Question

In: Accounting

Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department...

Costs per Equivalent Unit and Production Costs

The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $115,200 of direct materials.

ACCOUNT Work in Process—Forging Department ACCOUNT NO.
Date Item Debit Credit Balance
Debit Credit
Nov. 1 Bal., 9,000 units, 70% completed 137,880
30 Direct materials, 82,000 units 1,033,200 1,171,080
30 Direct labor 129,390 1,300,470
30 Factory overhead 178,672 ? 1,479,142
30 Goods finished, ? units ?
30 Bal., 7,200 units, 80% completed ?

Cost per equivalent units of $12.60 for Direct Materials and $3.70 for Conversion Costs.

Based on the above data, determine each of the following amounts.

If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar.

a. Cost of beginning work in process inventory completed in November.
$

b. Cost of units transferred to the next department during November.
$

c. Cost of ending work in process inventory on November 30.
$

d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process. If required, round your answers to two decimal places.

Direct materials cost per equivalent unit $
Conversion cost per equivalent unit $

e. The November increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month. If required, round your answers to two decimal places.

Increase or Decrease Amount
Change in direct materials cost per equivalent unit $
Change in conversion cost per equivalent unit $

Solutions

Expert Solution

KINDLY UNDERSTAND THAT WE ARE REQUIRED TO ANSWER FOUR PARTS OF ONE QUESTION. AS SUCH, REQUEST YOU TO ASK BALANCE PARTS THROUGH A SEPARATE QUESTION.


Related Solutions

Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department...
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $105,410 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 8,300 units, 30% completed 114,125 30 Direct materials, 76,000 units 942,400 1,056,525 30 Direct...
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department...
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for September. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $52,070 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Sept. 1 Bal., 4,100 units, 30% completed 54,899 30 Direct materials, 37,000 units 458,800 513,699 30 Direct...
Cost per Equivalent Unit The following information concerns production in the Forging Department for September. All...
Cost per Equivalent Unit The following information concerns production in the Forging Department for September. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $43,180 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Sept. 1 Bal., 3,400 units, 30% completed 46,444 30 Direct materials, 31,000 units 384,400 430,844 30 Direct labor 45,890 476,734...
Cost per Equivalent Unit The following information concerns products in the Forging Department for November. All...
Cost per Equivalent Unit The following information concerns products in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $109,600 of direct materials. ACCOUNT Work in Process—Forging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 8,000 units, 80% completed 132,640 30 Direct materials, 73,000 units 978,200 1,110,840 30 Direct labor 111,950 1,222,790...
Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All...
Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Dec. 1 Bal., 24,000 units, 3⁄4 completed 116,700   31 Direct materials, 134,000 units 234,500    351,200 31 Direct labor 150,000 501,200 31 Factory overhead 375,000    876,200 31 Goods finished, 128,000 units    760,700 115,500 31 Bal., ? units,...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 7,800 units, 2/5 completed 17,160 31 Direct materials, 140,400 units 266,760 283,920 31 Direct labor 72,440 356,360 31 Factory overhead 40,744 397,104 31 Goods finished, 142,200 units 383,784 13,320 31 Bal. ? units, 2/5 completed 13,320...
Costs per Equivalent Unit The following information concerns production in the Baking Department for May. All...
Costs per Equivalent Unit The following information concerns production in the Baking Department for May. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit May. 1 Bal., 8,400 units, 1/3 completed 20,020 31 Direct materials, 151,200 units 317,520 337,540 31 Direct labor 89,590 427,130 31 Factory overhead 50,396 477,526 31 Goods finished, 153,300 units 459,760 17,766 31 Bal. ? units, 4/5 completed 17,766...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 9,000 units, 2/5 completed 16,740 31 Direct materials, 162,000 units 259,200 275,940 31 Direct labor 73,140 349,080 31 Factory overhead 41,142 390,222 31 Goods finished, 164,100 units 377,250 12,972 31 Bal. ? units, 2/5 completed 12,972...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 4,500 units, 3/5 completed 11,295 31 Direct materials, 81,000 units 162,000 173,295 31 Direct labor 46,930 220,225 31 Factory overhead 26,402 246,627 31 Goods finished, 82,200 units 238,245 8,382 31 Bal. ? units, 3/5 completed 8,382...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 5,100 units, 3/5 completed 11,475 31 Direct materials, 91,800 units 165,240 176,715 31 Direct labor 46,850 223,565 31 Factory overhead 26,350 249,915 31 Goods finished, 93,000 units 241,647 8,268 31 Bal. ? units, 2/5 completed 8,268...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT