regard to materials and 60% complete with regard to conversion • 18,000 units were started during the period • 17,500 units were completed and transferred · ending inventory is 100% complete with materials and 65% complete with conversion PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Units Accounted For: Total Units Material Units Conversion Units

Chapter 8 Solutions

Connect Access Card For Fundamentals Of Cost Accounting

Ch. 8 - What are the characteristics of industries most...Ch. 8 - A manufacturing company has records of its...Ch. 8 - If costs increase from one period to another, will...Ch. 8 - What are the five steps to follow when computing...Ch. 8 - What is the distinction between equivalent units...Ch. 8 - Which method, weighted-average or FIFO, better...Ch. 8 - It has been said that a prior departments costs...Ch. 8 - The more important individual unit costs are for...Ch. 8 - Assume that the number of units transferred out of...Ch. 8 - The management of a liquid cleaning product...

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