Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.Costs to Account ForBeginning inventory: materialsBeginning inventory: conversionDirect materialDirect laborApplied overheadTotal costs to account forUnits to Account ForBeginning work in processUnits started into productionTransferred outCompleted and transferred outEnding work in processTotal units to account forTransferred out costsCompleted and transferred outEnding work in processTotal units to account forWork in process completion percentEnd work in process: materialsEnd work in process: conversion$11,000Costs to account forBeginning work in processIncurred during the periodTotal costs to account forEquivalent unitsCost per equivalent unit for departmentEnd work in process: total18,000Costs to account for49,00076,00021,184$175,1845,00019,00017,000Production Cost Report100%20%Material Units Conversion Units Total UnitsMaterialsConversionTotal

Equivalent units using Weighted Average Method:— Under this method, Equivalent units is the sum of…

Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to Costs to Account For Beginning inventory: materials $11,000 Beginning inventory: conversion Direct material Direct labor Applied overhead Total costs to account for Units to Account For Beginning work in process Units started into production Transferred out Completed and transferred out Ending work in process Total units to account for Completed and transferred out Ending work in process Total units to account for Work in process completion percent Transferred out costs End work in process: materials Costs to account for Beginning work in process Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department End work in process: conversion 18,000 End work in process: total 49,000 76,000 21,184 $175,184 Costs to account for 5,000 19,000 17,000 Production Cost Report 100% 20% Material Units Conversion Units Total Units Materials Conversion Total

Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to Costs to Account For Beginning inventory: materials $11,000 Beginning inventory: conversion Direct material Direct labor Applied overhead Total costs to account for Units to Account For Beginning work in process Units started into production Transferred out Completed and transferred out Ending work in process Total units to account for Completed and transferred out Ending work in process Total units to account for Work in process completion percent Transferred out costs End work in process: materials Costs to account for Beginning work in process Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department End work in process: conversion 18,000 End work in process: total 49,000 76,000 21,184 $175,184 Costs to account for 5,000 19,000 17,000 Production Cost Report 100% 20% Material Units Conversion Units Total Units Materials Conversion Total

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 12E: a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in...

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The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
Given the following information, prepare a production report with materials added at the beginning and ending work in process inventory being 80% complete with regard to conversion costs.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added 50% at the beginning of the process and 50% at the end of the process, what are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent.
a. Based on the data in Exercise 17-11, determine the following: 1. Cost of beginning work in process inventory completed this period 2. Cost of units transferred to finished goods during the period 3. Cost of ending work in process inventory 4. Cost per unit of the completed beginning work in process inventory b. Did the production costs change from the preceding period? Explain. c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?
The charges to Work in ProcessAssembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Determine the following: a. The number of units in work in process inventory at the end of the period b. Equivalent units of production for direct materials and conversion c. Costs per equivalent unit for direct materials and conversion d. Cost of the units started and completed during the period
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: beginning inventory of 2,500 units is 100% complete with regard to materials and 60% complete with regard to conversion 18,000 units were started during the period 17,500 units were completed and transferred ending inventory is 100% complete with materials and 65% complete with conversion
Given the following information, determine the equivalent units of ending work in process for materials and conversion using the weighted-average method: Beginning inventory of 750 units is 100% complete with regard to materials and 30% complete with regard to conversion. 9,500 units were started during the period. 8,900 units were completed and transferred. Ending inventory is 100% complete with regard to materials and 68% complete with regard to conversion.
During production, how are the costs in process costing accumulated? A. to cost of goods sold B. to each individual product C. to manufacturing overhead D. to each individual department
The following information concerns production in the Finishing Department for May. The Finishing Department uses the weighted average method. a. Determine the number of units in work in process inventory at the end of the month. b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for May. Assume that direct materials are placed in process during production.
Assuming that all materials are added at the beginning of the process and that labor and factory overhead are applied evenly during the process, compute the figures to be inserted in the blank spaces of the following data, using the weighted average cost method. [Hint: for best success in solving each Case, solve them in numerical order starting with (1)]