In: Accounting
At OxyCorp, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include
WIP beginning (55% for conversion) | 13,700 units |
Units started | 125,000 units |
Units completed and transferred out | 116,500 units |
WIP ending (35% for conversion) | 22,200 units |
Beginning WIP transfer costs | $40,000 |
Beginning WIP direct materials | $50,300 |
Beginning WIP conversion costs | $22,500 |
Costs of transfer costs added | $360,000 |
Costs of materials added | $412,000 |
Costs of conversion added | $301,000 |
Please calculate using the average cost method:
1) Units to be accounted for ?
A) 116,500
B)124,270
C)125,000
D)138,700
2) Amount of transferred in costs to be accounted for?
A) $323,500
B) $400,000
C) $462,300
D) $1,185,800
3) Amount of work in process costs to be accounted for?
A) $323,500
B) $400,000
C) $462,300
D) $1,185,800
4) Amount of conversion costs to be accounted for?
A) $323,500
B) $400,000
C) $462,300
D) $1,185,800
5) Number of transferred in costs equivalent units?
A) 116,500 units
B) 124,270 units
C) 138,000 units
D) 138,700 units
6) Number of direct materials equivalent units?
A) 116,500 units
B) 124,270 units
C) 138,000 units
D) 138,700 units
7) Number of conversion costs equivalent units?
A) 116,500 units
B) 124,270 units
C) 138,000 units
D) 138,700 units
8) Costs per transferred in costs equivalent unit?
A) $2.60
B) $2.88
C) $3.33
D) $8.81
9) Cost per direct materials equivalent unit?
A) $2.60
B) $2.88
C) $3.33
D) $8.81
10) Cost per conversion costs equivalent unit?
A) $2.60
B) $2.88
C) $3.33
D) $8.81
11) Value of ending inventory?
A) $158,064
B) $195,582
C) $1,026,365
D) $1,184,429
12) Value of cost of goods sold?
A) $158,064
B) $195,582
C) $1,026,365
D) $1,184,429
13) Cost per conversion costs equivalent unit?
A) $158,064
B) $195,582
C) $1,026,365
D) $1,184,429