Beta uses process costing. It started the period with zero beginning inventory in WIP and Finished...

Beta uses process costing. It started the period with zero beginning inventory in WIP and Finished Goods inventory. It began work on 400 units during the period and incurred the following costs during the period. Direct materials are added at the beginning of the process followed by the conversion process.

Direct Material Costs: $128,000

Conversion Costs: $74,400

At the end of the period, the degree of completion of the 400 units for each cost category was as follows:

Direct Materials: 400 units were 100% completed

Conversion Costs: 175 units were 100% completed and transferred to Finished Goods inventory

225 units were 60% completed

10) Calculate the number of equivalent units for the Conversion Cost category.

11) Calculate the total (DM + Conversion Costs) manufacturing cost per finished unit.

12) Calculate the ending balance (in dollars ) of Work-in-Process (WIP) inventory.

13) Calculate the ending balance (in dollars ) of Finished Goods inventory.

Expert Solution

10
Units completed and transferred out	175
Ending work in process	135	=225*60%
Equivalent units for the Conversion Cost	310

11
	Direct Material	Conversion	Total
Costs incurred during the period	128000	74400
Equivalent units for the Conversion Cost	400	310
Cost per equivalent unit	320	240	560

Total manufacturing cost per finished unit = $560

12
	Direct Materials	Conversion	Total
Equivalent units in Work-in-Process (WIP) inventory	225	135
X Cost per equivalent unit	320	240
Ending balance Work-in-Process (WIP) inventory	72000	32400	104400

Ending balance (in dollars ) of Work-in-Process (WIP) inventory = $104400

13
	Direct Materials	Conversion	Total
Equivalent units in Finished Goods inventory	175	175
X Cost per equivalent unit	320	240
Ending balance Work-in-Process (WIP) inventory	56000	42000	98000

Ending balance (in dollars ) of Finished Goods inventory = $98000

ekkarill92 answered 2 years ago

Luker Corporation uses a process costing system. The company had $172,500 of beginning Finished Goods Inventory...

Luker Corporation uses a process costing system. The company had $172,500 of beginning Finished Goods Inventory on October 1. It transferred in $849,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $170,200. The entry to account for the cost of goods sold in October is: Multiple Choice Debit Cost of Goods Sold $849,000; credit Finished Goods Inventory $849,000. Debit Cost of Goods Sold $851,300; credit Work in Process Inventory $851,300. Debit Finished...

1) McKay Company uses process costing. The company started with 2,000 units in beginning inventory. There...

1) McKay Company uses process costing. The company started with 2,000 units in beginning inventory. There were 15,000 new units started during the month. 14,000 units were transferred out and 2,800 units remained in ending inventory. McKay’s normal spoilage rate is 1%. The cost per equivalent unit for the month was $20. How much should be charged to the Loss from Abnormal Spoilage account? 2) McNutt uses job-order costing. Job 725 had total costs of $15,000. 1,000 units were produced...

A company uses the weighted average method for inventory costing. At the beginning of a period...

A company uses the weighted average method for inventory costing. At the beginning of a period the production department had 40,000 units in beginning Work in Process inventory which were 30% complete; the department completed and transferred 165,000 units. At the end of the period, 12,000 units were in the ending Work in Process inventory and are 65% complete. Compute the number of equivalent units produced by the department. Multiple Choice 177,000. 172,800. 125,000. 165,000. 177,500.

Beginning finished goods inventory $ 14,500 $ 16,300 Beginning work in process inventory 15,900 19,650 Beginning...

Beginning finished goods inventory $ 14,500 $ 16,300 Beginning work in process inventory 15,900 19,650 Beginning raw materials inventory 10,500 14,400 Rental cost on factory equipment 28,750 26,500 Direct labor 25,000 42,600 Ending finished goods inventory 20,000 13,000 Ending work in process inventory 23,500 19,600 Ending raw materials inventory 7,200 8,800 Factory utilities 9,150 12,250 Factory supplies used 11,500 5,400 General and administrative expenses 32,500 44,500 Indirect labor 2,350 7,960 Repairs—Factory equipment 6,140 2,600 Raw materials purchases 37,000 59,000 Selling...

The four major types of inventory are: excess inventory, WIP inventory, finished goods inventory, and MRO...

The four major types of inventory are: excess inventory, WIP inventory, finished goods inventory, and MRO inventory. A True B False

UNITS: beginning WIP inventory (20% complete as to CC) 5,000 units started 20,000 units completed and...

UNITS: beginning WIP inventory (20% complete as to CC) 5,000 units started 20,000 units completed and transferred out 15,000 ending WIP inventory (Mat 100%, CC 50% complete) 10,000 Costs: beginning inventory materials $ 4,000 CC $ 1,000 Current period: materials $ 16,000 CC $ 4,000 All materials are added at the beginning of the process Please show the calculations! doing it in excel! 1. What is your products equivalent units (EUP) for Mat & CC using weighted average? --> Materials...

Garcon Pepper Beginning finished goods inventory 14,800 19,750 Beginning work in process inventory 15,600 19,650 Beginning...

Garcon Pepper Beginning finished goods inventory 14,800 19,750 Beginning work in process inventory 15,600 19,650 Beginning raw materials inventory 7,800 14,400 Rental cost on factory equipment 31,000 24,100 Direct labor 23,800 44,600 Ending finished goods inventory 18,500 16,500 Ending work in process inventory 26,500 17,800 Ending raw materials inventory 6,800 9,800 Factory utilities 13,500 12,250 Factory supplies used 12,400 4,900 General and administrative expenses 33,000 45,000 Indirect labor 2,150 7,660 Repairs—Factory equipment 6,260 2,450 Raw materials purchases 41,000 57,500 Selling...

Litres Costs Beginning work in process inventory 0 litres Beginning work in process inventory $0 Started...

Litres Costs Beginning work in process inventory 0 litres Beginning work in process inventory $0 Started production 14,300 litres Costs added during November: Completed and transferred out to Chicken 21,740 Retort in November 13,600 litres Cream 4,000 Ending work in process inventory Green peppers and mushrooms 5,440 (60% of the way through the Direct labour 11,200 mixing process) 700 litres Manufacturing overhead 9,830 Total costs $52,210 1. Fill in the time line for the Mixing Department. 2. Use the time...

W Company uses process costing has the following information available for November. Beginning Work-in-Process Inventory was...

W Company uses process costing has the following information available for November. Beginning Work-in-Process Inventory was 7,000 units that were 100% complete as to materials and 40% complete as to conversion. There were 32,000 units started during the period. Ending Work-in-Process Inventory was 2,500 units that were 100% complete as to materials and 25% complete as to conversion. The Equivalent Units of production for material using the FIFO method would be _____. Group of answer choices A) 34,500 B) 36,800...

Intask Corporation uses the FIFO method in its process costing system. Beginning inventory in the mixing...

Intask Corporation uses the FIFO method in its process costing system. Beginning inventory in the mixing department consisted of 6,600 units that were 75% complete with respect to conversion costs. Ending work in process inventory consisted of 5,600 units that were 60% complete with respect to conversion costs. If 13,200 units were transferred to the next processing department during the period, the equivalent units of production for conversion cost would be: Garrison 16e Rechecks 2017-08-28 Multiple Choice 13,850 units 11,610...

Question