There were 1,000 units in ending inventory after transferring 16,000 units to finished goods inventory. If the beginning inventory was 2,000 units, how many units were started in process? a. 17.000 O b.2,000 Oc 1,000 Od. 15.000

There were 1,000 units in ending inventory after transferring 16,000 units to finished goods inventory. If the beginning inventory was 2,000 units, how many units were started in process? a. 17.000 O b.2,000 Oc 1,000 Od. 15.000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 13MC: There were 1,000 units in ending inventory after transferring 16,000 units to finished goods...

See similar textbooks

Related questions

Q: For 7 to 8. January, Eleanor Company recorded the following information regarding its inventory:…

A: Under FIFO Method of Inventory Costing, units which comes in first will be sold first and the…

Q: The following information is available for Zhang Company: Item Units Unit Total cost Beginning…

A: Solution... Total costs of goods available for sale = $2,840 Total units available for sale =…

Q: The following information is to be used in costing inventory on June 30: 01-Jun Beginnning balance…

A: Total no. of units issued = Units issued on June 15 + Units issued on June 25 = 800 + 1000 = 1800…

Q: How many units must be in ending inventory if beginning inventory was 15,000 units, 58,000 units…

A: Beginning inventory 15000 Add: Units started 58000 Units to account for 73000 Less: Units…

Q: 1. Beginning inventory consisted of 1,200 units. All materials and 40 percent of labor and overhead…

A: Answer:- correct option is c) $ 219,230

Q: November 15- 5,000 units @ P13. If Seolleongtang Company has 9,000 units on hand on December 31, the…

A: Ans. In FIFO method of valuation of inventory, the units which is purchased at first is sold at…

Q: Betty Go Company has the following: Inventory, January 1- 8,000 units @ P11; Purchases, June 19-…

Q: What is COGS and cost of ending inventory in the company using average costing method where 4.000…

A: No. of units sold = No. of units purchased - no. of units in ending inventory = 4000 - 400 = 3600…

Q: Inventory is valued using FIFO. Opening inventory was 10 units at $2 each. Purchases were 30 units…

A: In FIFO , cost of goods sold is valued at oldest price and closing inventory at latest price.

Q: 380 The units of Product Bvailable for sale during the ye wesllewe April 1 Inventory 62 umits IES…

A: Under FIFO method the oldest products in inventory have been sold first. Under LIFO method the…

Q: Total 112,850 10,400 On March 31, ABC has 2,700 units in ending inventory. Using the periodic LIFO…

A: Answer LIFO (Last-in first out) Last in, first out (LIFO) is a method used to account for inventory…

Q: Your organisation uses the weighted average cost method of valuing inventories. During August 20X1,…

A: We have the following information: Method of Inventory Valuation: Weighted Average Cost Method 5th…

Q: The department had beginning inventory of 5,500 units of product and it started 94,500 units during…

A: Formula: Equivalent cost per unit = Total transferred in cost / Total number of equivalent units

Q: During the month of January, De Oro Company which uses a perpetual inventory system recorded the…

A: Under the average cost method, the ending inventory is multiplied by the average cost of inventory…

Q: What is COGS and cost of ending inventory in the company using average costing method where 4.000…

A: Cost of goods sold means cost of inventory which is sold during the particular period of time.…

Q: Fry Corporation's computation of cost of goods sold is: Beginning inventory 60,000

A: Answer: Option (a) 54.5 days is the correct answer.

Q: A company purchased inventory as follows: 200 units at $9…

A: Total units available for sale = 200 + 300 = 500 units Total cost of goods available for sale = (200…

Q: The following information is to be used in costing inventory on August 31. August 1 Beginning…

A: The question is based on the concept of Cost Accounting.

