Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place.Production Cost ReportBeginning inventory20,000Started during the month74,000Total units to account forCompleted and transferred out70,000Ending work in processTotal units to account forWork in process completion percent100%20%Materials Units Conversion Units Total UnitsCompleted and transferred out70,00070,00070,000Ending work in processTotal units to account forMaterialsConversionTotalCosts to account for$4,000$17,000$21,000Beginning work in processTransferred in35,36059,56024,200Incurred during the period$4$4Total costs to account forEquivalent unitsPreviousNext%24 Total units to account forWork in process completion percent100%20%Materials Units Conversion Units Total UnitsCompleted and transferred out70,00070,00070,000Ending work in processTotal units to account forCosts to account forMaterialsConversionTotalBeginning work in process$4,000$17,000$21,000Transferred in24,20035,36059,560Incurred during the period$4Total costs to account forEquivalent unitsCost per equivalent unit for departmentTransferred-out costsEnd work in process: materialsEnd work in process: conversionEnd work in process: total$4Costs to account for(PreviousNext%24%24%24%24

Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory 20,000 Started during the month 74,000 Total units to account for Completed and transferred out 70,000 Ending work in process Total units to account for Work in process completion percent 100% 20% Materials Units Conversion Units Total Units Completed and transferred out 70,000 70,000 70,000 Ending work in process Total units to account for Total

Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory 20,000 Started during the month 74,000 Total units to account for Completed and transferred out 70,000 Ending work in process Total units to account for Work in process completion percent 100% 20% Materials Units Conversion Units Total Units Completed and transferred out 70,000 70,000 70,000 Ending work in process Total units to account for Total

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2EB: There were 2.000 units in beginning inventory that were 70% complete with regard to conversion....

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Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
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?
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.
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?
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion.
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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?
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?
Prepare the journal entry to record the transfer of 3,000 units from the packaging department to finished goods if the material cost per unit is $4 and the conversion cost per unit is $5.50.
The records of Stone Inc. reflect the following data: Work in process, beginning of month4,000 units one-fourth completed at a cost of 2,500 for materials, 1,400 for labor, and 1,800 for overhead. Production costs for the monthmaterials, 130,000; labor, 70,000; and factory overhead, 82,000. Units completed and transferred to stock45,000. Work in process, end of month5,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)
There were 2.000 units in beginning inventory that were 70% complete with regard to conversion. During the month. 15.000 units were started, and 16,000 were transferred to finished goods. The ending work in process was 55% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method?