Question
In: Accounting
Richards Corporation uses the weighted-average method of process costing. The following information is available for October...
Richards Corporation uses the weighted-average method of process
costing. The following information is available for October in its
Fabricating Department:
Units:
Beginning Inventory: 80,000 units, 60% complete as to materials and
20% complete as to conversion.
Units started and completed: 250,000.
Units completed and transferred out: 330,000.
Ending Inventory: 30,000 units, 40% complete as to materials and
10% complete as to conversion.
Costs:
Costs in beginning Work in Process - Direct Materials:
$37,200.
Costs in beginning Work in Process - Conversion: $79,700.
Costs incurred in October - Direct Materials: $646,800.
Costs incurred in October - Conversion: $919,300.
Calculate the equivalent units of conversion.
Solutions
Expert Solution
| Calculation of equivalent units of production | |||
| Particulars | units | Percentage of Conversion | Equivalent units of Production |
| Units completed and transferred out | 330000 | 100% | 330000 |
| Ending Inventory (30000*10%) | 30000 | 10% | 3000 |
| Total Equivalent units of production (330000+3000) | 333000 | ||
| Calculation of total cost of conversion | |
| Costs in beginning Work in Process - Conversion | $ 79,700 |
| Costs incurred in October - Conversion | $ 919,300 |
| Total cost of conversion (79700+919300) | $ 999,000 |
|
Calculation of the equivalent units of
conversion |
|
| Total cost of conversion (79700+919300) | $ 999,000 |
| Total Equivalent units of production (330000+3000) | 333000 |
|
Equivalent units of conversion (999000/333000) |
$ 3.00 |
ekkarill92 answered 1 year agoRelated Solutions
Richards Corporation uses the weighted-average method of process costing. The following information is available for October...
Richards Corporation uses the weighted-average method of process
costing. The following information is available for October in its
Fabricating Department: Units: Beginning Inventory: 97,000 units,
70% complete as to materials and 25% complete as to conversion.
Units started and completed: 284,000. Units completed and
transferred out: 381,000. Ending Inventory: 38,500 units, 40%
complete as to materials and 10% complete as to conversion. Costs:
Costs in beginning Work in Process - Direct Materials: $37,200.
Costs in beginning Work in Process -...
Richards Corporation uses the FIFO method of process costing. The following information is available for October...
Richards Corporation uses the FIFO method of process costing.
The following information is available for October in its
Fabricating Department:
Units:
Beginning Inventory: 85,000 units, 70% complete as to materials and
20% complete as to conversion.
Units started and completed: 255,000.
Units completed and transferred out: 340,000.
Ending Inventory: 32,500 units, 40% complete as to materials and
15% complete as to conversion.
Costs:
Costs in beginning Work in Process - Direct Materials:
$42,200.
Costs in beginning Work in Process -...
Richards Corporation uses the FIFO method of process costing. The following information is available for October...
Richards Corporation uses the FIFO method of process costing.
The following information is available for October in its
Fabricating Department:
Units:
Beginning Inventory: 93,000 units, 70% complete as to materials and
20% complete as to conversion.
Units started and completed: 263,000.
Units completed and transferred out: 356,000.
Ending Inventory: 36,500 units, 40% complete as to materials and
15% complete as to conversion.
Costs:
Costs in beginning Work in Process - Direct Materials:
$50,200.
Costs in beginning Work in Process -...
Richards Corporation uses the FIFO method of process costing. The following information is available for October...
Richards Corporation uses the FIFO method of process costing.
The following information is available for October in its
Fabricating Department:
Units:
Beginning Inventory: 100,000 units, 80% complete as to materials
and 25% complete as to conversion.
Units started and completed: 270,000.
Units completed and transferred out: 370,000.
Ending Inventory: 40,000 units, 40% complete as to materials and
10% complete as to conversion.
Costs:
Costs in beginning Work in Process - Direct Materials:
$57,200.
Costs in beginning Work in Process -...
Richards Corporation uses the FIFO method of process costing. The following information is available for October...
Richards Corporation uses the FIFO method of process costing.
The following information is available for October in its
Fabricating Department:
Units:
Beginning Inventory: 86,000 units, 70% complete as to materials and
25% complete as to conversion.
Units started and completed: 256,000.
Units completed and transferred out: 342,000.
Ending Inventory: 33,000 units, 40% complete as to materials and
10% complete as to conversion.
Costs:
Costs in beginning Work in Process - Direct Materials:
$37,200.
Costs in beginning Work in Process -...
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February...
Sparky Corporation uses the weighted-average method of process
costing. The following information is available for February in its
Molding Department:
Units:
Beginning Inventory: 46,000 units, 100% complete as to materials
and 60% complete as to conversion.
Units started and completed: 150,000.
Units completed and transferred out: 196,000.
Ending Inventory: 40,000 units, 100% complete as to materials and
25% complete as to conversion.
Costs:
Costs in beginning Work in Process - Direct Materials:
$63,000.
Costs in beginning Work in Process -...
Andrews Corporation uses the weighted-average method of process costing. The following information is available for February...
Andrews Corporation uses the weighted-average method of process
costing. The following information is available for February in its
Polishing Department:
Equivalent units of production—direct materials
102,000
EUP
Equivalent units of production—conversion
88,000
EUP
Costs in beginning Work in Process—direct materials
$
54,800
Costs in beginning Work in Process—conversion
$
40,300
Costs incurred in February—direct materials
$
463,500
Costs incurred in February—conversion
$
582,200
The cost per equivalent unit of production for direct materials
is:
part b
During November, the production...
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February...
Sparky Corporation uses the weighted-average method of process
costing. The following information is available for February in its
Molding Department: Units: Beginning Inventory: 46,000 units, 100%
complete as to materials and 60% complete as to conversion. Units
started and completed: 150,000. Units completed and transferred
out: 196,000. Ending Inventory: 40,000 units, 100% complete as to
materials and 25% complete as to conversion. Costs: Costs in
beginning Work in Process - Direct Materials: $63,000. Costs in
beginning Work in Process -...
Fabian Company uses process costing and the weighted average method. The following information was available for...
Fabian Company uses
process costing and the weighted average method. The following
information was available for April:
units
Costs
Work in Process, April
1
481
$
6,500
Work in Process, April 30
375
(A)
During April, 930
units were started, and costs incurred during the month were
$51,000. Ending inventory was 50% complete. Based on the
information given, (A) above would equal what amount? (Do
not round your intermediate calculations. Round your final answer
to the nearest dollar.)
Fever Corporation uses the weighted average method of process costing. The company has the following information...
Fever Corporation uses the weighted average method of process
costing. The company has the following information for the
period:
Beginning Work in Process: 2000 units 100% complete for
materials, 75% complete for conversion costs
Units started during the period: 10,000
Ending work in process: 4,000 units 75% complete for materials,
50% complete for conversion costs
Costs for the period:
Beginning work in process: Materials: $1,100 Conversion Costs:
$2,000
Costs added during the period: Materials: $11,000 Conversion
Costs: $30,000
A)...
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