Please do not give solution in image format thanku B1 of 2BookPrintprencesRequired information[The following information applies to the questions displayed below.]An ice cream maker reports the following.Beginning work in process inventoryUnits started this period.Units completed and transferred outEnding work in process inventoryYou received partial credit in the previous attemptBeginning work in process inventoryUnits started this periodTotal unitsUnits372,000724,000Units784,000312,000Compute the total equivalent units of production for conversion. The company uses the weighted average method.Equivalent units of production: Weighted average methodConversionPercentComplete30%65%PercentCompleteConversionEUP4 Required information[The following information applies to the questions displayed below.]An ice cream maker reports the following.Beginning work in process inventoryUnits started this periodUnits completed and transferred outEnding work in process inventoryRequired ARequired B(a) Compute the number of units started and completed this period.(b) Compute the total equivalent units of production for conversion. The company uses the FIFO method.Beginning work in process inventoryUnits started this periodYou skipped this question in the previous attemptComplete this question by entering your answers in the tabs below.Units completed and transferred outEnding work in process inventoryCompute the number of units started and completed this period.Units started and completedUnits372,000724,000784,000312,000Required A Required BTotal unitsUnitsConversionPercentComplete30%Units372,000724,000784,000312,00065%Required B(a) Compute the number of units started and completed this period.(b) Compute the total equivalent units of production for conversion. The company uses the FIFO method.Complete this question by entering your answers in the tabs below.PercenComplete30%PercentAdded65%Compute the total equivalent units of production for conversion. The company uses the FIFO method.Equivalent units of production: FIFO methodConversion>EUP

Equivalent units are needed to calculate in process costing in order to calculate cost of finished…

Required information [The following information applies to the questions displayed below] An ice cream maker reports the following. Beginning work in process inventory Units started this period. Units completed and transferred out Ending work in process inventory You received partial credit in the previous attempt Beginning work in process inventory Units started this period Total units Units Units 372,000 724,000 784,000 312,000 Compute the total equivalent units of production for conversion. The company uses the weighted average method. Equivalent units of production: Weighted average method Conversion Conversion Percent Complete 30% Percent Complete 65% EUP

Required information [The following information applies to the questions displayed below] An ice cream maker reports the following. Beginning work in process inventory Units started this period. Units completed and transferred out Ending work in process inventory You received partial credit in the previous attempt Beginning work in process inventory Units started this period Total units Units Units 372,000 724,000 784,000 312,000 Compute the total equivalent units of production for conversion. The company uses the weighted average method. Equivalent units of production: Weighted average method Conversion Conversion Percent Complete 30% Percent Complete 65% EUP

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 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

