Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 46,000 32,000 Equivalent units of production Percent Completed Conversion 55% 54% Materials The department started 393,000 units into production during the month and transferred 407,000 completed units to the next department. Materials 95% 66% Required: Compute the equivalent units of production for October. Conversion

Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 46,000 32,000 Equivalent units of production Percent Completed Conversion 55% 54% Materials The department started 393,000 units into production during the month and transferred 407,000 completed units to the next department. Materials 95% 66% Required: Compute the equivalent units of production for October. Conversion

Name: Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average M
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 4-2]Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for onedepartment for October:Work in process, Octobe

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 34P: FIFO Method, Single Department Analysis, One Cost Category Refer to the data in Problem 6.33....

See similar textbooks

Similar questions

FIFO Method, Single Department Analysis, One Cost Category Refer to the data in Problem 6.33. Required: Prepare a cost of production report for the Fabrication Department for December using the FIFO method of costing.
Q8. Bruce Company uses the weighted-average method in its process costing system. Information concerning Department A for the month of June as follows: Units Materials Costs Work in process, beginning 17,000 £12,800 Started in June 82,000 £69,700 Units completed 85,000 Work in process, ending 14,000 All materials are added at the beginning of the process. Compute the cost per equivalent unit for materials costs. A £0.83 B £0.90 C £0.93 D £1.01
TB MC Qu. 8-85 (Algo) The debits to Work-in-Process for Department #2 for... The debits to Work-in-Process for Department #2 for the month of April of the current year, together with information concerning production, are presented below. All direct materials come from Department #1. The units completed include the 2,800 in process at the beginning of the period. Department #2 uses FIFO costing. WORK-IN-PROCESS - DEPARTMENT #2 2,800 units, ¼ completed $2,800 Product X, 9,400 units ???? From Dept. 1, 9,200 units 5,520 Direct Labor 9,600 Factory OH 8,000 2,600 units, ½ complete ???? The conversion costs per equivalent unit is: Multiple Choice $1.31. $0.88. $1.76. $2.23.
mcqs 1) Lucas Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 900 Materials costs $ 9,600 Conversion costs $ 7,700 Percent complete with respect to materials 60 % Percent complete with respect to conversion 45 % Units started into production during the month 8,100 Units transferred to the next department during the month 6,900 Materials costs added during the month $ 115,800 Conversion costs added during the month $ 120,500 Ending work in process inventory: Units in ending work in process inventory 2,100 Percent complete with respect to materials 75 % Percent complete with respect to conversion 20 % The cost of ending work in process inventory in the first processing department according to the…
MCQS 1. Fanciful Structures Company uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 22,000 units in its beginning work-in-process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work-in-process inventory was $23,320. An additional 97,000 units were started into production during the month and 101,000 units were completed in the Welding Department and transferred to the next processing department. There were 18,000 units in the ending work-in-process inventory of the Welding Department that were 40% complete with respect to conversion costs. A total of $529,380 in conversion costs were incurred in the department during the month.What would be the cost per equivalent unit for conversion costs for the month? (Round your answer to 3 decimal places.) A $5.458. B $5.300. C $5.108. D $4.603. 2. Cahalane…
Exercise 4-12 (Algo) Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method [LO4-2, LO4-4, LO4-5] Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,500 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $733,290 in total. The ending work in process inventory in January consisted of 4,000 units, which were 50% complete with respect to materials and 30% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Materials Labor Overhead Cost per equivalent unit $ 12.90 $ 5.00 $ 8.20 Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in…
