1-ABC production company calculates production costs according to the phase cost system. The information of the business for the period of June 2021 is as follows:According to the information given above, what is the equivalent unit cost in terms of direct labor costs for the period? Production started : 25,000 unitsCompleted and transferred : 17,000 units8,000 unitsD.I.M.M. in terms of 90%Cnd of period stock of semi-finishe@. 60% in terms of laborproducts:Completion Degrees:G.U.G. in terms of 60%June Production ExpensesDirect First Material and Material ExpensesDirect Labor Expenses1.210.000 TL436.000 TLGeneral Production Expenses872.000 TL

In process costing some units gets work in process at the year end hence to evaluate proper costing…

Answered: -ABC production company calculates…

-ABC production company calculates production costs according to the phase cost system. The information of the business for the period of June 2021 is as follows: According

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Assume the following information: Materials $ 10,000 291,600 $301,600 Conversion $15,000 387,000 $ 402,000 Milling Department Total Cost of beginning work in process inventory Costs added during the period $ 25,000 678,600 $703,600 Total cost ts 00:13:14 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department? Multiple Choice $29,280 $59,280 $49.280
provided for the first week in March: Physical flow schedule: Units to account for: Units in BWIP Units started Total units to account for Units accounted for: Units completed: From BWIP Started and completed Units in EWIP Total units accounted for Required: Direct Materials Direct Materials Conversion $30,000 Inputs Unit conversion cost Total unit cost 0 46,000 1. Calculate the equivalent units for each input category. Equivalent Units $ $50,200 60,000 60,000 Conversion Costs 0 46,000 14,000 60,000 2. Calculate the unit cost for each category and in total. If required, round your answers to the nearest cent. Unit direct materials cost $ 3. What if a different type of materials is also added at the end of the process (a candy wrapper), costing $9,200? Calculate the new unit cost. If required, round your answer to the nearest cent. $ per unit
E5-1 Computing equivalent production Compute the equivalent production (unit output) for the month for each of the following situations: Units Completed During Month Stage of Completion Units in Process, End of Month а. 10,000 5,000 1/2 b. 22,000 4,000 3/4 C. 8,000 1,000 1/4 500 2/5 d. 25,000 5,000 1/2 5,000 3/4 е. 48,000 1,500 4/5 4,000 1/4
Cost per equivalent unit this period Cost in beginning work-in-process inventory Equivalent units to complete beginning inventory Direct Materials $3.00 $24,000 0 Conversion $5.00 $29,400 2,400 Units started and completed this period 26,000 26,000 Equivalent units in completed ending inventory 12,000 4,800 Materials are added at the beginning of the production process. Conversion costs are added uniformly throughout the production process. Assuming a FIFO flow of costs, what is this company's computed total production cost transferred out during the period?
Compute conversion costs given the following data: direct materials, $366,300; direct labor, $191,700; factory overhead, $208,000 and selling expenses, $48,200. Oa. $574,300 Ob. $159,800 Oc. $399,70o Od. $766.00o > ( Previous Next 3:23 PM 53°F Sunny A 12/14/2021 a %23 2)
Cost Information and FIFO Gunnison Company had the following equivalent units schedule and cost information for its Sewing Department for the month of December: Direct Materials Conversion Costs Units started and completed 43,000 43,000 Add: Units in beginning work in process x Percentage complete: 4,000 x 0% direct materials 4,000 x 50% conversion Costs 2,000 Add: Units in ending work in process x Percentage complete: 14,000 x 100% direct materials 14,000 14,000 x 35% conversion Costs Equivalent units of outpu 4,900 57,000 49,900 Costs: Work in process, December 1: Direct Material $20,000 Conversion Costs 12,000 Total work in process $32,000 Current costs: Direct Material $342,000
1. Information for the month of January concerning Department A, the first stage of Angeles Company's production cycle, is as follows: Materials P 8,000 40,000 P 48,000 100,000 P0.48 Conversion BWIP Current Costs Total Costs P 6,000 32,000 P 38,000 95,000 P 0.40 EUP using weighted average method Average unit costs Goods completed -90,000 units 10,000 units --- EWIP ---- Materials are added at the beginning of the process. The ending WIP is 50% complete as to conversion costs. a. How would the total costs accounted for be distributed to GOODS COMPLETED, using the weighted average method? b. How woluld the total costs accounted for be distributed to ENDING WIP, using the weighted average method?
Date Item Debit Credit August 1 Bal., 5,100 units, 2/5 completed 31 Direct materials, 91,800 units 31 Direct labor 31 Factory overhead 31 Goods finished, 93,000 units 31 Bal., 2 units, 2/5 completed a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit W 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August. 4. Cost of units started and completed during August $ 5. Cost of the ending work in process $ b. Assuming that the direct materials cost is the same for July and August, did the conversion cost per equivalent unit increase, decrease, or remain th same in August? 183,600 53,290 29,978 Balance Balance Debit Credit 269,598 11,934 195,534 248,824 278,802 9,204 9,204
Assume the following information: Milling Department Cost of beginning work in process inventory Costs added during the period Total cost Materials $ 10,000 295,000 $ 305,000 A Conversion $ 15,000 385,000 $ 400,000 If the equivalent units of production for materials is 6,000 units using the weighted-average method, then what is the cost per equivalent unit for materials? Total $ 25,00 680,00 $705,00
Muffy Painting Company has the following production data for March. Ending Work In Process % Complete as to Month Beglnning Work In Process Units Units Converslon Cost Transferred Out March 3,000 42,000 12,000 759% Compute equivalent units of production for March for both materials and conversion costs. Materials are entered at the beginning of the process. Equlvalent Units Quantitles Physlcal Units Materlals Converslon Costs Units to be accounted for Work in process, March 1 Started into production Total units Units accounted for Transferred out Work in process, March 31 Total units
The cost of materials for beginning work-in-process is $10,400. Materials costs added during the period were $131,500. The equivalent units of production for materials is 50,000 units Using the weighted average method, what is the cost per equivalent unit for materials? OA. $0.21 OB. $2.04 OC. $2.63 OD. 53.84
Following is a partial production cost report for Mitchell Mar Equivalent units of production (EUP) Direct Materials Units Completed and transferred out Ending Work in Process Cost per EUP Cost of beginning work in process $40,500 Costs added this period 136,000 Total costs $ 176,500 % EUP from part (a) Cost per EUP O $135,500. O $136,000. O $176,500. 50,000 15,000 O $176,150. O $196,000. Conversion 65,000 $2.71 Percent Complete EUP Percent Complete EUP 100% 50,000 100% 50,000 100% 15,000 80% 12,000 65,000 62,000 Direct Materials Conversion The total direct materials costs transferred out of the Canning department equals: per EUP $ 59,700 183,100 $ 242,800 62,000 $3.92 per EUP