[The following information applies to the questions displayed below] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory Quantity information is obtained from the manufacturing records and includes the following: $ 23,053 7,555 Required A Required B 135,047 64,625 Required: a. Compute the equivalent units for the materials and conversion cost calculations b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method Complete this question by entering your answers in the tabs below. Direct materials Conversion costs 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,500 units 16,000 units (75% complete as to materials, 35% complete as to conversion) Cost Per Equivalent Unit Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method. (Round your answers to 2 decimal places) < Required A Required

[The following information applies to the questions displayed below] Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs Beginning inventory Current period units started Ending inventory Quantity information is obtained from the manufacturing records and includes the following: $ 23,053 7,555 Required A Required B 135,047 64,625 Required: a. Compute the equivalent units for the materials and conversion cost calculations b. Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method Complete this question by entering your answers in the tabs below. Direct materials Conversion costs 6,000 units (40% complete as to materials, 15% complete as to conversion) 44,500 units 16,000 units (75% complete as to materials, 35% complete as to conversion) Cost Per Equivalent Unit Compute the cost per equivalent unit for direct materials and for conversion costs for February using the FIFO method. (Round your answers to 2 decimal places) < Required A Required

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter10: Accounting Systems For Manufacturing Operations

Section: Chapter Questions

Problem 10.9E: Recording issuing of materials Materials issued for the current month are as follows a. Determine...

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Recording issuing of materials Materials issued for the current month are as follows a. Determine the amount of materials transferred lo Work in Process and Factory Overhead for the current month. b.Illustrate (he effect on the accounts and financial statements of the materials transferred in (a).:
[10:19 am, 29/01/2021] Taha 2: Arvin Corporation uses the weighted-average method in its process costing system. Work in process inventory at start in a particular department consisted of 11,000 units, 100% complete with respect to materials cost and 30% complete with respect to conversion costs. The total cost work in process inventory at start was Rs. 22,400. A total of 45,000 units were transferred out of the department during June. The costs per equivalent unit were computed to be Rs. 1.20 for materials and Rs.3.40 for conversion costs. The total cost of the units completed and transferred out of the department was:[10:19 am, 29/01/2021] Taha 2: Compute the amount of raw materials used during August if Rs. 75,000 of raw materials were purchased during the month and the inventories were as follows: Inventories Balance August 1 Balance August 31 Raw Materials 5,000 3,000 Work in Process 13,000 16,000 Finished Goods 25,000 27,000
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?
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 7. Direct labor cost charged to production during the year wasa. P135.b. P216.c. P225.d. P360.
Question 15 The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020: Physical units Direct Materials Conversion Costs Beginning WIP 100 $459,888 $142,570 Started in May 2020 510 Completed during May 2020 450 Total costs added during May 2020 $3,237,000 $1,916,000 Degree of completion: Beginning WIP: direct materials 80%; conversion costs 35% Degree of completion: Ending WIP: direct materials 80%; conversion costs 40% What would be the cost of units completed and transferred out using FIFO method? Group of answer choices $4,065,000 $4,667,140 $1,088,000 $4,207,570
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.?
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
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.
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 8. Cost of Goods Manufactured wasa. P636.b. P716.c. P736.d. P766.
Required information Exercise 8-35 & 8-36 (Algo) (LO 8-5) [The following information applies to the questions displayed below.] The Matsui Lubricants plant uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for a particular day. Beginning WIP inventory Direct materials $ 991 Conversion costs 332 Current period costs Direct materials 13,580 Conversion costs 8,844 Quantity information is obtained from the manufacturing records and includes the following. Beginning inventory 650 units (60% complete as to materials,50% complete as to conversion) Current period units started 4,400 units Ending inventory 1,300 units (40% complete as to materials,20% complete as to conversion) Exercise 8-35 (Algo) Compute Costs per Equivalent Unit: FIFO Method (LO 8-5) Required: a. Compute the equivalent units for the materials and…
A schedule of cost of goods manufactured shows:a. Materials used, P600,000b. Direct labor, 1,600,000c. Overhead costs, P 1,280,000d. Work in process, ending inventory, P280,000Compute for (1) the rate of factory overhead to direct labor cost, and (2) the direct materialsincluded in the work in process inventory, assuming that the direct labor in the work in processis P100,000. a. (1) 80% ; (2) P80,000b. (1) 125% ; (2) P60,000c. (1) 80% ; (2) P100,000d. (1) 125% ; (2) P100,000
Subject: Cost Management & accounting QUESTION – 11**The following data have been extracted from the records of A.B.C. Manufacturing Company:-Inventory Accounts Jan. 1: Inventory Accounts Dec 31:Material Rs. 45,000 Materials Rs. 38,000Work- in- Process 15,000 Work – in – Process 12,000Finished Goods 10,000 Finished Goods 17,000The following transactions took place during the year 1990:Direct Material Purchased Rs. 6,500Indirect Materials Purchased and used 10,000Factory Payroll Rs. 38,000 out of which Rs. 8,000 represented indirect labour. Other factory overhead cost incurred Rs. 25,000. Factory overhead applied to production at the rate of 150% of direct labour cost.Selling expenses Rs. 20,000 Admin Expenses 17,000Financial Management Income 2,000 Financial Management Expense 3,000Sale for the year 236,000 Sales return…