Q2:Magic Company adds materials at the beginning of the process in Department A. The following information on physical unitsfor Department A for the month of August is available:Work in process, August 1 (60% complete with respect to conversion)....Started in August.CompletedWork in process, August 31 (30% complete with respect to conversion).72,000480,000480,00072,000Required1. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method.Solution

Name: Q2:Magic Company adds materials at the beginning of the process in De
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Description: Q2:Magic Company adds materials at the beginning of the process in Department A. The following information on physical unitsfor Department A for the month of August is available:Work in process, August 1 (60% complete with respect to conversion)....

An equivalent unit of production is used to describe a manufacturer's work on output units that…

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Q2: Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available: Work in process, August 1 (60% complete with respect to conversion).... 72,000 Started in August.. 480,000 Completed..... 480,000 Work in process, August 31 (30% complete with respect to conversion)... 72,000 Required 1. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. Solution

Q2: Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available: Work in process, August 1 (60% complete with respect to conversion).... 72,000 Started in August.. 480,000 Completed..... 480,000 Work in process, August 31 (30% complete with respect to conversion)... 72,000 Required 1. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. Solution

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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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.
Goode Company has the following production data for selected months. Ending Work in Process Beginning Work in Process Units % Complete as to Conversion Cost Month Transferred Out Units January 36,500 10,600 44 % March 41,000 8,200 73 July 50,800 18,300 24 Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process.
a. Based on the data in Exercise 20-7 (Attachment), determine the following for March:1. Direct materials cost per equivalent unit2. Conversion cost per equivalent unit3. Cost of the beginning work in process completed during March4. Cost of units started and completed during March5. Cost of the ending work in processb. Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent unit increase, decrease, or remain the same in March?
Reconcile the number of physical units to find the missing amounts. Determine the number of units started and completed each month. Beginning Work in Process Ending Work in Process Conversion Conversion Complete Complete (percent) (percent) Month February June September December Units 2,000 4,700 3,800 48 66 27 39 Units Started 23,900 26,400 22,900 Units Completed 23 36 59 76 Units Started and Completed
Magic Company adds materials at the beginning of the process in Department A. The following information on physical units fo Department A for the month of August is available. Mork in process, August 1 (60% complete with respect to conversion) Started in August Completed Mork In process, hugust 31 (72% complete with respect to conversion) 17,500 119,100 119,100 17,500 Required: a. Compute the equivalent units for materlals costs and for conversion costs using the weighted average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. Equivalent Units Conversion Costs Materials a Using the weighted average method b Using the FIFO method
Black Company adds materials in the beginning of the process in Department 1, which is the first of two stages of its production cycle. Information concerning the materials used in Department 1 in July is as follows: Units Material Costs Work in process, March 1, 2018 Started in process Completed and transferred out 6,000 50,000 44,000 P3,000 25,560 Using the average cost method, what was the materials cost of work in process on March 31? а. Р6,120 b. Р3,060 С. Р3,000 d. P6,000
Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available. Work in process, August 1 (65% complete with respect to conversion) Started in August Completed Work in process, August 31 (71% complete with respect to conversion) Required: a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. a. Using the weighted-average method b. Using the FIFO method Equivalent Units Materials 17,700 118,900 118,900 17,700 Conversion Costs
Exercise 8-22 (Algo) Compute Equivalent Units (LO 8-1, 3, 5) Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available. Work in process, August 1 (56% complete with respect to conversion) Started in August Completed Work in process, August 31 (77% complete with respect to conversion) 17,400 121,600 121,600 17,400 Required: a. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. Equivalent Units Conversion Costs Materials a Using the weighted-average method 139,000 O 134,998 O Using the FIF0 method 139,000 X 125,254
Wildhorse Company has the following production data for selected months. Month January March July January January Beginning Work in Process March July -0- -0- -0- Save for Later Materials Units Transferred Out Materials e Textbook and Media 45.500 52,000 58,500 Compute equivalent units of production for materials and conversion costs, assuming that materials are entered at the beginning of the process and that conversion costs are incurred uniformly throughout the process. Ending Work in Process Units 13,000 10,400 20.800 Compute equivalent units of production for materials and conversion costs, assuming that materials are entered at the beginning of the process and that conversion costs are incurred uniformly throughout the process. Conversion Costs % Complete as to Conversion Cost 40% Conversion Costs 75 25 4 Attempts: 0 of 1 used Submit Answer
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this periodi Completed and transferred out Ending work in process inventory Units started and completed Units 240.000 60,000 322,000 300,000 82,000 Direct Materials Percent Complete 60% 80% Conversion Percent Complete 40% (a) Compute the number of units started and completed this period for the first production department. 30%
Radford Products adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of January is available. Units started in January Units completed in January Work in process, January 1 (25% complete with respect to conversion) Work in process, January 31 (40%- complete with respect to conversion) Required: a. Compute the equivalent units for materials costs and for conversion costs using the weighted average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. Answer is not complete. a Using the weighted average method b. Using the FIFO method Equivalent Units Materials 1,008,500 905,000 929,000 103,500 79,500 Conversion Costs 900,800
Wildhorse Company has the following production data for selected months. Ending Work in Process Month Beginning Work in Process Units Transferred Out % Complete as to Units Conversion Cost January -0- 42,700 12,200 40 % March -0- 48,800 9,760 75 July -0- 54,900 19,520 25 Compute equivalent units of production for materials and conversion costs, assuming that materials are entered at the beginning of the process and that conversion costs are incurred uniformly throughout the process. January March July Materials Conversion Costs