Units15,000Work in process, May 1Units started during May60,000Units completed and transferred out 68,000Work in process, May 317,000Direct Materials Conversion CostsTotalCosts:Work in process, May 1 $ 41,250Costs incurred during May 234,630Totals$ 16,50072,000$275,880 $88.500None of the answers is correct.$2.50$2.76.$2.53.$24.750162,630$ 187,380Using the weighted-average method of process costing, the cost per unit of conversion activity is:$2.70.

Name: Units15,000Work in process, May 1Units started during May60,000Units
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Units15,000Work in process, May 1Units started during May60,000Units completed and transferred out 68,000Work in process, May 317,000Direct Materials Conversion CostsTotalCosts:Work in process, May 1 $ 41,250Costs incurred during May 234,630Totals$

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

Business

Accounting

Units 15,000 60,000 Units completed and transferred out 68,000 Work in process, May 31 7,000 Direct Materials Conversion Costs Work in process, May 1 Units started during May Total Costs: Work in process, May 1 $41,250 $ 16,500 Costs incurred during May 234,630 72,000 Totals $275,880 $ 88,500 $24,750 162.630 $ 187,380 Using the weighted-average method of process costing, the cost per unit of conversion activity is: $2.70 None of the answers is correct. $2.50 $2.76 $2.53.

Units 15,000 60,000 Units completed and transferred out 68,000 Work in process, May 31 7,000 Direct Materials Conversion Costs Work in process, May 1 Units started during May Total Costs: Work in process, May 1 $41,250 $ 16,500 Costs incurred during May 234,630 72,000 Totals $275,880 $ 88,500 $24,750 162.630 $ 187,380 Using the weighted-average method of process costing, the cost per unit of conversion activity is: $2.70 None of the answers is correct. $2.50 $2.76 $2.53.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Beginning work in process 10,000 unitsUnits started 20,000 unitsUnits completed 25,000 unitsBeginning work-in-process direct materials RM 6,000Beginning work-in-process conversion RM 2,600Direct materials added during month RM 30,000Direct manufacturing labor during month RM12,000Factory overhead RM 5,000Beginning work in process was half converted as to labor and overhead. Direct materials are added at the beginning of the process. All conversion costs are incurred evenly throughout the process. Ending work in process was 60% complete as to labor and overhead. Required: Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.
Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory 20,000 Started during the month 74,000 Total units to account for Completed and transferred out 70,000 Ending work in process Total units to account for Work in process completion percent 100% 20% Materials Units Conversion Units Total Units Completed and transferred out 70,000 70,000 70,000 Ending work in process Total units to account for Materials Conversion Total Costs to account for $4,000 $17,000 $21,000 Beginning work in process Transferred in 35,360 59,560 24,200 Incurred during the period $4 $4 Total costs to account for Equivalent units Previous Next %24
ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?
Question Content Area Compute conversion costs given the following data: direct materials, $376,200; direct labor, $200,400; factory overhead, $179,400 and selling expenses, $48,400. a. $555,600 b. $131,000 c. $756,000 d. $379,800
QUESTION 5 The following data are for Assembly department process and once completed, will be transferred to Finishing department. Physical Direct materials Conversion costs units Ending work in process (31 May) Input units Beginning work in process (1 May) Total costs added during May 40 200 50 $1000 $2000 $8000 0006%$ The % of completion for beginning work in process is 50% for direct materials and 60% for conversion costs. The % of completion for ending work in process is 80% for direct materials and 30% for conversion costs. REQUIRED: Prepare a production cost report sheet using FIFO method to assign costs to units completed and transferred out and to units of ending work in process. Prepare the Journal entry to record transfer to next process.
PR 17-2A Cost of Production Report Obj. 2, 4 Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department Date July Item 1 Bal., 30,000 units, 10% completed 31 Direct materials, 155,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 149,000 units 31 Bal.,? units, 45% completed Instructions Answer Check Figure: Conversion cost per equivalent unit, $0.76 Debit Credit 620,000 90,000 33,272 PICTIO ? ACCOUNT NO. Balance Debit Credit 121,800 741,800 831,800 865,072 1. Prepare a cost of production report, and identify the missing amounts for Work in Process -Roasting Department. ? 2. Assuming that the July 1 work in process inventory includes $119,400 of direct materials, determine the…
Assume the following information: Materials $ 10,000 291,600 $301,600 Conversion $15,000 387,000 $ 402,000 Milling Department Total Cost of beginning work in process inventory Costs added during the period $ 25,000 678,600 $703,600 Total cost ts 00:13:14 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department? Multiple Choice $29,280 $59,280 $49.280
QUESTION # 4Elmo has the following information for the month of October, its first month of operations Work in Process October 1 0 Units completed & transferred out in October 120,000 Work in process October 30 32,000 100% completed for materials 80% completed for conversion costs Costs added in October Materials $145,900 Direct Labor $96,000 Overhead $108,000 what is meant by the term equivalent full units
V. Physical Units Data Beginning Work in Process Units Started to WIP 15,000 units 60,000 units Ending Work in Process (100% complete materials, 20% complete for conversion costs 26,000 units Manufacturing Cost Data Beginning work in Process Materials Conversion Costs $ $ 15,000 30,435 Costs added Materials $ $ 180,000 99,645 Conversion Costs Step 1&2. Account for the Physical units and Determine the Equivalent units completed for the month Step 3 Determine the material and conversion costs per unit Step 4 Prepare a cost reconciliation
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 292,000 385,000 Total cost $ 302,000 $ 400,000 Using the weighted-average method, the total cost of the ending work in process inventory with respect to materials is closest
Assume the following information: Milling Department Units Percent Complete Materials Conversion Beginning work in process inventory 200 40% 30% Units started into production during March 6,200 Units completed during the period and transferred to the next department 5,800 100% 100% Ending work in process inventory 600 70% 60% Milling Department Materials Conversion Cost of beginning work in process inventory $ 10,000 $ 15,000 Costs added during the period 292,000 385,000 Total cost $ 302,000 $ 400,000 Using the weighted-average method, the total cost of the units completed during the period and transferred out to the next department with respect to materials is closest to:
Absorption- and Variable-Costing Income Statements San Mateo Optics, Inc., specializes in manufacturing lenses for large telescopes and cameras used in space exploration. As the specifications for the lenses are determined by the customer and vary considerably, the company uses a job-order costing system. Manufacturing overhead is applied to jobs on the basis of direct labor hours, utilizing the absorption- or full-costing method. San Mateo's predetermined overhead rates for 20x1 and 20x2 were based on the following estimates. 20x1 20x2 Direct labor hours 32,500 44,000 Direct labor cost $325,000 $462,000 Fixed manufacturing overhead $130,000 $176,000 Variable manufacturing overhead $162,500 $198,000 Jim Cimino, San Mateo's controller, would like to use variable (direct) costing for internal reporting purposes as he believes statements prepared using variable costing are more appropriate for making product decisions. In order to explain the benefits of variable costing to the other…