Radford Products adds materials at the beginning of the process in Department A. The following information on physical units forDepartment A for the month of January is available.Units started in JanuaryUnits completed in JanuaryWork in process, January 1 (25% complete with respect to conversion)Work in process, January 31 (40 % complete with respect to conversion)Required:905,000929,000103,50079,500a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method.b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method.a. Using the weighted-average methodb. Using the FIFO methodEquivalent UnitsConversionMaterialsCosts

Name: Radford Products adds materials at the beginning of the process in De
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Description: Radford Products adds materials at the beginning of the process in Department A. The following information on physical units forDepartment A for the month of January is available.Units started in JanuaryUnits completed in JanuaryWork in process, Jan

The equivalent units are calculated on the basis of the percentage of the work completed during the…

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Radford Products adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of January is available. Units started in January Units completed in January Work in process, January 1 (25% complete with respect to conversion) Work in process, January 31 (40% complete with respect to conversion) 905,000 929,000 103,500 79,500 Required: a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. Equivalent Units Conversion Materials Costs a. Using the weighted-average method

Radford Products adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of January is available. Units started in January Units completed in January Work in process, January 1 (25% complete with respect to conversion) Work in process, January 31 (40% complete with respect to conversion) 905,000 929,000 103,500 79,500 Required: a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. Equivalent Units Conversion Materials Costs a. Using the weighted-average method

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 6PA: Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in...

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Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: a. All materials are added at the beginning of the process. b. Beginning work in process had 80,000 units, 30 percent complete with respect to conversion costs. c. Ending work in process had 17,000 units, 25 percent complete with respect to conversion costs. d. Started in process, 95,000 units. Required: 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method.
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Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.
Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?
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Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000. Required: 1. Assuming the use of the weighted average method, prepare a schedule of equivalent units. 2. Compute the unit cost for the month.
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