Problem 8-54 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-4, 5) Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April. Work in process on April 1 had 75,000 units made up of the following. Amount Degree of Completion Prior department costs transferred in from the Molding Department $ 192,000 100 % Costs added by the Assembling Department Direct materials $ 120,000 100 % Direct labor 43,200 60 % Manufacturing overhead 27,600 50 % $ 190,800 Work in process, April 1 $ 382,800 During April, 375,000 units were transferred in from the Molding Department at a cost of $960,000. The Assembling Department added the following costs.…
Questions 14 – 17 are based on the following Chen Company produces a product in a two-department process, Assembly and Finishing. The following information is available on their first department, Assembly: Beginning Work-in-process Units started Units completed and transferred to Finishing Ending Work-in-process Direct Material Added Direct Labour Factory Overhead Total cost to account for The units still in process are 100% complete with respect to direct materials and 75% complete with respect to conversion costs. -0- 200,000 168,000 32,000 $700,000 960,000 480,000 2,140,000 14. The unit cost of direct materials is: (A) $3.50 (C) $3.65 (B) $4.17 (D) $0.29 15. The unit cost for conversion costs is: (A) $5.00 (B) $2.50 (C) $7.20 (D) $7.50 16. The total cost of units completed and transferred to finished goods is: (A) $2,112,000 (B) $2,140,000 (C) $1,848,000 (D) $352,000 17. The total cost of ending work-in-process is: (A) $352,000 (B) $292,000 (C)…
QUESTION 2- PROCESS COSTING Crystal Company Ltd. makes a single product using two processes. Quality control check takes place during the process, at which point, rejected units are separated from good units. The following details relate to production for the month of June 20X22 for Process 2. Work-in-process, beginning inventory: -0- Transfer from Process 1: 15,000 units valued at $51.40 each Other manufacturing costs incurred during the month: Direct material added $513,000 Direct labour $365,000 Manufacturing overhead $211,000 Normal losses were estimated to be 4% of input during the period. The scrap value of any loss is $38 per At inspection 1,750 units were rejected as These units had reached the following degree of completion: Input material 100% Direct material added 50% Conversion costs 30% 12,000 units were completed and transferred to Finished Goods Work-in-process at…
Exercise 6-9 UNEVEN APPLICATION – MULTIPLE DEPTS The Matis Manufacturing Company uses average costing and manufactures a single product in two producing departments. For the month of April, the cost and production data were as follows: Mixing Finishing Quantity Data: WIP, beg 5,000 6,000 Stage of Completion Materials 100% -0- Conversion Cost 50% 60% Started in Process 10,000 Transferred to the next Dep’t. 10,000 11,000 WIP, end 5,000 5,000 Stage of Completion Materials 80% -0- Conversion Cost 40% 50% Cost data: Cost in WIP, beg Costs from preceding Dep’t - P63,000 Materials…
Problem 8-63 (Algo) Solving for Unknowns: FIFO Method (LO 8-4, 5) For each of the following independent cases, use FIFO costing to determine the information requested. Required: a) At the start of the period, 3,700 units were in the work-in-process inventory; 3,100 units were in the ending inventory. During the period, 9,600 units were transferred out to the next department. Materials and conversion costs are added evenly throughout the production process. FIFO costing is used. How many units were started during this period?b. Beginning inventory amounted to 1,100 units. This period, 4,600 units were started and completed. At the end of the period, the 3,200 units in inventory were 40 percent complete. Using FIFO costing, the equivalent production for the period was 6,100 units. What was the percentage of completion of the beginning inventory?c. The ending inventory included $81,900 for conversion costs. During the period, 41,300 equivalent units were required to complete the…
Exercise #1 Caroline Ltd manufactures steel batons. The following data relates to the moulding department for August: Weighted average FIFO Total equivalent units of direct material 76,700 52,700 Total equivalent units of conversion 67,000 52,600 Units completed and transferred out during August 61,500 61,500 The cost data for August were as follows: Work in process, 1 August: Direct material 229,600 Conversion 113,700 Costs incurred during August: Direct material 405,000 Conversion 681,900 There were 24,000 units in process in the moulding department on 1 August that are 100% complete with respect to direct material and 60% complete with respect to conversion. Required: Use the weighted-average method to calculate: (i) the cost of goods completed and transferred out of the moulding department during August, and (ii)…