Percent Completed Units Mixing Materials Conversion Work in process inventory, September 1 Work in process inventory, September 30 4 100% 60% 50% 4 100% 20% 10% Mixing Materials Conversion Work in process inventory, September 1 Cost added during September $ 9,456 $ 108 $ 1,828 $ 229,154 $ 23,766 $ 143,449
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- 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. $20.000MCQs 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 $43,043Beginning 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
- units conversion percentage complete beginning work in process inventory 10,000 20% units started 21,000 units completed and transferred out 26,000 Ending work in processs inventory 5,000 80% The conversion cost of the beginning inventory was $6,500. During the month, $112,000 in additional conversion cost was incurred. Required: a) Assume that the company uses the FIFO method. Compute the following: 1. The equivalent units of production for conversion for the month. 2. The cost per equivalent unit for conversion for the month. 3. The total cost transferred out during the month. 4. The cost assigned to the ending work-in-process inventory. b) Assume that the company uses the weighted-average cost method. Compute the following: 1. The equivalent units of production for conversion for the month. 2.…ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?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.
- Beginning work in process inventory: Units in process 200 Completion with respect to materials 55% Completion with respect to conversion 30% Costs in the beginning work in process inventory: Materials cost $9,600 Conversion cost $5,575 Units started into production during the period 5,000 Costs added to production during the period: Materials cost $368,600 Conversion cost $350,900 Ending work in process inventory: Units in process 400 Completion with respect to materials 40% Completion with respect to conversion 25% Enter a formula into each of the cells marked with a ? below Weighted Average method: Equivalent Units of Production Materials Conversion Units transferred to the next department ? ? Equivalent units in ending work in process inventory: Materials ? Conversion ? Equivalent units of production ? ?…A process’s beginning work in process inventory consists of 10,000 units that are 20% complete with respect to conversion costs. A total of 40,000 units are completed this period. There are 15,000 units in work in process, one-third complete for conversion, at period-end. The equivalent units of production (EUP) with respect to conversion at period-end, assuming the weighted-average method, are a. 45,000 EUP. c. 5,000 EUP. e. 43,000 EUP. b. 40,000 EUP. d. 37,000 EUP.Beginning WIP Inventory 3,000 Transferred in 18,500 Ending WIP Inventory 6,500 In August 15,000 metric tons were completed and sent to the department. The ending WIP inventory was 50% complete with respect to conversion costs. Prepare a production cost report for the department to show the equivalent units for direct materials and conversion costs. How would you use the weighted average method
- 48.The following quarterly cost data have been accumulated for Jeokha Mfg. Inc. Raw materials – beginning inventory (Jan. 1, 2020) 10,000 units @P6.00 Purchases 8,500 units @P7.00 11,000 units @P7.50 Transferred 21,500 units of raw materials to work in process: Work in process – beginning inventory (Jan. 1, 2020) 5,600 units @P13.50 Direct labor P250,000 Manufacturing over head P325,000 Work in process – ending inventory (Mar. 31, 2020) 4,200 units @P13.75 If Jeokha uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended Mar. 31 2020Required information Skip to question [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $821,960 on October 1. Of this amount, $330,000 was the cost of direct materials and $491,960 was the cost of conversion. The 52,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 110,000 units were transferred out and 34,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 40 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,553,600 for direct materials and $3,326,400 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method.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