Subject - Acounting Glencove Company makes one model of radar gun used by law enforcement officers. All direct materials are added at the beginningof the manufacturing process. Information for the month of September follows:Beginning work in process (40% complete)Direct materialsConversion costTotal cost of beginning work in processNumber of units startedNumber of units completed and transferred to finished goodsEnding work in process (75% complete)Current period costsDirect materialsConversion costTotal current period costsRequired:1. Using FIFO method of process costing, complete each of the following steps:a. Reconcile the number of physical units worked on during the period.b. Calculate the number of equivalent units.c. Calculate the cost per equivalent unit.d. Reconcile the total cost of work in process.Units?37,00035,40022,450Costs$ 1,342,500631,800$ 1,974,300$ 2,408,4001,272,500$ 3,680,900 Required:1. Using FIFO method of process costing, complete each of the following steps:a. Reconcile the number of physical units worked on during the period.b. Calculate the number of equivalent units.c. Calculate the cost per equivalent unit.d. Reconcile the total cost of work in process.Complete this question by entering your answers in the tabs below.Req 1AReq 1BBeginning UnitsUnits StartedTotal UnitsReq 1CReq 1DUsing FIFO method of process costing, reconcile the number of physical units worked on during the period.Physical UnitsUnits CompletedEnding Units0 Total Units< Req 1APhysical Units0Req 1B

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Description: Subject - Acounting Glencove Company makes one model of radar gun used by law enforcement officers. All direct materials are added at the beginningof the manufacturing process. Information for the month of September follows:Beginning work in process

Using the formulas given below we can determine the cost and inventory units: (Beginning Units +…

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Glencove Company makes one model of radar gun used by law enforcement officers. All direct materials are added at the b of the manufacturing process. Information for the month of September follows: Beginning work in process (40% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (75% complete) Current period costs Direct materials Units ? 37,000 35,400 22,450 Costs $ 1,342,500 631,800 $ 1,974,300 $ 2.408-400

Glencove Company makes one model of radar gun used by law enforcement officers. All direct materials are added at the b of the manufacturing process. Information for the month of September follows: Beginning work in process (40% complete) Direct materials Conversion cost Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (75% complete) Current period costs Direct materials Units ? 37,000 35,400 22,450 Costs $ 1,342,500 631,800 $ 1,974,300 $ 2.408-400

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 16E: Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The...

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During December, Krause Chemical Company had the following selected data concerning the manufacture of Xyzine, an industrial cleaner: All materials are added at the beginning of processing in this department, and conversion costs are added uniformly during the process. The beginning work in process inventory had 120 of raw materials and 180 of conversion costs incurred. Materials added during December were 540, and conversion costs of 1,484 were incurred. Krause uses the first-in, first-out (FIFO) process cost method. The equivalent units of production used to compute conversion costs for December were: a. 110 units. b. 104 units. c. 100 units. d. 92 units.
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