Exercise 8-41 & 8-42 (Static) (LO 8-2, 3) [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 20,553 6,805 Beginning inventory Current period units started Ending inventory 225,147 117,460 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units (40% complete as to materials, 15 % complete as to conversion) 44,000 units 11,000 units (75% complete as to materials, 35% complete as to conversion)

Exercise 8-41 & 8-42 (Static) (LO 8-2, 3) [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 20,553 6,805 Beginning inventory Current period units started Ending inventory 225,147 117,460 Quantity information is obtained from the manufacturing records and includes the following: 6,000 units (40% complete as to materials, 15 % complete as to conversion) 44,000 units 11,000 units (75% complete as to materials, 35% complete as to conversion)

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 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

See similar textbooks

Similar questions

Product cost concept of product pricing Based on the data presented in Exercise 12-15, assume that Willis Products Inc. uses the product cost concept of applying the cost-plus approach to product pricing. a.Determine the total manufacturing costs and the cost amount per unit for the production and sale of 200,000 units. b.Determine the product cost markup percentage per unit. Round to two decimal place. c.Determine the selling price per unit. Round to the nearest dollar.
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.
a. Based on the data in Exercise 20-11 (attached), determine the following:1. Cost of beginning work in process inventory completed this period2. Cost of units transferred to finished goods during the period3. Cost of ending work in process inventory4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest centb. Did the production costs change from the preceding period? Explain.c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?
15.In Company D, direct labor was estimated at 68000, general administrative expenses at 55000, direct materials at 45000, and selling expenses at 59000. The company uses fifo for raw materials valuation and the tiered apportionment method. the cost of the period was calculated as:a. 123000b. 114000c. 113000d.?
Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places)? choices P16,163 P35,670 P28,935 P21,432
[10:19 am, 29/01/2021] Taha 2: Arvin Corporation uses the weighted-average method in its process costing system. Work in process inventory at start in a particular department consisted of 11,000 units, 100% complete with respect to materials cost and 30% complete with respect to conversion costs. The total cost work in process inventory at start was Rs. 22,400. A total of 45,000 units were transferred out of the department during June. The costs per equivalent unit were computed to be Rs. 1.20 for materials and Rs.3.40 for conversion costs. The total cost of the units completed and transferred out of the department was:[10:19 am, 29/01/2021] Taha 2: Compute the amount of raw materials used during August if Rs. 75,000 of raw materials were purchased during the month and the inventories were as follows: Inventories Balance August 1 Balance August 31 Raw Materials 5,000 3,000 Work in Process 13,000 16,000 Finished Goods 25,000 27,000
A schedule of cost of goods manufactured shows:a. Materials used, P600,000b. Direct labor, 1,600,000c. Overhead costs, P 1,280,000d. Work in process, ending inventory, P280,000Compute for (1) the rate of factory overhead to direct labor cost, and (2) the direct materialsincluded in the work in process inventory, assuming that the direct labor in the work in processis P100,000. a. (1) 80% ; (2) P80,000b. (1) 125% ; (2) P60,000c. (1) 80% ; (2) P100,000d. (1) 125% ; (2) P100,000
Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places)? P16,163 P28,935 P35,670 P21,432
Consider the following dataWork in process inventory December 317000Work in process inventory January 19000Purchases of raw material63000Raw Material inventory December 313000Raw Material inventory January 19000Direct Labor12000Total manufacturing overhead6000Calculate the cost of goods manufactured
Requirements: USE WEIGHTED AVERAGE METHOD the unit cost of materials, rounded to 2 decimal places, for March is equivalent unit conversion cost, rounded to 2 decimal places, for March is the total equivalent units of production for direct materials is the total cost of the units in the ending work-in-process inventory at March 31 is
In November, Angerstein Co. computed its equivalent units costs under the FIFO process costing as follows: Direct Material P29.50 Packaging 3 Direct Labor 10.84 Overhead 7.68 Direct material and packaging are added at the start and end of processing, respectively. Beginning inventory cost was P1,026,810 and consisted of P789,000 direct material cost for 54,000 EUP P91,862 direct labor cost for 16,200 P145,908 overhead cost for 18,900 EUP Angerstein transferred a total of 370,000 units to finished goods during November and had 12,000 units in ending WIP inventory. The ending inventory units were 30% complete as to direct labor and 55% complete as to overhead. Questions:1. What was the cost of November's ending inventory? 2. What is the percentage of completion for the beginning inventory for overhead, direct labor, and direct material?
In November, Angerstein Co. computed its equivalent units costs under the FIFO process costing as follows: Direct Material P29.50 Packaging 3 Direct Labor 10.84 Overhead 7.68 Direct material and packaging are added at the start and end of processing, respectively. Beginning inventory cost was P1,026,810 and consisted of P789,000 direct material cost for 54,000 EUP P91,862 direct labor cost for 16,200 P145,908 overhead cost for 18,900 EUP Angerstein transferred a total of 370,000 units to finished goods during November and had 12,000 units in ending WIP inventory. The ending inventory units were 30% complete as to direct labor and 55% complete as to overhead. Questions: 1. What is the percentage of completion for the beginning inventory - Packaging? 2. What was the total cost of the computed beginning inventory in units? 3. What was the total cost of the units started and completed in November? 4. What was the cost of November's ending inventory?