Crane Company has gathered the following information.Units in beginning work in processUnits started into production37,000Units in ending work in process7,000Percent complete in ending work in process:Conversion costs40 %Materials100 %Costs incurred:Direct materials$ 72,150Direct labor$61,100Overhead$ 101,260 (b)X Your answer is incorrect.Determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 2.25.)MaterialsConversion CostsUnit costs%24300007000eTextbook and MediaSave for LaterAttempts: 1 of 3 usedSubmit AnswerUsing multiple attempts will impact your score.10% score reduction after attempt 2

Units completed and transferred out = 37,000 - 7,000 Units completed and transferred out = 30,000…

Crane Company has gathered the following information. Units in beginning work in process Units started into production 37,000 Units in ending work in process 7,000 Percent complete in ending work in process: Conversion costs 40 % Materials 100 % Costs incurred: Direct materials $ 72,150 Direct labor $61.100 Overhead $ 101,260

Crane Company has gathered the following information. Units in beginning work in process Units started into production 37,000 Units in ending work in process 7,000 Percent complete in ending work in process: Conversion costs 40 % Materials 100 % Costs incurred: Direct materials $ 72,150 Direct labor $61.100 Overhead $ 101,260

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 4BE: The Rolling Department of Kraus Steel Company had 200 tons in beginning work in process inventory...

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The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% complete. During the period, 10,800 units were completed and transferred to the Packing Department. There were 1,900 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs.
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K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.
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A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion?
Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.
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