Question
In: Finance
Assign costs -- In August , Jay Corp determined its cost per equivalent units in department...
Assign costs -- In August , Jay Corp determined its cost per
equivalent units in department M were $2.40 per equivalent unit of
raw materials and $1.80 per equivalent unit of conversion costs.
During the month department M completed and transferred out 97000
units to finished goods inventory. At the month end it has 35,000
of partially completed units. These partially completed units were
equal to 15,000 equivalent units of direct materials and 12,000
equivalent units of conversion costs.
1. Determine the totals cost of direct materials and
conversion costs that should be assigned to a: Units completed and
transferred out
b: Units in ending work in process inventory
2. What were the total costs to account for in department
M?
Solutions
jeff jeffy answered 1 year agoRelated Solutions
Compute the equivalent units for direct materials and conversion costs. 2. Compute the cost per equivalent...
Compute the equivalent units for direct materials and conversion
costs.
2.
Compute the cost per equivalent unit.
3.
Assign the costs to units completed and transferred out and
ending work in process inventory.
4.
Record the journal entry for the costs transferred out of the
Assembly Department to the Testing Department.
5.
Post all of the transactions in the "Work in Process
Inventory—Assembly"
T-account. What is the ending balance?
Data:
Units in beginning Work in Process (WIP) inventory
120,000 units...
The cost per equivalent units of direct materials and conversion in the Bottling Department of Beverages...
The cost per equivalent units of direct materials and conversion
in the Bottling Department of Beverages on Jolt Company is $0.50
and $0.10, respectively. The equivalent units to be assigned costs
are as follows:
Direct
Materials
Conversion
Inventory in process, beginning of period
0
3,300
Started and completed during the period
56,980
56,980
Transferred out of Bottling (completed)
56,980
60,280
Inventory in process, end of period
3,990
2,500
Total units to be assigned costs
60,970
62,780
The beginning work in...
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of...
Cost of Units Transferred Out and Ending Work in Process
The costs per equivalent unit of direct materials and conversion
in the Rolling Department of Oak Ridge Steel Company are $0.80 and
$0.45, respectively. The equivalent units to be assigned costs are
as follows:
Equivalent Units
Direct Materials
Conversion
Inventory in process, July 1
0
4,900
Started and completed during July
61,000
61,000
Transferred out of Rolling (completed)
61,000
65,900
Inventory in process, July 31
4,000
2,400
Total units to...
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of...
Cost of Units Transferred Out and Ending Work in Process
The costs per equivalent unit of direct materials and conversion
in the Rolling Department of Kraus Steel Company are $1.80 and
$2.70, respectively. The equivalent units to be assigned costs are
as follows:
Equivalent Units
Direct MaterialsConversion
Inventory in process, October 10 2,900
Started and completed during October48,000 48,000
Transferred out of Rolling (completed)48,000 50,900
Inventory in process, October 316,000 3,600
Total units to be assigned costs54,000 54,500
The beginning...
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of...
Cost of Units Transferred Out and Ending Work in Process
The costs per equivalent unit of direct materials and conversion
in the Rolling Department of Oak Ridge Steel Company are $2.15 and
$1.60, respectively. The equivalent units to be assigned costs are
as follows:
Equivalent Units
Direct Materials
Conversion
Inventory in process, July 1
0
1,800
Started and completed during July
46,000
46,000
Transferred out of Rolling (completed)
46,000
47,800
Inventory in process, July 31
4,000
2,000
Total units to...
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of...
Cost of Units Transferred Out and Ending Work in Process
The costs per equivalent unit of direct materials and conversion
in the Rolling Department of Kraus Steel Company are $1.90 and
$1.40, respectively. The equivalent units to be assigned costs are
as follows:
Equivalent Units
Direct Materials
Conversion
Inventory in process, October 1
0
1,900
Started and completed during October
32,000
32,000
Transferred out of Rolling (completed)
32,000
33,900
Inventory in process, October 31
4,000
2,400
Total units to be...
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of...
Cost of Units Transferred Out and Ending Work in Process
The costs per equivalent unit of direct materials and conversion
in the Filling Department of Eve Cosmetics Company are $0.80 and
$1.25, respectively. The equivalent units to be assigned costs are
as follows:
Equivalent Units
Direct Materials
Conversion
Inventory in process, beginning of period
0
2,900
Started and completed during the period
41,000
41,000
Transferred out of Filling (completed)
41,000
43,900
Inventory in process, end of period
5,000
2,000
Total...
Production estimates for August for Jay Company are as follows: Estimated inventory (units), August 1 12,000...
Production estimates for August for Jay Company are as
follows:
Estimated inventory (units), August 1
12,000
Desired inventory (units), August 31
9,000
Expected sales volume (units), August
75,000
For each unit produced, the direct materials requirements are as
follows:
Material A ($5 per lb.)
3.0 lbs.
Material B ($18 per lb.)
0.5 lb.
The number of pounds of Materials A and B required for August
production is
a.216,000 lbs. of A; 36,000 lbs. of B
b.216,000 lbs. of A; 72,000...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a...
Equivalent Units of Production and Related Costs
The charges to Work in Process—Assembly Department for a period,
together with information concerning production, are as follows.
All direct materials are placed in process at the beginning of
production.
Work in Process-Assembly Department
Bal., 3,000 units, 35% completed
9,000
To Finished Goods, 69,000 units
?
Direct materials, 71,000 units @ $1.60
113,600
Direct labor
222,800
Factory overhead
86,585
Bal., ? units, 80% completed
?
Determine the following:
a. The number of units...
Equivalent Units of Production and Related Costs The charges to Work in Process—Baking Department for a...
Equivalent Units of Production and Related Costs
The charges to Work in Process—Baking Department for a period as
well as information concerning production are as follows. The
Baking Department uses the average cost method, and all direct
materials are placed in process during production.
Work
in Process—Baking Department
Bal., 3,300 units, 70%
completed
4,884
To Finished Goods,
23,700 units
?
Direct materials,
24,100 units
52,297
Direct labor
24,484
Factory overhead
12,613
Bal., 3,700 units, 30%
completed
?
If required, round...
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