Question
In: Accounting
Magic Company adds materials at the beginning of the process in Department A. The following information...
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 (58% complete with respect to conversion) | 16,400 | |
| Started in August | 118,800 | |
| Completed | 118,800 | |
| Work in process, August 31 (71% complete with respect to conversion) | 16,400 | |
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.
Solutions
Expert Solution
- Requirement [a]
|
EUP - Weighted Average Method |
Units |
% Material |
EUP Materials |
% Conversion |
EUP - Conversion |
|
Units TRANSFERRED |
118,800 |
100% |
118,800 |
100% |
118,800 |
|
Units of ENDING WIP |
16,400 |
100% |
16,400 |
71% |
11,644 |
|
Equivalent Units of Production |
135,200 |
130,444 |
- Requirement [b]
|
EUP - FIFO Method |
Units |
% Material |
EUP Materials |
% Conversion |
EUP - Conversion |
|
Units of ENDING WIP |
16,400 |
100.0% |
16,400 |
71.0% |
11,644 |
|
Units STARTED & COMPLETED |
102,400 |
100% |
102,400 |
100% |
102,400 |
|
Units of beginning WIP |
16,400 |
0.00% |
- |
42% |
6,888 |
|
Equivalent Units of Production |
118,800 |
120,932 |
ekkarill92 answered 1 year agoRelated Solutions
Magic Company adds materials at the beginning of the process in Department A. The following information...
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 (64% complete with respect to
conversion) 17,400
Started in August 120,000
Completed 120,000
Work in process, August 31 (75% complete with respect to
conversion) 17,400
Required:
a. Compute the equivalent units for materials costs and for
conversion costs using the weighted-average method.
b. Compute the equivalent...
Crystal Company adds materials at the beginning of the process in its Cutting Department. Additional information...
Crystal Company adds
materials at the beginning of the process in its Cutting
Department. Additional information relating to Crystal is as
follows:
%
Complete Units
Beginning work-in-process
60%
10,000
Completed and transferred
100%
14,000
Ending work-in-process
40%
4,000
Costs
Materials Conversion
Beginning work-in-process
$ 8,000
$15,000
Cost added this period
10,000
16,200
Using the weighted-average method, what was the total cost per
equivalent unit
A.
$2.00
B.
$3.00
C.
$3.25
D.
$3.50
A department adds raw materials to a process at the beginning of the process and incurs...
A department adds raw materials to a process at the beginning of
the process and incurs conversion costs uniformly throughout the
process. For the month of January, there were no units in the
beginning work in process inventory; 42773 units were started into
production in January; and there were 5174 units that were 78%
complete in the ending work in process inventory at the end of
January. What were the equivalent units of production for
conversion costs for the month...
Plemmon Company adds materials at the beginning of the process in the forming department, which is...
Plemmon Company adds materials at the beginning of the process
in the forming department, which is the first of two stages of its
production cycle. Information concerning the materials used in the
forming department in April follows:
Materials
Units
Costs
Work in
process at April 1
15,000
$
8,000
Units
started during April
60,000
$38,500
Units completed and transferred to next department
during April
65,000
Using the FIFO method, what is the cost of materials in work in
process at...
Palcic Manufacturing Company uses a process cost system. The Molding Department adds materials at the beginning...
Palcic Manufacturing Company uses a process cost system. The
Molding Department adds materials at the beginning of the process
and conversion costs are incurred uniformly throughout the process.
Work in process on May 1 was 75% complete and work in process on
May 31 was 40% complete.
Instructions
Part A: Complete the Production Cost Report for
the Molding Department for the month of May using the above
information and the information below.
PALCIC MANUFACTURING COMPANY
Molding Department
Production Cost Report...
A department adds materials at the beginning of the process and incurs conversion costs uniformly throughout...
A department adds materials at the beginning of the process and
incurs conversion costs uniformly throughout the process. For the
month of May, there was no beginning Work in Process; 46400 units
were completed and transferred out; and there were 13700 units in
the ending Work in Process that were 20% complete. During May,
$162270 materials costs and $98280 conversion costs were charged to
the department. How much are unit production costs for materials
and conversion costs for May if...
A department adds materials at the beginning of the process and incurs conversion costs uniformly throughout...
A department adds materials at the beginning of the process and
incurs conversion costs uniformly throughout the process. For the
month of July, there was no beginning work in process; 39700 units
were completed and transferred out; and there were 20000 units in
the ending work in process that were 30% complete. During July,
$202980 materials costs and $173660 conversion costs were charged
to the department. The unit production costs for materials and
conversion costs for July were
Materials
Conversion...
A department adds materials at the beginning of the process and incurs conversion costs uniformly throughout...
A department adds materials at the beginning of the process and
incurs conversion costs uniformly throughout the process. For the
month of May, there was no beginning Work in Process; 45000 units
were completed and transferred out; and there were 13000 units in
the ending Work in Process that were 5% complete. During May,
$63800 materials costs and $54780 conversion costs were charged to
the department. How much are unit production costs for materials
and conversion costs for May if...
Materials are added at the beginning of the production process at Campo Company. The following information...
Materials are added at the beginning of the production process
at Campo Company. The following information on the physical flow of
units is available for the month of November:
Beginning work in process (54% complete)
57,000
Started in November
530,000
Completed in November and transferred out
485,000
Ending work in process (55% complete)
102,000
Cost data for November show the following:
Beginning WIP inventory
Direct materials costs
$
29,300
Conversion costs
55,700
Current period costs
Direct materials costs
$
300,950...
Materials are added at the beginning of the production process at Campo Company. The following information...
Materials are added at the beginning of the production process
at Campo Company. The following information on the physical flow of
units is available for the month of November:
Beginning work in process (58% complete)
49,000
Started in November
550,000
Completed in November and transferred out
525,000
Ending work in process (60% complete)
74,000
Cost data for November show the following:
Beginning WIP inventory
Direct materials costs
$
29,300
Conversion costs
43,700
Current period costs
Direct materials costs
$
340,950...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- What 2 things happen to the melting point of a solid when an impurity is present?
- How Can Hominin Evolution be characterized as " mosaic evolution" Use examples of species from the...
- Absorption and Variable Costing Income Statements for Two Months and Analysis During the first month of...
- Mobile and wireless devices are being increasingly used in the Business Administration and Management Industry. write...
- What are the options that might be considered in relation to introducing flexible work practices? What...
- Question 2 : Aggregate Scores: Write a program that opens 2 files, quiz.txt, and hw.txt. The...
- Define the term symbiosis specifically as it applies in a biological context. Compare and contrast parasitism,...
ADVERTISEMENT