Q: Given the following: Number Cost purchased per unit Total January 1 inventory April 1 35 $ 3 $ 105…

A: Under FIFO method i.e First in First Out method, the inventory which is purchased first will be sold…

Q: Seolleongtang Company has the following: Inventory, January 1- 8,000 units @ P11; Purchases, June…

A: As per the FIFO method, those units are issued first which is purchased first, which means ending…

Q: For each case below, find the missing amount.…

A: Definition: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a…

Q: needed in 10 minutes Computational. From the following information, determine the amount of ending…

A: Inventory means the amount of stock which is held for used in production or for resale purpose.…

Q: Celine Company provided the following data relating to an inventory item. Date Units Unit Cost Total…

A: The inventory can be valued using various methods as LIFO, FIFO and moving average method. Using…

Q: The following pertains to the cost of H’s only inventory item: Inventory on hand, January 1…

A: Prepare perpetual inventory under LIFO method:

Q: Vaughn Company had 100 units in beginning inventory at a total cost of $10,000. The company…

A: Cost of goods and value of ending inventory using FIFO method, periodic inventory system Cost of…

Q: Roseanne Company's inventory records show the following data: Units Unit Cost Inventory,…

A: Definition: First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased…

Q: Where opening inventory of 50 units of finished goods are valued at $10 each and the average unit…

A: Among the given options, FIFO and Weighted average are the methods of inventory valuation. Under…

Q: Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first…

A: Given:

Q: If 7,400 units were in beginning inventory, 32,000 units were started, and 8,000 units were in the…

A: Units transferred out is the number of units which are completed and transferred out from the…

Q: The following information is about a company's inventory costs. Total cost to place one order Total…

A: Economic Order Quantity This is the quantity of purchasing stock where the cost to placing order…

Q: The related data of Mineyah Company's Finished goods inventory:…

A: Quantity Unit cost Total cost January 1 800 P205 P164,000 January 12 600 210…

Q: The following data about Maxwell Company is given for the month of August. August 1 Inventory 800…

A: Weighted Average Cost (WAC) refers to the method of inventory valuation which uses a weighted…

Q: A company purchased 100 units for $30 each on January 31. It purchased 400 units for $40 each on…

A: The LIFO (Last-In, First Out) inventory method means the latest inventory purchased will be sold…

Q: How many units must be in ending inventory if beginning inventory was 17,000 units, 58,000 units…

A: Ending inventory units: Beginning units + Units started during the period…

Q: Nizwa Company had the cost of goods sold of $ 160,000 and inventory balance was $23,000. What is the…

A: Inventory turnover ratio = cost of goods sold / average inventory

Q: Vaughn Company had 100 units in beginning inventory at a total cost of $12,000. The company…

A: Total cost of goods available for sale = Beginning inventory + Purchases = $12,000 + $30,000 =…

Q: How many units must be in ending inventory if beginning inventory was 12,000 units, 54,000 units…

A: Beginning Inventory + Units Introduced = Units Transferred out + Ending Inventory 12,000 + 54,000…

Q: Roundtree Company reported the following information with respect to cost of goods sold for the…

A: Cost of goods sold (COGS) is the cost of acquiring or manufacturing the products that a company…

Q: Lane Company provided the following inventory card during February: Purchase Units used Balance…

A: SOLUTION- WEIGHTED AVERAGE METHOD- IT IS INVENTORY COSTING METHOD THAT ASSIGN AVERAGE COSTS TO…

Q: Production data show 23,185 units were transferred out of a stage of production and 9,366 units…

A: Total cost of inventory transferred out =cost of completed inventory transferred out +Cost of…

Q: ily Company had 100 units in beginning inventory at a total cost of $10,000. The company purchased…

A: Solution: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods…

Q: The following information has been extracted from the records about one product: Date Transaction…

A: Inventory can be valued under the following methods:-(A) FIFO(B) LIFO(C) Simple Average(D) Weighted…

Q: 6כ Bader Company has a beginning merchandise inventory of $15,000. During the period, purchases were…

A: The total cost of opening inventory and the manufacturing costs incurred during the year is the cost…

