CengageNOWv2 | Online teachin x+A v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession. E *Ch 20.2Cost of Units Transferred Out and Ending Work in ProcessThe costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $1.75 and$1.85, respectively. The equivalent units to be assigned costs are as follows:Equivalent UnitsDirect Materials ConversionInventory in process, beginning of period2,800Started and completed during the period46,00046,000Transferred out of Filling (completed)46,00048,800Inventory in process, end of period3,0001,500Total units to be assigned costs49,00050,300The beginning work in process inventory had a cost of $1,570. Determine the cost of completed and transferred-out production and theending work in process inventory. If required, round to the nearest dollar.Completed and transferred out of productionInventory in process, ending8,025FeedbackV Check My WorkThe assumption would be that units that had been in beginning work in process would have been the first units completed in thedepartment. How much cost is associated with those beginning work in process units? How many units were both started andcompleted during the period? How much cost is associated with the started and completed units? How many units were startedin the period but are still in work in process? How much cost is associated with these ending work in process units?

Inventory of work in progress is a valuable asset. The cost of partially completed work as of the…

Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $1.75 and $1.85, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 2,800 Started and completed during the period 46,000 46,000 Transferred out of Filling (completed) 46,000 48,800 Inventory in process, end of period 3,000 1,500

Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Ivy Cosmetics Company are $1.75 and $1.85, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period 2,800 Started and completed during the period 46,000 46,000 Transferred out of Filling (completed) 46,000 48,800 Inventory in process, end of period 3,000 1,500

Financial & Managerial Accounting

14th Edition

ISBN:9781337119207

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter18: Activity-Based Costing

Section: Chapter Questions

Problem 3ADM: Production run size and activity improvement Littlejohn, Inc. manufactures machined parts for the...

