Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Units completed Units, ending work in process x Percentage complete: 7,000 x 100% 7,000 x 50% Equivalent units of output Direct Materials 25,000 $ 7,000 $ 32,000 Conversion Costs 25,000 Costs assigned to beginning work in process: direct materials, $90,000; conversion costs, $25,125. Manufacturing costs incurred during April: direct materials, $102,000; conversion costs, $210,000. Holmes uses th weighted average method. Required: 3,500 28,500 1. Compute the unit cost for April. If required, round your answer to the nearest cent. per equivalent unit 2. Determine the cost of ending work in process and the cost of goods transferred out. Cost of ending work in process Cost of goods transferred out

Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Units completed Units, ending work in process x Percentage complete: 7,000 x 100% 7,000 x 50% Equivalent units of output Direct Materials 25,000 $ 7,000 $ 32,000 Conversion Costs 25,000 Costs assigned to beginning work in process: direct materials, $90,000; conversion costs, $25,125. Manufacturing costs incurred during April: direct materials, $102,000; conversion costs, $210,000. Holmes uses th weighted average method. Required: 3,500 28,500 1. Compute the unit cost for April. If required, round your answer to the nearest cent. per equivalent unit 2. Determine the cost of ending work in process and the cost of goods transferred out. Cost of ending work in process Cost of goods transferred out

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Description: WeatSubject: accounting Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in ProcessHolmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, th

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 20E: Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through...

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Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.
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