Q: Seolleongtang Company has the following: Inventory, January 1- 8,000 units @ P11; Purchases, June…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…

Q: inventory

A: Produced units = 18500 Beginning inventory = ( $5159 total unit cost /$6.70 per unit cost ) = 770…

Q: PinaSarap Industries provided the following inventory card: Purchase Date Units Used Balance Units…

A: Average cost per unit = Total cost of goods available for sale / Total units available for sale…

Q: (a). Specific identification; ending inventory is comprised of 100 units from beginning inventory…

A: Calculation of closing stock(Units): Closing inventory = Opening inventory + purchases - Sales…

Q: How many units must be in ending inventory if beginning inventory was 16,924 units, 31,777 units…

A: Ending Inventory = Beginning Inventory + Units Started - Units Completed

Q: URWU N OLU U UI U a LURU U, LIL aL Units 1, 600 Unit Cost $ 45 Transactions Beginning inventory,…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: Seolleongtang Company has the following: Inventory, January 1- 8,000 units @ P11; Purchases, June…

A: FIFO: First-In First Out:- As per FIFO method, units purchased first are sold first. Hence,…

Concept explainers

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

Question

based on the attached what is the answer?

There were 1,000 units in ending inventory after transferring 16,000 units to finished goods inventory. If the
beginning inventory was 2,000 units, how many units were started in process?
*a. 17.000
O b. 2,000
Oc 1,000
O d. 15.000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

How many units must be in ending inventory if beginning inventory was 15,000 units, 55,000 Units were started, and 57,000 units were completed and transferred out?
Beginning inventory and direct material cost added during the month total $55,000. What is the value of the ending work in process inventory if beginning inventory was 2,000 units; 9,000 units were started; and 1,000 units were in ending inventory? $1,000 $5,000 $50,000 $55,000
A company started a new product, and in the first month started 100,000 units. The ending work in process inventory was 20,000 units that were 100% complete with materials and 75% complete with conversion costs. There were 100,000 units to account for, and the equivalent units for materials was $6 per unit while the equivalent units for conversion was $8 per unit. What is the value of the inventory transferred out, using the weighted-average inventory method?
There were 2.000 units in beginning inventory that were 70% complete with regard to conversion. During the month. 15.000 units were started, and 16,000 were transferred to finished goods. The ending work in process was 55% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method?
How many units must have been completed and transferred if beginning inventory was 75,000 units, ending inventory was 72,000 units, and 290,000 units were started?
Using the weighted-average method, compute the equivalent units of production for a new company that started 85,000 units into production and transferred 67,000 to the second department. Assume that beginning inventory was 0. Conversion is considered to occur evenly throughout the process, while materials are added at the beginning of the process. The ending inventory for Equivalent Units: Conversion is 9,000 units.
Production data show 35,920 units were transferred out of a stage of production and 6,150 units remained in ending WIP inventory that was 100% complete to material and 35% complete to conversion. The unit material cost is $5 for material and $8 for conversion. What is the amount of inventory transferred out and remaining in ending work in process inventory?
Banwood Company has the following information for 20x1: There were no beginning inventories. What is the ending inventory for Banwood using the absorption costing method? a. 300,000 b. 180,000 c. 120,000 d. 80,000
Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000
The packaging department began the month with 750 units that were 100% complete with regard to material and 25% complete with regard to conversion. It received 9,500 units from the processing department and ended the month with 500 units that were 100% complete with regard to materials and 75% complete with regard to conversion. With a $7 per unit material cost and a $4 per unit cost for conversion, what is the cost of the units transferred out and remaining in ending inventory?
Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion.
The packaging department began the month with 500 units that were 100% complete with regard to material and 85% complete with regard to conversion. It received 9,500 units from the processing department and ended the month with 750 units that were 100% complete with regard to materials and 30% complete with regard to conversion. With a $5 per unit cost for conversion and a $5 per unit cost for materials, what is the cost of the units transferred out and remaining in ending inventory?