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sub-part 4 to be answered equired information[The following information applies to the questions displayedbelow.]Silver Company manufactures kites and has the followinginformation available for the month of April:Work in process, April 1(100% complete for materials, 40% for conversion) 58,000 unitsDirect materials $ 86,000Conversion cost $ 116,000Number of units started 164,000 unitsApril costsDirect materials $ 232,000Conversion cost $ 342,000Work in process, April 30(100% complete for materials, 20% for conversion) 83,000 units!Required:Using the FIFO method, complete each of the following steps:1. Reconcile the number of physical units worked on during the period.2. Calculate the number of equivalent units.3. Calculate the cost per equivalent unit.4. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below.Reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 dto the nearest whole dollar…
SB (Algo) Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Cost of Work in Process [LO 3-2, 3-4] Skip to question [The following information applies to the questions displayed below.] Mirada Company manufactures handheld calculators and has the following information available for the month of July: Work in process, July 1 (100% complete for materials, 25% for conversion) 134, 000 units Direct materials $ 248, 000 Conversion cost $ 402, 000 Number of units started 228, 000 units July costs Direct materials $ 434, 000 Conversion cost $ 492,000 Work in process, July 31 (100% complete for materials, 10% for conversion) 152, 000 units E3-15 (Algo) Weighted - Average Method [LO 3-2] Required: Using the weighted - average method of process costing, complete each of the following steps: Reconcile the number of physical units worked on during the period. Calculate the number of equivalent units. Calculate cost per equivalent unit. Reconcile the total cost of work in…
Q7. Suppose a company manufactures and sells a chemical product. The company processes the product in two departments. The March production data for Department B is: Beginning WIP 0 Units started this period 11,000 Units completed and transferred 9,000 Ending WIP units 2,000 Direct materials $1,100 Direct labor $2,880 Applied overhead $8,880 a) Show the physical flow of units. The 2,000 units in ending inventory are 40% complete as to conversion costs. b) Calculate the equivalent units for materials, labor and overhead. Hint: Show both materials and conversion.
Answer d and e only. Michael’s Pottery makes decorative garden pieces using three consecutive processes: Moulding, Baking & Spraying. Quality control check takes place during the process, at which point, rejected units are separated fromgood units. The following details relate to production for the month of October 2020, for the Baking Department. i) Work-in-process, October 1: -0- ii) Transfer from Moulding: 2,000 units valued at $336.40 each iii) Other manufacturing costs incurred during October: Direct material added $202,120Direct Manufacturing Wages $212,840Manufacturing Overhead Applied $306,160 iv) Normal losses are estimated to be 5% of the units transferred in during the period. Losses from the Baking Department are deemed to be scrap and sold at $382 each. v) At inspection 300 decorative pieces were rejected as scrap. These units had reached the followingdegree of completion: From Moulding 100%Direct material added 40%Conversion costs…
Barney makes a single product in two Departments. The production data for Dept. 2 for Aug 2020 follows: Production Cost Last Month This MonthTransferred in 40,750 222,750Materials 9,500 168,750Conversion 4,850 202,500Quantities In Process beginning (40% done) 10,000Received from Dept. 1 75,000Completed and Transferred 62,500In Process end (60% done) 15,000 31. Under FIFO, what is the cost of goods completed? a. 488,125 b. 535,100 c. 537,500 d. 528,700
Ivan Baggers Co. manufactures Berry Black iPhones that passes through two departments, D1 and D2. Materials are added in the D2 Department when conversion is at 50% completion. Conversion costs are incurred uniformly. The activity in units for the D2 department during June are as follows: WIP, June 1 (60% as to conversion) Transferred in from D1 Department Defective units at final inspection Transferred to finished goods inventory WIP, June 30 (40% complete as to conversion) 10,000 64, 000 5.000 ? 12.000 The normal limits on production losses is set at 5% of the units started during the period. Total cost of work in process as of June 1 are: materials-P60,000; conversion-P95,000. Cost of transferred in units from D1 department totaled P870,000 Total number of normal lost units is
Question 3Tools & More uses three departments to produce plastic handles for screwdrivers. Forming thehandles require mixing the raw materials, molding and drying. After the drying process, thescrewdrivers are completed by assembling the handles and the shanks and packing forshipment. The following information relates to the molding process: There was no opening WIP stock5,000 kilos of material at $43.08 per kilo entered the processDirect materials added $92,000Direct wages incurred 65,700Production overhead 75,100Normal loss is 4% of input A quality control check was done at the end of the molding process and 350 handles wererejected as spoilage. Spoiled units, regardless of their degree of completion, are sold at $45.00each, and it is company’s policy to credit the process account with the scrap value of thenormal loss units.Closing WIP was 800 units but these were incomplete, having reached the followingpercentages of completion for each of the elements of cost listed Input…
Question 3Tools & More uses three departments to produce plastic handles for screwdrivers. Forming thehandles require mixing the raw materials, molding and drying. After the drying process, thescrewdrivers are completed by assembling the handles and the shanks and packing forshipment. The following information relates to the molding process:There was no opening WIP stock5,000 kilos of material at $43.08 per kilo entered the processDirect materials added $92,000Direct wages incurred 65,700Production overhead 75,100Normal loss is 4% of inputA quality control check was done at the end of the molding process and 350 handles wererejected as spoilage. Spoiled units, regardless of their degree of completion, are sold at $45.00each, and it is company’s policy to credit the process account with the scrap value of thenormal loss units.Closing WIP was 800 units but these were incomplete, having reached the followingpercentages of completion for each of the elements of cost listedInput…
Mannassass Company manufactures chairs. The following information was given for the company:Units, beginning work in process0Units started20,000Units completed?Units, ending work in process5,000Cost of direct materials$440,000Cost of conversion$64,000Materials in the ending inventory were 100% complete, and conversion in the ending inventory was 20% complete. What are theequivalent units for materials and conversion, respectively?a. 20,000; 16,000b. 20,000; 20,000c. 15,000; 15,000d. 15,000; 14,000
Check my workCheck My Work button is now enabled1 Item 3 Item 3 Superior Micro Products uses the FIFO method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Cost added during May $ 83,475 $ 40,310 $ 137,025 Equivalent units of production 15,900 14,500 14,500 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)
eBook Carlton's Kitchen's three cost pools and overhead estimates are as follows: Activity Cost Pool Cost Driver EstimatedOverhead Use perProduct A Use perProduct B Machine Setups Setups $162,000 5,000 4,000 Assembly Number of Parts 68,000 24,000 44,000 Machine Maintenance Machine Hours 150,000 13,000 37,000 Compare the overhead allocation using (A) the traditional allocation method and (B) the activity-based costing method. (Hint: the traditional method uses machine hours as the allocation base.) For those boxes in which you must enter subtractive or negative numbers use a minus sign. Product A Product B Total Overhead (ABC) $fill in the blank 1 $fill in the blank 2 Total overhead (traditional) fill in the blank 3 fill in the blank 4 Difference $fill in the blank 5 $fill in the blank 6
Correct answer iconCorrect! Equivalent units for conversion costs are: Beg. work in process (20,000 X 40%) 8,000 Units started and completed 300,000 Ending work in process (40,000 X 40%) 16,000 Total Equivalent Units 324,000 The Molding Department of the Smith Company has the following production data: beginning work in process 20,000 units (60% complete), started in production 340,000 units, completed and transferred out 320,000 units, and ending working process 40,000 units (40% complete). the equivalent units under the FIFO method for conversion costs are: 320,000. 350,000. 360,000. 324,000. I know the answer to the question is 324,000. What I don't know is, how they determined the units started and completed of 300,000?