Work in Process, January 1: Materials Conversion Cost Added this month: Materials 25,000 30,000 240,000 550,500 Conversion Work in Process, January 1 (30% complete) Started this month Transferred out Work in Process, January 31 (70% complete) Normal lost units Abnormal lost units 3,750 units 50,000 units 46,250 units 6,500 units 300 units ?
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Caring Company has the following cost and production date for the month of January 2022:
All materials are added at the start of the process and lost units are detected at the inspection point of 75% completion.
Under the weighted average method, how much is the cost of the Completed and Transferred (round off to 2 decimal places)?
A. 748,840.42
B. 752,853.20
C. 758,008.72
D. 762,216.34
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- Data Section: Work in process, beginning Units started during the month Work in process, ending Costs to account for. Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units $ $ $ S Units 50,000 220,000 30,000 Total 100,000 176,000 597,600 873,600 Direct Mat. % Added During the Month Cost per equivalent unit Percent Conversion 30% 80% Direct Mat. Equiv. Units Direct Mat. Conversion% Added During the Month HINT: To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Conversion Equiv. Units Conversion Beginning Inventory Cost assignment Direct Materials Conversion Total Amount reported on the balance sheet as Finished goods inventory Work in Process inventoryProblem Compute for the equivalent units of production in each of the following cases: Case A In process, Sept. 1 Placed in process In process, Sept. 30 Case B Stage of completion Stage of completion In process, Oct 1 Case C Stage of completion Transferred to Dept Y In process, Oct. 31 Stage of completion In process, Nov. 1 Stage of completion Transferred to stockroom Placed in process In process, Nov. 30 Stage of completion Department 1 8,000 units 14 50,000 units 6,000 units 1/5 Department X 3,000 units 1/3 26,000 units 4,000 1/5 Department A ? 1/5 35,000 units 12,000 units 1/3 Department 2 5,000 units 1/10 12,000 units 1/6 Department Y 2,000 units 1/5 7,000 2/7 Department B 8,000 units 1/8 38,000 units 3,200 units 1/10QUESTION # 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
- End. Work in Process Inv. % Complete as to Beg. Work Units Completed in Process Month Inv. and Transferred Out Units Conversion Cost March 2,820 39,480 11,280 75% Compute equivalent units of production for March for both materials and conversion costs using the weighted-average method of process costing. Materials are entered at the beginning of the process. Quantities Units to be accounted for Work in process inventory, 3/1 Started into production Total units to be accounted for Equivalent Units of Production Physical Units Materials Conversion CostsGoode Company has the following production data for selected months. EndingWork in Process Month BeginningWork in Process UnitsTransferred Out Units % Complete as toConversion Cost January –0– 40,300 10,300 42 % March –0– 41,800 9,000 75 July –0– 48,800 20,700 21 Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process. Materials Conversion Costs January March JulyIn process, Nov. Stage of completion Exercise 6: Coat of Production Report - Even Application of Costa given en its August, 19H production: Quantity data: In process, August 1 8,000 units, 14 done 70,000 units 12,000 units, 23 done Placed in proces In process, August 31 Cost data: In process, August 1 Factory costs: Materials Labor Factory overhead Required: P 1,110 23,760 15,840 12,240 a Cost of production report supported by the schedule of equivalent production b. T-account for work in process.
- Date ACCOUNT Work in Process-Forging Department Nov. Item 1 Bal., 900 units, 60% completed 30 Direct materials, 12,900 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed $ Debit 123,840 21,650 16,870 $ Credit ? ACCOUNT NO. Balance Debit Direct materials cost per equivalent unit Conversion cost per equivalent unit 10,566 134,406 156,056 172,926 ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. ? If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. Credit b. Cost of units transferred to the next department during November. $ c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in…Score: Professor: Section to Jersion orcise I-SetR Quantity Schedule ts to be accounted for: Work in process, August 1 (75% materials. 40% conversion cost added last month) 120 Started this month Total units to be accounted for 560 680 ersion Ceits accounted for as follows: Transferred to the next process 600 Work in process, August 31 (50% materials, 25% conversion cost added this month) Total units accounted for 00- 80 680 Costs in the beginning work in process inventory were: Materials P114,000 Conversion cost Costs added during August were: 32,000 Materials 718,000 Conversion cost 402,000 Required 1. Compute the total cost for August. 2. Compute the unit cost for August. * Compute the cost of completed goods and transferred out. * Compute the cost of work in process end. E use the table at the back chodule for the first process follows:Assume the following information: Milling Department Beginning work in process inventory Units started into production during March Units completed during March and transferred to the Units 300 6,000 next department Ending work in process inventory Using the FIFO method, what is the equivalent units of production for materials? 5,800 500 Percent Complete Materials Conversion 40% 30% 100% 60% 100% 40%
- 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%Data Section: Work in process, beginning Units completed during the months Work in process, ending Costs to account for: Beginning work in process Materials added Conversion costs incurred Total costs to be accounted for Beg. Work in process Started & Completed Ending Work in process Total Whole Units FORMULA 2 FORMULA 3 FORMULA 3 $ $ $ Units 60,000 210,000 30,000 Total 94,800 151,200 600,300 FORMULA 1 Direct Mat. % Added During the Month FORMULA 5 FORMULA 6 FORMULA 7 Cost per equivalent unit Percent Conversion 40% 70% Direct Mat. Equiv. Units FORMULA 8 FORMULA 9 FORMULA 10 Direct Mat. FORMULA 11 Conversion% Added During the Month FORMULA 12 FORMULA 13 FORMULA 14 HINT: Formulas in RED will be in units Forumlas in BLUE will percentages Formulas in GREEN will be in dollars To find started and completed: Completed units - beginning inventory Started during the month - ending inventory Cost assignment Conversion Beginning Equiv. Units Inventory FORMULA 15 FORMULA 19 FORMULA 16 FORMULA 20…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