Question
In: Accounting
Paradise Inc. uses the weighted-average method in its process costing system. The following data concern the...
Paradise Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department, Cutting, for a recent month.
|
Work-in-process, beginning: |
||||
|
Units in process |
100 |
|||
|
Percent complete with respect to materials |
70 |
% |
||
|
Percent complete with respect to conversion |
80 |
% |
||
|
Costs in the beginning inventory: |
||||
|
Materials cost |
$ |
525 |
||
|
Conversion cost |
$ |
1,696 |
||
|
Units started into production during the month |
11,000 |
|||
|
Units completed and transferred out |
10,700 |
|||
|
Costs added to production during the month: |
||||
|
Materials cost |
$ |
83,405 |
||
|
Conversion cost |
$ |
223,606 |
||
|
Work-in-process, ending: |
||||
|
Units in process |
400 |
|||
|
Percent complete with respect to materials |
50 |
% |
||
|
Percent complete with respect to conversion |
20 |
% |
||
Required:
Using the FIFO method:
a. Determine the equivalent units of production for materials and conversion costs.
b. Determine the cost per equivalent unit for materials and conversion costs.
c. Determine the cost of ending work-in-process inventory.
d. Determine the cost of units transferred out of the department during the month.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
BMG Inc. uses the weighted-average method in its process costing system. The following data concern the...
BMG Inc. uses the weighted-average method in its process costing
system. The following data concern the operations of the company's
first processing department for a recent month.
Work in process, beginning:
Units in process
........................................................... 200
Stage of completion with respect to materials ............
60%
Stage of completion with respect to conversion.......... 20%
Costs in the beginning inventory:
Materials cost
...........................................................
$756
Conversion cost
........................................................ $1,508
Units started into production during the month ..............
18,000
Units completed and transferred out...
Cleveland Inc. uses the weighted-average method in its process costing system. The following data concern the...
Cleveland Inc. uses the weighted-average method in its process
costing system. The following data concern the operations of the
company's first processing department - Cutting - for a recent
month.
Work-in-process, beginning:
Units in process
300
Percent complete with respect to materials
80%
Percent complete with respect to
conversion
70%
Costs in the beginning inventory:
Materials cost
$1,368
Conversion cost
$8,064
Units started into production during the month
11,000
Units completed and transferred out
11,000
Costs added to production during...
Bachelet Inc. uses the weighted-average method in its process costing system. The following data concern the...
Bachelet Inc. uses the weighted-average method in its process
costing system. The following data concern the operations of the
company’s first processing department for a recent month.
Work in process, beginning:
Units in process
400
Percent complete with respect to
materials
90
%
Percent complete with respect to
conversion
40
%
Costs in the beginning
inventory:
Materials cost
$
756
Conversion cost
$
4,448
Units started into production
during the month
13,000
Units completed and transferred
out
13,000
Costs added...
Bachelet Inc. uses the weighted-average method in its process costing system. The following data concern the...
Bachelet Inc. uses the weighted-average method in its process
costing system. The following data concern the operations of the
company’s first processing department for a recent month.
Work in process, beginning:
Units in process
400
Percent complete with respect to materials
90
%
Percent complete with respect to conversion
40
%
Costs in the beginning inventory:
Materials cost
$
756
Conversion cost
$
4,448
Units started into production during the month
13,000
Units completed and transferred out
13,000
Costs added...
Daosta Inc. uses the weighted average method in its process costing system. The following data concern...
Daosta Inc. uses the weighted average method in its
process costing system. The following data concern
the operations of the company's first processing
department for a recent month.
Work in process, beginning:
Units in process 900
Percent complete with respect to materials 40
%
Percent complete with respect to conversion costs 20
%
Costs in the beginning inventory:
Materials cost $ 530
Conversion cost $ 2108
Units started into production during the month
16,000
Units completed and transferred out 16,000...
Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are...
Clonex Labs, Inc., uses the weighted-average method in its
process costing system. The following data are available for one
department for October:
Percent Completed
Units
Materials
Conversion
Work in process, October 1
34,000
58
%
25
%
Work in process, October 31
15,000
83
%
44
%
The department started 167,000 units into production during the
month and transferred 186,000 completed units to the next
department.
Required:
Assuming the company uses the FIFO method, compute the
equivalent units of production...
Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are...
Clonex Labs, Inc., uses the weighted-average method in its
process costing system. The following data are available for one
department for October:
Percent Completed
Units
Materials
Conversion
Work in process, October 1
54,000
95
%
60
%
Work in process, October 31
35,000
73
%
50
%
The department started 392,000 units into production during the
month and transferred 411,000 completed units to the next
department.
Required:
Compute the equivalent units of production for October.
Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are...
Clonex Labs, Inc., uses the weighted-average method in its
process costing system. The following data are available for one
department for October:
Percent Completed
Units
Materials
Conversion
Work in process,
October 1
48,000
85
%
60
%
Work in process, October 31
28,000
67
%
49
%
The department started 389,000 units into production during the
month and transferred 409,000 completed units to the next
department.
Required:
Compute the equivalent units of production for October.
QUESTION 1) materials:
QUESTION 2)...
Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are...
Clonex Labs, Inc., uses the weighted-average method in its
process costing system. The following data are available for one
department for October:
Percent Completed
Units
Materials
Conversion
Work in process,
October 1
53,000
95
%
65
%
Work in process, October 31
36,000
71
%
53
%
The department started 394,000 units into production during the
month and transferred 411,000 completed units to the next
department.
What is the Equivalent of production for Materials and
Conversion?
Ingrim Corporation uses Weighted Average in its process costing system. The following data concern the company’s...
Ingrim Corporation uses Weighted Average in its process
costing system. The following data concern the company’s
Processing Department for the month of May:
Percentage of Completion
Units
Direct Materials
Conversion Costs
Work-in-process beg, May 1st
5,000
30%
65%
Units Completed and Transferred out
9,000
Work-in-process end, May 30th
6,000
50%
10%
Costs in the WIP, May 1st
Amount
Materials Cost
$5,300
Conversion Cost
$10,200
Total Cost
$15,500
Costs added during May 30th
Materials Cost
$250,000
Conversion Cost
$430,000
Total Cost...
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