Accounting Requirement 1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. (Enter a "0" for any zero balances.)Equivalent UnitsWork in process, beginning inventory (June 1)Transferred in during JuneTo account forCompleted and transferred out during JuneWork in process, ending inventory (June 30)Accounted forEquivalent units work done to datePhysical Units(tons)8516024520045245Transferred-InCosts163,26536,735200,000Direct ConversionMaterialsCosts2004524512027147 A12 Work in process, beginning inventory (June 1)3لناDegree of completion, beginning work in processTransferred-in during June45 Completed and transferred out during June6 Work in process, ending inventory (June 30)7 Degree of completion, ending work in process8 Total costs added during JuneBPhysicalUnits (tons)Transferred-InCosts85 $16020045SADDirectMaterials93,500 $100%100%200,000 $EConversionCosts0 $0%0%50,000 $34,00060%60%102,000

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Description: Accounting Requirement 1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. (Enter a "0" for any zero balances.)Equivalent UnitsWork in process, beginning inventory (June 1)Transferred in during JuneTo accoun

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Business

Accounting

Calculate equivalent units of transferred-in costs, direct materials, and conversion costs.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 11MC: Beginning inventory and direct material cost added during the month total $55,000. What is the value...

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Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000
T2-7 Assign costs to completed units and ending Work in Process Inventory (LO 4) Monk, Inc. reported the following results for the month of November. Units Materials Conversion Work in Process Beginning inventory ? $ 5,900 $15,000 Added to production ? 47,300 65,000 Completed and transferred out ? ? ? Ending inventory 40,000 60% complete 40% complete Cost per equivalent unit $0.40 $0.64 Questions a.How many units were completed and transferred out of Work in Process Inventory? b.What cost should be assigned to the units transferred out of Work in Process Inventory? c.What cost should be assigned to the ending Work in Process Inventory?
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Complete the missing amounts and labels in the T-accounts. Work-in-Process Inventory--Cutting Balance, May 1 0 (a) Transfer out to ? Direct Materials 57,000 Direct Labor 5,000 Manufacturing Overhead 39,000 Balance, May 31 16,000 Work-in-Process Inventory ---Finishing Balance, May 1 11,000 80,000 Transfer out to ? Transfer in from (b) Direct Materials 21,000 Direct Labor (c) Manufacturing Overhead 18,000 Balance, May 31 68,000 Work-in-Process Inventory---Packaging Balance, May 1 4,000 (d) Transfer out to ? Transfer in from (e) Direct Materials 1,000 Direct Labor 9,000 Manufacturing Overhead 14,000 Balance, May 31 8,000 Finished Goods Inventory Balance, May 1 0 (f) Transfer out to ? Transfer in from ? (g) Balance, May 31 2,000…
4. Sterling’s records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used $1,500 Overhead applied 500 Cost of goods manufactured 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are…
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