The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $17,430 Conversion costs 47,652 Current period Direct materials (5,000 units) 210,000 Direct labor 357,600 Manufacturing overhead applied 226,800 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out. Equivalent Units Where do the units come from? Where do the units go? % Work Done? Direct Materials % Work Done? Conversion Costs Beginning Inventory Answer Complete/Transferred Answer Answer Answer Answer Answer Started Answer Ending Inventory Answer Answer Answer Answer Answer Total Answer Total Answer Answer a. Answer a. Product Cost Report Where do the costs come from? Direct Materials Conversion Costs Beginning Inventory Answer Answer Answer Current Answer Answer Answer Total Costs to Account For Answer Answer Answer ÷ Total Equivalent Units Answer Answer Average cost / Equivalent unit Answer b. Answer b. Where do the costs go? Complete / Transferred: Direct Materials Answer Conversion costs Answer Costs of Goods Manufactured Answer c. Ending Inventory: Direct Materials Answer Conversion costs Answer Cost of Ending Inventory Answer Total Costs Allocated Answer
The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $17,430 Conversion costs 47,652 Current period Direct materials (5,000 units) 210,000 Direct labor 357,600 Manufacturing overhead applied 226,800 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out. Equivalent Units Where do the units come from? Where do the units go? % Work Done? Direct Materials % Work Done? Conversion Costs Beginning Inventory Answer Complete/Transferred Answer Answer Answer Answer Answer Started Answer Ending Inventory Answer Answer Answer Answer Answer Total Answer Total Answer Answer a. Answer a. Product Cost Report Where do the costs come from? Direct Materials Conversion Costs Beginning Inventory Answer Answer Answer Current Answer Answer Answer Total Costs to Account For Answer Answer Answer ÷ Total Equivalent Units Answer Answer Average cost / Equivalent unit Answer b. Answer b. Where do the costs go? Complete / Transferred: Direct Materials Answer Conversion costs Answer Costs of Goods Manufactured Answer c. Ending Inventory: Direct Materials Answer Conversion costs Answer Cost of Ending Inventory Answer Total Costs Allocated Answer
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 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...
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The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019:
Beginning inventory (700 units, 40% complete) | ||
Direct materials | $17,430 | |
Conversion costs | 47,652 | |
Current period | ||
Direct materials (5,000 units) | 210,000 | |
Direct labor | 357,600 | |
Manufacturing |
226,800 |
Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following:
a. Equivalent units for materials and conversion.
b. Cost per equivalent unit for materials and conversion.
c. Total cost assigned to the units transferred out.
Equivalent Units | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Where do the units come from? |
Where do the units go? |
% Work Done? |
Direct Materials |
% Work Done? |
Conversion Costs |
||||||
Beginning Inventory | Answer | Complete/Transferred | Answer | Answer | Answer | Answer | Answer | ||||
Started |
Answer |
Ending Inventory |
Answer |
Answer |
Answer |
Answer |
Answer |
||||
Total | Answer | Total | Answer | Answer | a. | Answer | a. |
Product Cost Report | ||||||
---|---|---|---|---|---|---|
Where do the costs come from? |
Direct Materials |
Conversion Costs |
||||
Beginning Inventory | Answer | Answer | Answer | |||
Current |
Answer |
Answer |
Answer |
|||
Total Costs to Account For | Answer | Answer | Answer | |||
÷ Total Equivalent Units | Answer | Answer | ||||
Average cost / Equivalent unit | Answer | b. | Answer | b. | ||
Where do the costs go? | ||||||
Complete / Transferred: | ||||||
Direct Materials | Answer | |||||
Conversion costs |
Answer |
|||||
Costs of Goods Manufactured | Answer | c. | ||||
Ending Inventory: | ||||||
Direct Materials | Answer | |||||
Conversion costs |
Answer |
|||||
Cost of Ending Inventory |
Answer |
|||||
Total Costs Allocated |
Answer |
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