In the month of March, a department had 8400 units in beginning W 30100 units were transferred into production from another departm Process Inventory that were 70% complete. Direct materials are add incurred uniformly throughout the process. The weighted-average m process in March?

In the month of March, a department had 8400 units in beginning W 30100 units were transferred into production from another departm Process Inventory that were 70% complete. Direct materials are add incurred uniformly throughout the process. The weighted-average m process in March?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5PB: Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units...

See similar textbooks

Related questions

Q: 19. Which of the following statements are true? a. Qualified dividends are part of the total…

A: A. Qualified dividends are part of the total ordinary dividends. This statement is true. Qualified…

Q: Sapphire Jewellery Pty Ltd (SJ) is a resident private company. During the 2023 income year, SJ…

A: DescriptionCost BaseProceeds from SaleCapital GainSale of Shares $25,000$45,000$20,000

Q: Requirements 1. Allocate the $ 65$65 between MikeMike and BrettBrett using (a) the stand-alone…

A: PackagePer MonthA. Internet access$60B. Phone services15C. Internet access + phone services65Mike…

Q: On December 31, Pacifica, Inc., acquired 100 percent of the voting stock of Seguros Company.…

A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…

Q: Assume that RamCo applies overhead to jobs based on direct labor cost. Job A1 was started and…

A: Predetermined Overhead Rate :— It is the rate used to allocate manufacturing overhead cost to cost…

Q: During the current month, Carla Vista Corporation completed Job 310 and Job 312. Job 310 cost…

A: journal entries are the first recording of the transactions

Q: The City of Galena General Fund has the following net resources at year-end: $1,634,000 total fund…

A: Answer:- Balance sheet meaning:- A balance sheet is basically a type of financial statement that…

Q: The following selected transactions relate to liabilities of United Insulation Corporation. United’s…

A: Journal entries indicate the format that records the day to day business related to monitory…

Q: Begin by determining which of the suggested strategies are inconsistent with IMA standards. Postpone…

A: IMA stands for the Institute of Management Accountants. The IMA is a professional organization for…

Q: Using the following terms and following the format in the textbook, prepare the worksheet to show…

A: Work in process is the inventory wherein the goods are yet to be completed. The goods are still in…

Q: Recently Spartans Inc. switched from using the FIFO method of process costing to the weighted-…

A: Ethical standards are guidelines that are set to promote honesty, integrity, and fairness in the…

Q: Revenues for the year totaled $162,000 and expenses totaled $174,000. The owner invested an…

A: Net Income means Revenue - Expensesnet earnings, is calculated as sales minus cost of goods sold,…

Q: Greenwood Company manufactures two products-15,000 units of Product Y and 7,000 units of Product Z.…

A: Activity rate is used under activity activity-based costing system to determine the amount of…

Q: Required Information P4-7 (Algo) Recording Adjusting and Closing Entries and Preparing a Balance…

A: Income statement is a financial statement that records all the income and expenses of the business…

Q: Purchasing a building for $120,000 by paying cash of $35,000 and signing a note payable for $85,000…

A: The accounting equation states that assets are equal to the sum of the liabilities and equity. The…

Q: The income statement for Salt Creek Golf Club for the month ending July 31 shows Service Revenue…

A: Lets understand the basics.Income statement is prepared by closing all revenue and expense…

Q: Hall, Incorporated manufactures two components, Standard and Ultra, that are designed for the same…

A: Production cost is the total cost incurred for producing a product. It includes direct materials,…

Q: Total cost Total activity $ 43,200 8,000 parties $ 148,000 20,000 diners $ 72,000 48,000 drinks A…

A: Activity-based costing system -The accounting technique known as "activity based costing," or "ABC,…

Q: Horton Manufacturing Incorporated produces blinds and other window treatments for residential homes…

A: High-low method is to separate the variable cost nd fixed cost from the mixed cost. It is a method…

Q: Sheridan Company manufactures pizza sauce through two production departments: Cooking and Canning.…

A: The journal entries are prepared to record the transactions on a regular basis. The direct costs are…

Q: York Steel buys a new press brake for $800,000. It is expected to last twenty years and have a…

A: Depreciation is the loss in the value of the asset caused due to its usage, wear and tear.There are…

Q: eight What is the amount of Interest Expense that will be recorded on December 31, 202-

A: The interest on bonds is the cost of borrowing and is calculated using the…

Q: ces Data for Hermann Corporation are shown below: Selling price Variable expenses Contribution…

A: Income statement is a financial statement that shows the profitability, total revenue and total…

Q: Write a critical inquiry question rephrasing the following question to align it with one's academic,…

A: A critical inquiry question is a thought-provoking and open-ended query designed to stimulate…

Q: RST Company produces a product that has a variable cost of $6 per unit. The company's fixed costs…

A: MARGINAL COSTING INCOME STATEMENTMarginal Costing Income Statement is One of the Important Cost…

Q: Prepare a classified balance sheet as of December 31, 2023. Please use the report format.