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T2-7 Assign costs to completed units and ending Work in Process Inventory (LO 4) Monk, Inc. reported the following results for the month of November. Units Materials Conversion Work in Process Beginning inventory ? $ 5,900 $15,000 Added to production ? 47,300 65,000 Completed and transferred out ? ? ? Ending inventory 40,000 60% complete 40% complete Cost per equivalent unit $0.40 $0.64 Questions a.How many units were completed and transferred out of Work in Process Inventory? b.What cost should be assigned to the units transferred out of Work in Process Inventory? c.What cost should be assigned to the ending Work in Process Inventory?
1. Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units ? ? ? ? ? ? ? ? ? ? ? ?
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?
The manufacturing operations of Cullumber, Inc. had the followInventoriesRaw MaterialsWork in ProcessFinished GoodsJanuary 1Cost of goods sold$15.36026,88017,920GA$January 31Cullumber transferred $371,200 of completed goods out of WoCompute the cost of goods sold.Tavthook and Media$16.64029,44020,480 Please don't provide solutions in an image format thank you
4. Sterling’s records show the work in process inventory had a beginning balance of $4,000 and an ending balance of $3,000. The records also showed the following data for the month: Materials used $1,500 Overhead applied 500 Cost of goods manufactured 7,500 Entry labels available for this problem: Beginning inventory Manufacturing costs incurred Materials available for use Overhead applied Ending inventory Materials used in production Cost of goods manufactured Direct labor Purchases Using the entry labels listed above, complete the following T-account to determine how much direct labor was incurred during the month? PLEASE NOTE: You must enter the entry labels exactly as written above and all entry amounts will be rounded to whole dollar amounts with "$" and commas as needed (i.e. $12,345). If no entry label is needed, please use "None" and if no entry amount is needed, please use "$0" - no quotation marks for either. You are…
1. Supply the missing data in the following cases, each case is independent of the others. Schedule of Cost of Goods ManufacturedDirect materials . . . . . . . . . . . . . . . . . . . . . .P 4,500Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . ?Manufacturing overhead . . . . . . . . . . . . . . . 5,000Total manufacturing costs . . . . . . . . . . . . . . 18,500Beginning work in process inventory . . . . . 2,500Ending work in process inventory . . . . . . . . ?Cost of goods manufactured . . . . . . . . . . . 18,000 Income StatementSales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P 30,000Beginning finished goods inventory . . . . . 1,000Cost of goods manufactured . . . . . . . . . . . 18,000Goods available for sale . . . . . . . . . . . . . . . ?Ending finished goods inventory . . . . . . . . ?Cost of goods sold . . . . . . . . . . . . . . . . . . . . 17,000Gross margin . . . . . . . . . . . . . . . . . . . . . . . . 13,000Selling and administrative…
Complete the missing amounts and labels in the T-accounts. Work-in-Process Inventory--Cutting Balance, May 1 0 (a) Transfer out to ? Direct Materials 57,000 Direct Labor 5,000 Manufacturing Overhead 39,000 Balance, May 31 16,000 Work-in-Process Inventory ---Finishing Balance, May 1 11,000 80,000 Transfer out to ? Transfer in from (b) Direct Materials 21,000 Direct Labor (c) Manufacturing Overhead 18,000 Balance, May 31 68,000 Work-in-Process Inventory---Packaging Balance, May 1 4,000 (d) Transfer out to ? Transfer in from (e) Direct Materials 1,000 Direct Labor 9,000 Manufacturing Overhead 14,000 Balance, May 31 8,000 Finished Goods Inventory Balance, May 1 0 (f) Transfer out to ? Transfer in from ? (g) Balance, May 31 2,000…
d. What was the cost of products completed during Febuary? e. What was the balance of the Work-in-Process Inventory account at the end of Fabuary? f. What was the operating profit for Febuary? Any over- or underapplied overhead is written off to Cost of Goods Sold? Please provide an explanation it would be of great help with my learning. Thank you <3
12. Which of the following entry rightly record for transferring goods from WIP to finished stock? a. A. Dr. Work in Process Inventory A/c Cr. Costing Profit and Loss A/c b. A. Dr. Work in Process Inventory A/c Cr. Finished Goods Inventory A/c c. A. Dr. Costing Profit and Loss A/c Cr. Work in Process Inventory A/c d. A. Dr. Finished Goods Inventory A/c Cr. Work in Process Inventory A/c
S1: When raw materials are requisitioned and placed into production, the Raw Materials Inventory account is debited.S2: Over-applied overhead that is material in amount is closed to the Cost of Sales account at year-end. Group of answer choices False; True False; False True; True True; False
Required information Problem 03-1A Production cost flow and measurement; journal entries LO P1, P2, P3, P4 Skip to question [The following information applies to the questions displayed below.] Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: BeginningInventory EndingInventory Work in process inventory—Cutting 73,500 75,500 Work in process inventory—Stitching 93,300 69,800 Finished goods inventory 26,100 14,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit $ 40,000 Direct materials used—Cutting 22,500 Direct materials used—Stitching 0 Direct labor Direct labor—Cutting $ 17,100 Direct labor—Stitching…
27 Select the proper journal entry to record the movement of 1,700 units of part number 116B to work in process when each unit of 116B has a value of $2.00. Group of answer choices Raw Material Inventory 3,400 Work in Process 3,400 Work in Process 3,400 Raw Material Inventory 3,400 Work in Process 3,400 Cash 3,400 Work in Process 3,400 Factory Overhead 3,400