Questions 6-9 refer to the following information: Break-a-Few Co. makes drinking glasses using FIFO process costing. The following is the conversion cost information for July: Beginning inventory Started into process Transferred out Ending inventory 60 units, 40% complete (total cost $35) 800 units 700 units 40 units, 30% complete Normal spoilage is 10% of good production. Spoilage is detected at the end of the process. The current- period conversion costs are $1.75 per unit. 6. For July, the conversion cost equivalent units are (a) 724 units (b) 748 units (c) 808 units (d) 828 units 7. The conversion costs assigned to the goods transferred to the next department are: (a) $1,218.00 (b) $1,305.50 (c) $1,340.50 (d) $1,428.00 8. The abnormal spoilage expense in July is (b) $17.50 (c) $87.50 (d) $122.50 (a) $0.00

Questions 6-9 refer to the following information: Break-a-Few Co. makes drinking glasses using FIFO process costing. The following is the conversion cost information for July: Beginning inventory Started into process Transferred out Ending inventory 60 units, 40% complete (total cost $35) 800 units 700 units 40 units, 30% complete Normal spoilage is 10% of good production. Spoilage is detected at the end of the process. The current- period conversion costs are $1.75 per unit. 6. For July, the conversion cost equivalent units are (a) 724 units (b) 748 units (c) 808 units (d) 828 units 7. The conversion costs assigned to the goods transferred to the next department are: (a) $1,218.00 (b) $1,305.50 (c) $1,340.50 (d) $1,428.00 8. The abnormal spoilage expense in July is (b) $17.50 (c) $87.50 (d) $122.50 (a) $0.00

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 6PA: Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in...

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Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
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A company has 1,500 units in ending work in process that are 30% complete after transferring out 10,000 units. All materials are added at the beginning of the process. If the cost per unit is $4 for materials and $7 for conversion, what is the cost of units transferred out and in ending work in process inventory using the weighted-average method?
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