A: A balance sheet is a financial statement that reports a company's assets, liabilities, and…

Q: Use the following information for the Quick Studies below. (Algo) Rafner Manufacturing has the…

A: Lets understand the basics.Overhead Rate :— It is the ratio of estimated overhead cost and estimated…

Q: es The following transactions are February activities of Swing Hard Incorporated, which offers…

A: Cash basis accounting: In cash basis accounting, revenue is recognized when payment is received and…

Q: Learning Curve Sharon Glessing, controller for Janson Company, has noticed that the company faces a…

A: Direct costs are the expenses that are directly used for the production of goods and services for…

Q: ecuriCorp operates a fleet of armored cars that make scheduled pickups and deliveries in the Los…

A: First stage allocation is the allocation of overhead costs to different activity cost pools. It is…

Q: Fountain Precision Products (FPP) manufactures high-technology measurement systems. The systems are…

A: A learning curve is a mathematical concept that graphically depicts how a process improves over time…

Q: Trenton Company expects to pay a 7% bonus on net income after deducting the bonus. Assume the…

A: Bonus means the amount paid to employee for some extra effort. Bonus can be paid on net profit…

Q: The tax court is hearing a case for a taxpayer living in Pennsylvania. The 1st and 3rd Circuit…

A: The U.S. Tax Court is not bound by the decisions of the Circuit Courts of Appeals, However, the…

Q: Required information Skip to question [The following information applies to the questions displayed…

A: Return on asset:-This ratio indicates that, how well company is generating net income by using…

Q: Jan. 4 purchased merchandise worth $1000 on credit Jan. 7 sold merchandise for $500 sales value,…

A: Introduction:Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited…

Q: The Cullumber Company issued $240,000 of 13% bonds on January 1, 2025. The bonds are due January 1,…

A: The bonds are issued to raise the money from the market or investors. The bonds are issued at a…

Q: The following data have been collected for four different cost items. Cost at Cost 100 Cost at Item…

A: The objective of the question is to classify the cost items into variable, fixed, or mixed based on…

Q: Blossom Inc. is a cell phone wholesaler. At the beginning of the year, it purchased 1320 units of…

A: Inventory is valued at cost or net realisable value which ever is lower. Net realisable value is…

Q: Return on Equity Evans & Sons, Inc., disclosed the following information in a recent annual report:…

A: Return on equity (ROE) gauges a company's profitability in relation to the equity held by its…

Q: A company has a beginning inventory of $40,000 and purchases during the year of $110,000. The…

A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

Q: In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa…

A: In the 'completed contract method' of revenue recognition, all the revenue and profit of contract…

Q: On January 1, 2019, Naomi, Inc. issued $2,000,000, 4% bonds when the market rate was 6%. Interest is…

A: Bonds are the security funds issued by the company to the public. It contains a fixed rate of…

Q: Jefferson Millinery Inc. (JMI) decided to liquidate its wholly owned subsidiary, 8 Miles High Inc.…

A: Liquidation -The closing of a company or business division is known as liquidation. To settle debts…

Q: Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an…

A: Answer:- The total amount of tax debt owed by a person, business, or other entity to an authority…

Q: Which of the following statements are correct? Fund accounting segregates financial resources with…

A: Fund Accounting: Fund accounting is an accounting method that non-profit organizations use to…

Q: The following selected transactions relate to contingencies of Classical Tool Makers, Incorporated,…

A: Contingencies are probable assets or liabilities that might arise due to events that occurred in the…

Q: The financial information below is for Mat Moery, who works as an administrative assistant in a law…

A: Net worth - If all assets of the company are cashed out to pay off outstanding liabilities, the…

Q: An advance payment of $1,000 for services was received on December 1 and was recorded as a…

A: To record any unrecognized income or expenses for the period company made an adjusting entry at the…

Q: [The following information applies to the questions displayed below.] Performance Products…

A: ACTIVITY BASED COSTINGActivity Based Costing is a Powerful tool for measuring…

Q: In 2018, Ronaldo Construction Inc. agreed to construct an apartment building at a price of $10…

A: Construction accounting, is a form of project accounting applied to construction projects. It…

Question

vnt.1

In the month of March, a department had 8400 units in beginning Work in Process Inventory that were 70% complete. During March,
30100 units were transferred into production from another department. At the end of March there were 1600 units in ending Work in
Process Inventory that were 70% complete. Direct materials are added at the beginning of the process while conversion costs are
incurred uniformly throughout the process. The weighted-average method is used. How many units were transferred out of the
process in March?
O 19950 units
O 28070 units
O 36900 units
O 31700 units

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1: Introducing Equivalents Units Production

VIEW

Step 2: Calculate the Units Transferred Out of the Process in March

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

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

During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.
Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% complete. During the period, 10,800 units were completed and transferred to the Packing Department. There were 1,900 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs.
Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000. Required: 1. Assuming the use of the weighted average method, prepare a schedule of equivalent units. 2. Compute the unit cost for the month.
Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: a. All materials are added at the beginning of the process. b. Beginning work in process had 80,000 units, 30 percent complete with respect to conversion costs. c. Ending work in process had 17,000 units, 25 percent complete with respect to conversion costs. d. Started in process, 95,000 units. Required: 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method.
There were 1,700 units in beginning inventory that were 40% complete with regard to conversion. During the month, 8,550 units were started and 9,000 were transferred to finished goods. The ending work in process was 60% 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?
Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required: Prepare a schedule of equivalent units, and compute the unit cost for the month of December. Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000.
Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?
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.
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.
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: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.
During the month of June, the mixing department produced and transferred out 3,500 units. Ending work in process had 1,000 units, 40 percent complete with respect to conversion costs. There was no beginning work in process. The equivalent units of output for conversion costs for the month of June are: a. 3,500 b. 4,500 c. 3,900 d. 1,000