Question
In: Accounting
The following information is provided by Panther Company: WIP Inventory, January 1 0 units Units started...
The following information is provided by Panther Company:
|
WIP Inventory, January 1 |
0 units |
|
Units started |
22,000 units |
|
Units completed and transferred out |
9,000 units |
|
WIP Inventory, December 31 |
13,000 units |
|
Direct materials |
$24,800 |
|
Direct labor |
$13,300 |
|
Manufacturing Overhead |
$11,300 |
The units were 80% complete for materials and 30% complete for conversion costs.
How much are the total costs to be accounted for during the year?
A.
$24,600
B.
$24,800
C.
$38,100
D. $49,400
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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...
Crane Company has gathered the following information. Units in beginning work in process 0 Units started...
Crane Company has gathered the following information.
Units in beginning work in process
0
Units started into production
37,300
Units in ending work in process
8,200
Percent complete in ending work in process:
Conversion costs
40
%
Materials
100
%
Costs incurred:
Direct materials
$78,330
Direct labor
$66,500
Overhead
$105,114
Compute equivalent units of production for materials and for
conversion costs.
Materials
Conversion Costs
The equivalent units of production
Determine the unit costs of production. (Round unit
costs to 2...
Baden Company has gathered the following information. Units in beginning work in process 0 Units started...
Baden Company has gathered the following information.
Units in beginning work in process
0
Units started into production
40,100
Units in ending work in process
8,000
Percent complete in ending work in process:
Conversion costs
40
%
Materials
100
%
Costs incurred:
Direct materials
$80,200
Direct labor
$61,900
Overhead
$109,305
Part 1
Compute equivalent units of production for materials and for
conversion costs.
Materials
Conversion Costs
The equivalent units of production
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Attempts: 0 of...
Baden Company has gathered the following information. Units in beginning work in process 0 Units started...
Baden Company has gathered the following information.
Units in beginning work in process
0
Units started into production
37,000
Units in ending work in process
7,200
Percent complete in ending work in process:
Conversion costs
40
%
Materials
100
%
Costs incurred:
Direct materials
$ 83,250
Direct labor
$ 65,200
Overhead
$ 109,638
(a)
Compute equivalent units of production for materials and for
conversion costs.
Materials
Conversion Costs
The equivalent units of production
(b)
Determine the unit costs of production....
Baden Company has gathered the following information. Units in beginning work in process 0 Units started...
Baden Company has gathered the following information. Units in
beginning work in process 0 Units started into production 43,900
Units in ending work in process 8,500 Percent complete in ending
work in process: Conversion costs 40 % Materials 100 % Costs
incurred: Direct materials $80,500 Direct labor $68,700 Overhead
$103,800
A golf ball manufacturer gives us its data for the? year: WIP? Inventory, January 1 0...
A golf ball manufacturer gives us its data for the? year:
WIP? Inventory, January 1
0 units
Units started
?9,100 units
Units completed and transferred out
?6,400 units
WIP? Inventory, December 31
?2,700 units
Direct materials
?$15,578
Direct labor
?$6,700
Manufacturing Overhead
?$5,011
Units in ending WIP Inventory were? 90% complete for materials
and? 60% complete for conversion costs.
On December? 31, the total costs of units completed and
transferred would be closest to? (Round intermediate calculations
to the nearest...
XYZ Company provided the following inventory information for 2021: January 1 December 31 Direct materials 14,000...
XYZ Company provided the following inventory information for
2021: January 1 December 31 Direct materials 14,000 19,000 Work in
process 38,000 26,000 Finished goods 51,000 74,000 The following
additional information was available for 2021: Advertising
........................................ $ 61,000 Cost of goods
sold (unadjusted) .................... 294,000 Depreciation on
copier in the sales office ......... 19,000 Direct materials
purchased ......................... 123,000 Prime costs
........................................ 228,000 Sales commissions
.................................. 47,000 Calculate XYZ Company's
conversion costs for 2021.
WIP, beginning inventory 2/1/2017 52,000 units Direct materials (100% complete) Conversion costs (50% complete) Started during...
WIP, beginning inventory 2/1/2017
52,000 units
Direct materials (100% complete)
Conversion costs (50% complete)
Started during February
170,400 units
Completed and transferred out
180,600 units
WIP, ending inventory 2/28/2017
26,900 units
Direct materials (100% complete)
Conversion costs (20% complete)
Costs:
WIP, beginning inventory:
Direct materials
$280,100
Conversion costs
80,400
Direct materials added
408,000
Conversion costs added
264,400
What costs are allocated to the ending
workminus−inminus−process
inventory for direct materials and conversion costs,
respectively, using the FIFO method of process...
The following data concerns inventory and purchases at Muse Company. Inventory, January 1 92 units at...
The following data concerns inventory and purchases at Muse
Company. Inventory, January 1 92 units at $105 Purchases: January 6
62 units at $104 January 15 47 units at $104 January 22 37 units at
$98 Inventory, January 31 91 units Determine the cost of the ending
inventory on January 31 under the average cost method. Determine
the cost of the ending inventory on January 31 under the first in,
first out (FIFO) method. Determine the cost of the ending...
You are given the following information: Units in beginning inventory 0 Units produced 40,000 Units sold...
You are given the following
information:
Units in beginning inventory
0
Units produced
40,000
Units sold
37,000
Selling price per unit
$120.00
Variable costs per unit:
Direct materials
$15.00
Direct labor
$30.00
Variable manufacturing
overhead
$5.00
Variable selling and
administrative
$3.00
Fixed expenses per year:
Fixed manufacturing
overhead
$600,000
Fixed selling and
administrative
$800,000
Based on this information, calculate the company's
operating income under both absorption costing and variable costing
approaches. If there is a difference between the two income...
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