Materials 100% complete, conversion cost 40% complete Materials 100% complete, conversion cost 20% complete arted in process during the period its completed and transferred to the next department its completed and transferred to finished goods inventory ork in process inventory, end: Materials 100% complete, conversion cost 60% complete Materials 100% complete, conversion cost 30% complete 4,000 6,000 40,000 34,000 38,000 10,000 2,000 sts: sts of beginning work in process inventory transferred in 40,000 sts of beginning work in process inventory from this dept. Materials 14,000 15,840 29,840 12,000 13,520 25,520 Conversion costs Total st added during the period: Materials Conversion costs tal 140,000 140,160 280,160 80,000 110,000 190,000

Materials 100% complete, conversion cost 40% complete Materials 100% complete, conversion cost 20% complete arted in process during the period its completed and transferred to the next department its completed and transferred to finished goods inventory ork in process inventory, end: Materials 100% complete, conversion cost 60% complete Materials 100% complete, conversion cost 30% complete 4,000 6,000 40,000 34,000 38,000 10,000 2,000 sts: sts of beginning work in process inventory transferred in 40,000 sts of beginning work in process inventory from this dept. Materials 14,000 15,840 29,840 12,000 13,520 25,520 Conversion costs Total st added during the period: Materials Conversion costs tal 140,000 140,160 280,160 80,000 110,000 190,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 14PB: Rexar had 1,000 units in beginning inventory before starting 9.500 units and completing 8,000 units....

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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.
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.
Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000
MCQs Beginning work in process inventory: Units in beginning work in process inventory 600 Materials costs $ 7,000 Conversion costs $ 2,300 Percent complete with respect to materials 55 % Percent complete with respect to conversion 25 % Units started into production during the month 6,500 Units transferred to the next department during the month 5,700 Materials costs added during the month $ 110,100 Conversion costs added during the month $ 83,200 Ending work in process inventory: Units in ending work in process inventory 1,400 Percent complete with respect to materials 70 % Percent complete with respect to conversion 55 % The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: $23,674 $30,130 $27,355 $43,043
Beginning work in process inventory: Units in beginning work in process inventory 700 Materials costs $ 11,500 Conversion costs $ 22,200 Percent complete with respect to materials 75% Percent complete with respect to conversion 65% Units started into production during the month 8,600 Units transferred to the next department during the month 7,800 Materials costs added during the month $ 159,300 Conversion costs added during the month $ 348,500 Ending work in process inventory: Units in ending work in process inventory 1,500 Percent complete with respect to materials 65% Percent complete with respect to conversion 50% What are the equivalent units for conversion costs for the month in the first processing department? 750 9,300 8,095 7,100
Question Content Area 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 21,000 Started during the month 76,000 Total units to account for fill in the blank 1 Completed and transferred out 73,000 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 25% Materials Units Conversion Units Total Units Completed and transferred out 73,000 73,000 73,000 Ending work in process fill in the blank 4 fill in the blank 5 fill in the blank 6 Total units to account for fill in the blank 7 fill in the blank 8 fill in the blank 9 Costs to account for Materials Conversion Total Beginning work in process $3,500 $16,000 $19,500 Transferred in — — — Incurred during the period 25,600 47,200 72,800 Total costs…
Question 3: Process Costing (FIFO) Daytona Incorporated uses the first-in, first-out method in its process costing system. The following data is on the operations of the company’s first processing department for a recent month. Work in process, beginning: Units in process 700 Percent complete with respect to materials 60% Percent complete with respect to conversion 10% Costs in the beginning inventory: Materials cost $ 555 Conversion cost $ 2,123 Units started into production during the month 21,000 Units completed and transferred out 21,000 Costs added to production during the month: Materials cost $ 48,461 Conversion cost $ 559,062 Work in process, ending: Units in process 700 Percent complete with respect to materials 70% Percent complete with respect to conversion 70% Required: Using the first-in, first-out method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. (Round…
Question 3: Process Costing (FIFO) Daytona Incorporated uses the first-in, first-out method in its process costing system. The following data is on the operations of the company’s first processing department for a recent month. Work in process, beginning: Units in process 700 Percent complete with respect to materials 60% Percent complete with respect to conversion 10% Costs in the beginning inventory: Materials cost $ 555 Conversion cost $ 2,123 Units started into production during the month 21,000 Units completed and transferred out 21,000 Costs added to production during the month: Materials cost $ 48,461 Conversion cost $ 559,062 Work in process, ending: Units in process 700 Percent complete with respect to materials 70% Percent complete with respect to conversion 70% Required: Using the first-in, first-out method: A) Determine the equivalent units of production for materials and conversion costs. B) Determine the cost per equivalent unit for materials and conversion costs. (Round…
Question 3: Process Costing (FIFO) Daytona Incorporated uses the first-in, first-out method in its process costing system. The following data is on the operations of the company’s first processing department for a recent month. Work in process, beginning: Units in process 700 Percent complete with respect to materials 60% Percent complete with respect to conversion 10% Costs in the beginning inventory: Materials cost $ 555 Conversion cost $ 2,123 Units started into production during the month 21,000 Units completed and transferred out 21,000 Costs added to production during the month: Materials cost $ 48,461 Conversion cost $ 559,062 Work in process, ending: Units in process 700 Percent complete with respect to materials 70% Percent complete with respect to conversion 70% Required: Using the first-in, first-out method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. (Round…
Physical Units Transferred-in costs (from Production Dept.) Direct Material Conversion Costs Beginning inventory, WIP (June 1) 90 $105,000 $0 $55,000 % of completion, beginning WIP 100% 0% 60% Transferred-in during June 150 Completed and transferred-out in June 155 Ending inventory, WIP (June 30) ??? % of completion, ending WIP 100% 20% 80% Total costs added during June $205,000 $55,000 $99,000 XYZ Co. operates two departments: Production and Assembly. This exercise focuses on the Assembly department. Direct Materials are added at the end of the process but conversion costs are added evenly during the process. Required: Using FORMULAS, prepare a worksheet to assign total costs to units completed and to units in ending work in process using weighted-average method of process costing. Rules/steps to consider: Prepare first the hand-written assignment Then, work on your Excel spreadsheet
Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 60,000 60% 40% Units started this period 322,000 Completed and transferred out 300,000 Ending work in process inventory 82,000 80% 30% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method.
Item6 Item 6 Kenney Company uses process costing to account for the production of canned energy drinks. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Equivalent units have been calculated to be 19,200 units for materials and 16,000 units for conversion costs. Beginning inventory consisted of $11,200 in materials and $6,400 in conversion costs. April costs were $57,600 for materials and $64,000 for conversion costs. Ending inventory still in process was 6,400 units (100% complete for materials, 50% for conversion). The cost per equivalent unit for materials using the weighted-average method would be closest to: Multiple Choice $0.9167. $3.0000. $3.5833. $7.2500.