Question
In: Accounting
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products....
Hi-Test Company uses the weighted-average method of process
costing to assign production costs to its products. Information for
the company's first production process September follows. Assume
that all materials are added at the beginning of this production
process, and that conversion costs are added uniformly throughout
the process.
| Work in process inventory, September 1 (2,500 units, 100%
complete with respect to direct materials, 70% complete with respect to direct labor and overhead; consists of $70,400 of direct materials cost, $93,475 conversion cost |
$ | 163,875 | ||
| Costs incurred in September | ||||
| Direct materials | $ | 430,000 | ||
| Conversion | $ | 377,000 | ||
| Work in process inventory, September 30 (7,500 units, 100%
complete with respect to direct materials, 30% complete with respect to conversion) |
? | |||
| Units started in September | 33,500 | |||
| Units completed and transferred to finished goods inventory | 28,500 | |||
Required:
Compute each of the following using the weighted-average method of
process costing.
1. & 2. The number of equivalent units for
materials and conversion for the month.
3. & 4. The cost per equivalent unit of
materials and conversion for the month.
5. The total cost of goods transferred out.
6. The total cost of ending work in process
inventory.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products....
Hi-Test Company uses the weighted-average method of process
costing to assign production costs to its products. Information for
the company's first production process September follows. Assume
that all materials are added at the beginning of this production
process, and that conversion costs are added uniformly throughout
the process. Work in process inventory, September 1 (6,000 units,
100% complete with respect to direct materials, 80% complete with
respect to direct labor and overhead; consists of $60,000 of direct
materials cost, $78,460...
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products....
Hi-Test Company uses the weighted-average method of process
costing to assign production costs to its products. Information for
the company's first production process September follows. Assume
that all materials are added at the beginning of this production
process, and that conversion costs are added uniformly throughout
the process.
Work in process inventory, September 1 (1,500 units, 100%
complete with respect to
direct materials, 70% complete with respect to conversion; consists
of
$45,800 of direct materials cost, $84,695 conversion cost
$...
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products....
Hi-Test Company uses the weighted-average method of process
costing to assign production costs to its products. Information for
the company's first production process September follows. Assume
that all materials are added at the beginning of this production
process, and that conversion costs are added uniformly throughout
the process.
Work in process inventory, September 1 (4,500 units, 100%
complete with respect to
direct materials, 70% complete with respect to direct labor and
overhead; consists of
$54,000 of direct materials cost, $99,900...
1. A company uses a process costing system and the weighted average method for inventory costs....
1. A company uses a process costing system and the weighted
average method for inventory costs. The following information is
available regarding direct labor for the current year:
Work in Process, January 1
5,500 units, 80% complete
Work in Process, December
31
8,800 units, 40% complete
Units completed and transferred
to finished goods
46,900 units
Direct labor costs during the
year
$266,300
(a) Calculate the equivalent units of production for direct labor
for the year.
(b) Calculate the average cost...
Greasy Nutritional Products, Inc. uses weighted-average process costing to account for its production costs. Conversion cost...
Greasy Nutritional Products, Inc. uses weighted-average process
costing to account for its production costs. Conversion cost is
added evenly throughout the process, whereas direct materials are
added at the beginning of the process.
During December, the company transferred 1,090,000 units of
product to finished goods. The company started 950,000 units in
December.
At the end of December, the work in process inventory consists
of 670,000 units that are 20% complete with respect to conversion.
Beginning inventory had $1,190,000 of direct...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account
for its production costs. Conversion cost is added evenly
throughout the process. Direct materials are added at the beginning
of the process. During November, the company transferred 720,000
units of product to finished goods. At the end of November, the
work in process inventory consists of 199,000 units that are 50%
complete with respect to conversion. Beginning inventory had
$179,205 of direct materials and $163,900 of conversion cost. The
direct material cost...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account
for its production costs. Conversion cost is added evenly
throughout the process. Direct materials are added at the beginning
of the first process. During November, the first process
transferred 765,000 units of product to the second process.
Additional information for the first process follows. At the end of
November, work in process inventory consists of 204,000 units that
are 50% complete with respect to conversion. Beginning work in
process inventory had $440,895...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account
for its production costs. Conversion cost is added evenly
throughout the process. Direct materials are added at the beginning
of the process. During November, the company transferred 810,000
units of product to finished goods. At the end of November, the
work in process inventory consists of 197,000 units that are 90%
complete with respect to conversion. Beginning inventory had
$392,730 of direct materials and $123,413 of conversion cost. The
direct material cost...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account
for its production costs. Conversion cost is added evenly
throughout the process. Direct materials are added at the beginning
of the process. During November, the company transferred 795,000
units of product to finished goods. At the end of November, the
work in process inventory consists of 186,000 units that are 40%
complete with respect to conversion. Beginning inventory had
$510,120 of direct materials and $65,205 of conversion cost. The
direct material cost...
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added...
Victory Company uses weighted-average process costing to account
for its production costs. Conversion cost is added evenly
throughout the process. Direct materials are added at the beginning
of the first process. During November, the first process
transferred 775,000 units of product to the second process.
Additional information for the first process follows.
At the end of November, work in process inventory consists of
209,000 units that are 40% complete with respect to conversion.
Beginning work in process inventory had $447,720...
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