Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow. Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May Units 57,000 37,000 Percent Complete Materials 100% 100% Conversion 50% 30% $ 48,600 $ 13,300 244,800 264,800 $ 72,120 $ 190,866 Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May 2. Compute the first production department's cost per equivalent unit for materials and conversion for May 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May

Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow. Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May Units 57,000 37,000 Percent Complete Materials 100% 100% Conversion 50% 30% $ 48,600 $ 13,300 244,800 264,800 $ 72,120 $ 190,866 Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May 2. Compute the first production department's cost per equivalent unit for materials and conversion for May 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May

Name: Exercise 5-8 (Algo) Equivalent Units; Cost per Equivalent Unit; Assig
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Exercise 5-8 (Algo) Equivalent Units; Cost per Equivalent Unit; Assigning Costs to Units-Weighted-Average Method [LO5-2, LO5-3, LO5-4]Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated floorin

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 4CMA: A company is using process costing with the first-in, first-out (FIFO) method, and all costs are...

See similar textbooks

Similar questions

(Appendix 3A) Separating Fixed and Variable Costs, Service Setting Louise McDermott, controller for the Galvin plant of Veromar Inc., wanted to determine the cost behavior of moving materials throughout the plant. She accumulated the following data on the number of moves (from 100 to 800 in increments of 100) and the total cost of moving materials at those levels of moves: Required: 1. Prepare a scattergraph based on these data. Use cost for the vertical axis and number of moves for the horizontal axis. Based on an examination of the scattergraph, does there appear to be a linear relationship between the total cost of moving materials and the number of moves? 2. Compute the cost formula for moving materials by using the high-low method. Calculate the predicted cost for a month with 550 moves by using the high-low formula. (Note: Round the answer for the variable rate to three decimal places and the answer for total fixed cost and total cost to the nearest dollar.) 3. CONCEPTUAL CONNECTION Compute the cost formula for moving materials using the method of least squares. (Note: For the method of least squares, round the variable rate to two decimal places and total fixed cost and total cost to the nearest dollar.) Using the regression cost formula, what is the predicted cost for a month with 550 moves? What does the coefficient of determination tell you about the cost formula computed by regression? 4. CONCEPTUAL CONNECTION Evaluate the cost formula using the least squares coefficients. Could it be improved? Try dropping the third data point (300, 3,400), and rerun the regression.
4.A company makes two products 1 and 2. The finishing activity pool has estimated manufacuring costs of $122,355 and the cost drivers for Product 1 is 389 and 435 for Product 2. The assembling activity pool has estimated costs of $168,411 and the cost drivers for Product 1 is 121 and 249 for Product 2. Direct labor hours for Product 1 is 50,000 and 45,000 for Product 2. What is the total manufacturing overhead costs to assigned under activity based costing to the finishing activity cost pool for Product 2? Round your final answer to the nearest whole number and do not write a dollar sign.
E4-1A Equivalent Units Calculations--Weighted Average Method Ferris Corporation makes a powdered rug shampoo in two sequential departments, Compounding and Drying. Materials are added at the beginning of the process in the Compounding Department. Conversion costs are added evenly throughout each process. Ferris uses the weighted average method of process costing. In the Compounding Department, beginning work-in-process was 6,000 pounds (70% processed), 38,000 pounds were started in process, 36,000 pounds transferred out, and ending work-in-process was 60% processed. Calculate equivalent units for March 2019 for the Compounding Department.
Answer part B Equivalent Units of Production: weighted average method The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 3,400 units in work in process that were 60% complete at the beginning of the period. During the period, 42,800 units were completed and transferred to the Packing Department. There were 1,900 units in process that were 10% complete at the end of the period. a. Determine the number of whole units to be accounted for and to be assigned costs for the period.$44700 b. Determine the number of equivalent units of production for the period. Assume that direct materials are placed in process during production._______________
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)…
