Question
In: Accounting
Coming Home Corporation uses a weighted-average process costing system to collect costs related to production. The...
Coming Home Corporation uses a weighted-average process costing system to collect costs related to production. The following selected information relates to production for October:
|
Materials |
Conversion |
||||||
|
Units completed and transferred out |
49,000 |
49,000 |
|||||
|
Equivalent units: work in process, October 31 |
11,000 |
5,000 |
|||||
|
Total equivalent units |
60,000 |
54,000 |
|||||
|
Materials |
Conversion |
||||||
|
Costs in work in process on October 1 |
$ |
9,000 |
$ |
5,400 |
|||
|
Costs added to production during October |
243,000 |
513,000 |
|||||
|
Total cost |
$ |
252,000 |
$ |
518,400 |
|||
All materials at Coming Home are added at the beginning of the production process.
What total amount of cost should be assigned to the units completed and transferred out during October?
| a. |
$690,000 |
|
| b. |
$667,800 |
|
| c. |
$642,000 |
|
| d. |
$676,200 |
Solutions
Expert Solution
- Correct Answer = Option ‘D’ $ 676,200
|
COST per EUP |
Material |
Conversion |
|||
|
Cost of Beginning WIP |
$ 9,000.00 |
$ 5,400.00 |
|||
|
Cost incurred during the period |
$ 243,000.00 |
$ 513,000.00 |
|||
|
Total Costs |
Costs |
$ 252,000.00 |
Costs |
$ 518,400.00 |
|
|
Equivalent units of production |
EUP |
60,000 |
EUP |
54,000 |
|
|
Cost per EUP |
$ 4.20000 |
$ 9.60000 |
--Working
|
Cost of Units Transferred Out |
EUP |
Cost per EUP |
Total Cost |
|
|
- Direct Materials |
49,000 |
$ 4.20 |
$ 205,800.00 |
|
|
- Conversion |
49,000 |
$ 9.60 |
$ 470,400.00 |
|
|
Total Cost transferred Out |
$ 676,200.00 |
ekkarill92 answered 2 years agoRelated Solutions
Bettie Corporation uses a weighted-average process costing system to collect costs related to production. The following...
Bettie Corporation uses a weighted-average process costing
system to collect costs related to production. The following
selected information relates to production for October:
Materials
Conversion
Units completed and transferred
out
50,000
50,000
Equivalent units: work in
process, October 31
10,000
4,000
Total equivalent units
60,000
54,000
Materials
Conversion
Costs in work in process on
October 1
$
9,000
$
5,400
Costs added to production during
October
243,000
513,000
Total cost
$
252,000
$
518,400
All materials at Bettie are added...
Your Corporation uses a standard cost system to collect costs related to the production. The labor...
Your Corporation uses a standard cost system to collect costs
related to the production. The labor standards for each unit are
1.2 hours at a standard cost of $18 per hour. During the month,
employees work 34,000 hours in the production of 30,000 units. The
total labor cost was $649,400. What is the efficiency (quantity)
variance for the month?
$37,400 unfavorable
$37,400 favorable
$36,000 unfavorable
$36,000 favorable
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...
Walbin Corporation uses the weighted-average method in its process costing system. The beginning work in process...
Walbin Corporation uses the weighted-average method in its
process costing system. The beginning work in process inventory in
a particular department consisted of 19,000 units, 100% complete
with respect to materials cost and 30% complete with respect to
conversion costs. The total cost in the beginning work in process
inventory was $25,600. A total of 55,000 units were transferred out
of the department during the month. The costs per equivalent unit
were computed to be $1.80 for materials and $3.50...
Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in...
Helix Corporation uses the weighted-average method in its
process costing system. It produces prefabricated flooring in a
series of steps carried out in production departments. All of the
material that is used in the first production department is added
at the beginning of processing in that department. Data for May for
the first production department follow:
Percent Complete
Units
Materials
Conversion
Work in process inventory, May 1
68,000
100
%
30
%
Work in process inventory, May 31
48,000
100...
Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in...
Helix Corporation uses the weighted-average method in its
process costing system. It produces prefabricated flooring in a
series of steps carried out in production departments. All of the
material that is used in the first production department is added
at the beginning of processing in that department. Data for May for
the first production department follow: Percent Complete Units
Materials Conversion Work in process inventory, May 1 60,000 100 %
50 % Work in process inventory, May 31 40,000 100...
Gunes Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Gunes Corporation uses the weighted-average method in its
process costing system. This month, the beginning inventory in the
first processing department consisted of 1,500 units. The costs and
percentage completion of these units in beginning inventory
were:
Cost
Percent
Complete
Materials costs
$
11,300
65%
Conversion
costs
$
13,500
30%
A total of 9,200 units were started and 8,100 units were
transferred to the second processing department during the month.
The following costs were incurred in the first processing
department...
Helix Corporation uses the weighted average method in its process costing system. It procuces prefabricated flooring...
Helix Corporation uses the weighted average method in its
process costing system. It procuces prefabricated flooring in a
series of steps caried out in production departments. All of the
material that is used in the first production department is added
at the beginning of processin in that department. Data for May for
the first production department is added at the beginning of
production deparment follow:
Percent Complete
Units Materials Conversion
Work in Porcess inventory May 1 51,000 100% 50%...
Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in...
Helix Corporation uses the weighted-average method in its
process costing system. It produces prefabricated flooring in a
series of steps carried out in production departments. All of the
material that is used in the first production department is added
at the beginning of processing in that department. Data for May for
the first production department follow:
Percent Complete
Units
Materials
Conversion
Work in process inventory, May 1
69,000
100
%
50
%
Work in process inventory, May 31
49,000
100...
Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in...
Helix Corporation uses the weighted-average method in its
process costing system. It produces prefabricated flooring in a
series of steps carried out in production departments. All of the
material that is used in the first production department is added
at the beginning of processing in that department. Data for May for
the first production department follow:
Percent Complete
Units
Materials
Conversion
Work in process inventory, May 1
71,000
100
%
30
%
Work in process inventory, May 31
51,000
100...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Use the bond term's below to answer the question Maturity 7 years Coupon Rate 4% Face...
- What experience have you had with Organization Development or with Change Management? Describe the organization, the...
- 1. Renfro Rentals has issued bonds that have a 12% coupon rate, payable semiannually. The bonds...
- Given an array of positive integers a, your task is to calculate the sum of every...
- Define “culture.” Software is defined by the Merriam-Webster Dictionary as "the programs that run on a...
- In humans, hypotrichosis (sparse body hair) is a rare autosomal recessive condition. Let h = hypotrichosis...
- Increase all of the listing prices by 5% for all listings under $500,000 and 10% for...
ADVERTISEMENT