Please do not give solution in image format thanku Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing departmentfor the most recent month are listed below:Beginning work in process inventory:Units in beginning work in process inventoryMaterials costsConversion costsPercent complete with respect to materialsPercent complete with respect to conversionUnits started into production during the monthUnits transferred to the next department during the month1,500$ 13,100$ 23,000Multiple Choice$70,603$66,546$113,316$80,57775%65%10,2009,400$ 175,300$364,500Materials costs added during the monthConversion costs added during the monthEnding work in process inventory:Units in ending work in process inventoryPercent complete with respect to materialsPercent complete with respect to conversionThe cost of ending work in process inventory in the first processing department according to the company's cost system isclosest to: (Round equivalent units to the nearest whole number and round all other intermediate calculations to 3decimal places.)2,30065%50%

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Description: Please do not give solution in image format thanku Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing departmentfor the most recent month are listed below:Beginning work in process inventory:U

The equivalent units are calculated on the basis of the percentage of the work completed during the…

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Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing departme for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials 2,300 65% Percent complete with respect to conversion 50% The cost of ending work in process inventory in the first processing department according to the company's cost system closest to: (Round equivalent units to the nearest whole number and round all other intermediate calculations to 3 decimal places.) Multiple Choice $70,603 $66,546 1,500 $ 13,100 $ 23,000 75% 65% 10,200 9,400 $ 175,300 $364,500 $113,316 $80,577

Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing departme for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the month Ending work in process inventory: Units in ending work in process inventory Percent complete with respect to materials 2,300 65% Percent complete with respect to conversion 50% The cost of ending work in process inventory in the first processing department according to the company's cost system closest to: (Round equivalent units to the nearest whole number and round all other intermediate calculations to 3 decimal places.) Multiple Choice $70,603 $66,546 1,500 $ 13,100 $ 23,000 75% 65% 10,200 9,400 $ 175,300 $364,500 $113,316 $80,577

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 15E: Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the...

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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.
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?
Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead. The cost of goods transferred out for the year is: a. 4,471,200 b. 3,571,200 c. 3,780,000 d. 3,024,000
Dublin Brewing Co. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during October: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 13,000 units finished and transferred to stockroom Work in process, end of period, 2,000 units one-half completed Required: Prepare a cost of production summary for October.
Seacrest Company uses a process-costing system. The company manufactures a product that is processed in two departments: A and B. As work is completed, it is transferred out. All inputs are added uniformly in Department A. The following summarizes the production activity and costs for November: Required: 1. Using the weighted average method, prepare the following for Department A: (a) a physical flow schedule, (b) an equivalent unit calculation, (c) calculation of unit costs (Note: Round to four decimal places.), (d) cost of EWIP and cost of goods transferred out, and (e) a cost reconciliation. 2. CONCEPTUAL CONNECTION Prepare journal entries that show the flow of manufacturing costs for Department A. Use a conversion cost control account for conversion costs. Many firms are now combining direct labor and overhead costs into one category. They are not tracking direct labor separately. Offer some reasons for this practice.
Kokomo Kayak Inc. uses the process cost system. The following data, taken from the organizations books, reflect the results of manufacturing operations during the month of March: Production Costs Work in process, beginning of period: Costs incurred during month: Production Data: 18,000 units finished and transferred to stockroom. Work in process, end of period, 3,000 units, two-thirds completed. Required: Prepare a cost of production summary for March.
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.
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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.