P4-1A Calculate Equivalent Units, Unit Costs, and Transferred Costs--Weighted Average Method Canfield Manufacturing, Inc., operates a plant that produces its own regionally marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the start of the process, and labor and overhead are incurred evenly throughout the process. Canfield uses the weighted average method. The following data from the Work-in-Process--Blending Department account for January 2019 are missing a few items: Work-in-Process--Blending Department January 1 inventory (5,000 gallons, 60% processed Direct materials $ 12,000 Conversion costs $ 5,900 Transferred to Bottling Department (60,000 gallons) January charges: Direct materials (61,000 gallons)…
Problem 7 - Average Costing, Unit cost Rason- Ng- Rason Company manufactured product Dina-Tuto in two-stage production cycle in Departments X and Y and uses the weighted average method. Materials are added at the start of the process in Department Y, Conversion costs of Department Y were 50% complete as to the 6,000 units in the beginning work in process and 75% complete as to the 8,000 units in the ending work in process. Twelve thousand units were completed and transferred our of Department Y in February. An analysis of the costs relating to work in process (WIP) and production activity in Department Y foe February is as follows: C O S TS Transferred In Materials Labor & FOH work in process, February 1, costs P12,000 P2,500 P1,000…
Weighted-average method, equivalent units.Consider the following data for the assembly division of Fenton Watches, Inc.:The assembly division uses the weighted-average method of process costing. Physical Units (Watches) Direct Materials Conversion CostsBeginning work inprocess (May 1) a 80 $493,360 $91,040Started in May 2012 500Completed duringMay 2012 460Ending work inprocess (May 31)b 120Total costs addedduring May 2012 $3,220,000 $1,392,000a Degree of completion: direct materials, 90%; conversion costs, 40%.b Degree of completion: direct materials, 60%; conversion costs, 30%.Required:1. Compute equivalent units for direct materials and conversion costs. Show physicalunits in the first column of your schedule.2. Summarize total costs to account for, calculate cost per equivalent unit for directmaterials…
Question: 1 (a) Zulfiqar Corporation uses the weighted-average method in its process costing system. The work in process inventory at start in its Painting Department consisted of 3,000 units that were 70% complete with respect to materials and 60% complete with respect to conversion costs. The cost of work in process inventory at start in the department was recorded as Rs. 10,000. During the period, 9,000 units were completed and transferred on to the Lock department. The costs per equivalent unit for the period were Rs. 2.00 for material and Rs. 3.00 for conversion costs. The cost of units transferred out during the month was: (b) Javed Corporation produces and sells a single product, has provided its contribution format income statement for March. Sales (17,000 units) Rs. 2,210,000 Variable Expenses 1,530,000 Contribution Margin 680,000 Fixed Cost 250,000 Net Profit 430,000 Number of units to be sold so that target profit of Javed…
(Appendix 4B) Assigning Support Department Costs by Using the Direct Method Sanjay Company manufactures a product in a factory that has two producing departments, Assembly and Painting, and two support departments, S1 and S2. The activity driver for S1 is square footage, and the activity driver for S2 is number of machine hours. The following data pertain to Sanjay: Support Departments Producing Departments S1 S2 Assembly Painting Direct costs $200,000 $140,000 $115,000 $96,000 Normal activity: Square footage — 500 1,875 625 Machine hours 337 — 3,200 12,800 Required: 1. Calculate the cost assignment ratios to be used under the direct method for Departments S1 and S2. (Note: Each support department will have two ratios—one for Assembly and the other for Painting.) Round your answers to two decimal places. Assembly Painting S1 fill in the blank 1 fill in the blank 2 S2 fill in the blank 3 fill in the blank 4 2. Allocate the support department…
Vision LLC uses a weighted average process costing system. Materials are added at the beginning of production. Consider the data that follow. Number of Units Cost of Materials Beginning work in process 45,700 S 81, 100 Started in June 65, 100 175,000 Production completed 79, 800 Ending work in process 31,000 The company's cost per equivalent unit for materials is: Multiple Choice $1.58. $1.92. $1.48. 52.31. none of the answers is correct.
Please check my answer: - process accounting - ch6-ex51 Unit Cost and Cost Assignment, Nonuniform Inputs Loran Inc. had the following equivalent units schedule and cost for its fabrication department during September: Materials Conversion Units completed 180,000 180,000 Add: Units in ending WIP x Fraction complete 79,000 51,350 (79,000 x 65%) Equivalent units of output 259,000 231,350 Costs: Work in process, September 1: Materials $147,000 Conversion costs 7,875 Total $154,875 Current costs: Materials $1,068,000 Conversion costs 289,055 Total $1,357,055 Required: 1. Calculate the unit cost for materials, for conversion, and in total for the fabrication department for September. If required, round your answers to the nearest cent. Unit materials cost $4.69 Unit conversion cost $1.28 Total unit cost $5.97 2. Calculate the cost of units transferred out…