Solve 5 questions with steps and reasons . The subject is Managerial Accounting. 8. The weighted-average method of process costing differsfrom the FIFO method of process costing in that theweighted-average method:A. its applied when there is significant difference in costbetween two periods.B. does not require the use of predetermined overheadrates.C. keeps costs in the beginning inventory separate fromcurrent period costs.D. does not consider the number of units in thebeginning work in process inventory when computingequivalent units of production.9. The Al Nabras Company uses the weighted averagemethod in its process costing system. The company'sending work in process equivalent units were calculatedas 11,000 units in respect to direct materials, and 9,000units in respect to conversion. Also, total company'scompleted and transferred out equivalent units werecalculated as 12,000 units for both direct materials andconversation cost. If the costs per equivalent unit are$8.00 for the materials and $5.20 for conversion, thetotal cost of the ending work in process inventoryaccount would be:A. $160,000B. $158,400C. $293,200D. $134,80010. Which of the following months will be covered underQuarter three:A. June, July, AugustB. July, August, SeptemberC. July, August, OctoberD. August, September, October 6. A-Lumber Company uses the weighted-average methodin its process costing system. Information for the monthof June presented below:UnitsPercentage Completion InRespect to Conversion CostsBeginning WIPStarted during June12,00090%18,000Completed and Transferred Out 20,000Ending WIP10,00040%The conversion cost in beginning work in process inventorywas $20,000 at the beginning of June. Additionalconversion costs of $70,000 were incurred in the departmentduring the month. What was the cost per equivalent unit forconversion costs for the month?A. $3.75B. $3.00C. $3.46D. $4.407. The Qabool Company uses the weighted average methodin its process costing system. The company recorded15,000 units for conversion costs on 1 January in adepartment, 20% complete with respect to conversioncosts. During the month, 25,000 units were provided tothe department to work on. There were 8,000 units workin process inventory by the end of January, 75%complete with respect to conversion costs. Total numberof equivalent units in respect to conversion cost:A. 40,000 unitsB. 38,000 unitsC. 35,000 unitsD. 30,000 units

6. A-Lumber Company uses the weighted-average method in its process costing system. Information for the month of June presented below: Units Percentage Completion In Respect to Conversion Costs Beginning WIP Started during June Completed and Transferred Out 20,000 Ending WIP 12,000 90% 18,000 10,000 40% The conversion cost in beginning work in process inventory was $20,000 at the beginning of June. Additional conversion costs of $70,000 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? A. $3.75 B. $3.00 C. $3.46 D. $4.40

6. A-Lumber Company uses the weighted-average method in its process costing system. Information for the month of June presented below: Units Percentage Completion In Respect to Conversion Costs Beginning WIP Started during June Completed and Transferred Out 20,000 Ending WIP 12,000 90% 18,000 10,000 40% The conversion cost in beginning work in process inventory was $20,000 at the beginning of June. Additional conversion costs of $70,000 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? A. $3.75 B. $3.00 C. $3.46 D. $4.40

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 20E: Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through...

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Jones Corporation uses a first-in, first-out (FIFO) process cost system. Jones has the following unit information for the month of August: The equivalent units of production for conversion costs for the month of August were: a. 87,300 units. b. 88,000 units. c. 92,300 units. d. 92,700 units.
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?
A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?
Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?
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.
During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.
Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units. The beginning work in process inventory consisted of $5,000 in materials and $8,500 in conversion costs before $16,000 of materials and $18,500 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 1,900 units in work in process that were 60% complete at the beginning of the period. During the period, 15,800 units were completed and transferred to the Packing Department. There were 1,200 units in process that were 30% complete at the end of the period. a. Determine the number of whole units to be accounted for and to be assigned costs for the period. b. Determine the number of equivalent units of production for the period. Assume that direct materials are placed in process during production.
A company has 100 units in ending work in process that are 40% complete after transferring out 750 Units. If the cost per unit is $5 for materials and $2.50 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?
Production data show 15,200 units were transferred out of a stage of production and 3,500 units remained in ending WIP inventory that was 100% complete to material and 60% complete to conversion. The unit material cost is $9 for material and $4 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory?