Required information Exercise B-37, 8-38, 8-39, 8-40o (Algo) (LO 8-2, 3, 5) (The folowing information appliles to the questions dplayed below Pacific Ink had beginning work-in-process inventory of $940,960 on Octobert Of this amount, $402,700 was the cost of direct materials and $538,260 was the cost of conversion The 66,000 units in the beginning invetory were 25 percent complete with respect to both direct materials and conversion costs During October, 138.000 units were transferred out and 48.000 remained in ending inventory The units in ending Inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conveersion costs. Costs incumed duning the period amounted to $3.591000 for direct materials and $4.4532s0 for conversion Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) Compute the costs of goods transferred out and the ending inventory using the weighted average method (Round intermediate calculations to 2 decimal places.) Cost of goods transterred out Ending inventory

Required information Exercise B-37, 8-38, 8-39, 8-40o (Algo) (LO 8-2, 3, 5) (The folowing information appliles to the questions dplayed below Pacific Ink had beginning work-in-process inventory of $940,960 on Octobert Of this amount, $402,700 was the cost of direct materials and $538,260 was the cost of conversion The 66,000 units in the beginning invetory were 25 percent complete with respect to both direct materials and conversion costs During October, 138.000 units were transferred out and 48.000 remained in ending inventory The units in ending Inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conveersion costs. Costs incumed duning the period amounted to $3.591000 for direct materials and $4.4532s0 for conversion Exercise 8-38 (Algo) Assign Costs to Goods Transferred Out and Ending Inventory: Weighted-Average Method (LO 8-2, 3) Compute the costs of goods transferred out and the ending inventory using the weighted average method (Round intermediate calculations to 2 decimal places.) Cost of goods transterred out Ending inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Eddie Company had the following data available:Direct materials purchased on account P74,000Direct materials requisitioned P41,000Direct-labor cost incurred P65,000Factory overhead incurred P77,000Factory overhead applied P85,000Work in process is increased by _____. a) P334,250 b) P191,000 c) P179,000 d) P139,000
Required information [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $1,069,960 on October 1. Of this amount, $459,200 was the cost of direct materials and $610,760 was the cost of conversion. The 63,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. During October, 132,000 units were transferred out and 45,000 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 $3,578,400 for direct materials and $4,182,090 for conversion. Compute the costs of goods transferred out and the ending inventory using the weighted-average method. (Round intermediate calculations to 2 decimal places.)
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.none
LBC’s beginning work-in-process inventory is P 376,000, ending work-in-process inventory is P 440,000, cost of goods manufactured is P 1.700,000, and direct materials used are P 324,000. What are the conversion costs? A) 1,960,000 B) 1,440,000 C)1.312,000 D) 1.376,000
T2-5 Calculate equivalent units Sury Company reported the following information for the month of April: Units Work in Process Beginning inventory, April 1 8,000 Added to production 45,000 Completed and transferred out ? Ending inventory, April 30 5,000 Ending inventory was 100% complete with respect to materials and 80% complete with respect to conversion costs. Questions: a.How many units were transferred out of Work in Process Inventory? b.What were the equivalent units of production for materials? c.What were the equivalent units of production for conversion?
Required 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.
Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 $ 8,000 Selling and administrative salaries 13,700 Insurance on factory and equipment 3,600 Work-in-process inventory, 12/31/x1 8,200 Finished-goods inventory, 12/31/x0 14,000 Cash balance, 12/31/x1 7,000 Indirect material used 4,600 Depreciation on factory equipment 2,100 Raw-material inventory, 12/31/x0 10,100 Property taxes on factory 2,400 Finished-goods inventory, 12/31/x1 15,400 Purchases of raw material in 20x1 39,000 Utilities for factory 6,000 Utilities for sales and administrative offices 2,300 Other selling and administrative expenses 3,800 Indirect-labor cost incurred 29,000 Depreciation on factory building 3,600 Depreciation on cars used by sales personnel 1,200…
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…
The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includesdirect material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 Required: a. The cost of raw material purchased during the year b. Direct labor cost charged to production during the year c. Cost of Goods Manufactured d. Cost of Goods Sold
T2-6 Sury Company reported the following information for the month of April: Units Work in Process Beginning inventory, April 1 8,000 Added to production 45,000 Completed and transferred out ? Ending inventory, April 30 5,000 Sury also reported the following cost information in April: Costs Materials Conversion Work in Process Beginning inventory, April 1 $11,000 $ 17,160 Added to production 66,380 104,000 Questions I have: How do I find a.What was the cost per equivalent unit for materials? b.What was the cost per equivalent unit for conversion? c.What cost would be assigned to the units transferred out of Work in Process Inventory? d.What cost would be assigned to the ending Work in Process Inventory?
On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During May, raw materials were requisitioned for production as follows: 7,500 units for Job 200 at $8 per unit and 1,480 units for Job 305 at $5 per unit. Journalize the entry on May 7 to record the purchase. If an amount box does not require an entry, leave it blank. May 7 fill in the blank 8b2b2efeb01a01c_2 fill in the blank 8b2b2efeb01a01c_3 fill in the blank 8b2b2efeb01a01c_5 fill in the blank 8b2b2efeb01a01c_6 Journalize the entry on May 31 to record the requisition from the materials storeroom. If an amount box does not require an entry, leave it blank. May 31 fill in the blank 2a6ff00a0f9d03f_2 fill in the blank 2a6ff00a0f9d03f_3 fill in the blank 2a6ff00a0f9d03f_5 fill in the blank 2a6ff00a0f9d03f_6
The following information has been taken from the cost records of Wil Company for thepast year:Raw material used in production P326Total manufacturing costs charged to production during the year (includes direct material, direct labor, and overhead equal to 60% of direct labor cost) 686Cost of goods available for sale 826Selling and Administrative expenses 25 Inventories Beginning EndingRaw Material P75 P 85Work in Process 80 30Finished Goods 90 110 The cost of raw material purchased during the year wasa. P316.b. P336.c. P360.d. P411.