Question

In: Accounting

The Assembly Department uses a process cost accounting system and a weighted-average cost flow assumption. The...

The Assembly Department uses a process cost accounting system and a weighted-average cost flow assumption. The department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. During July, RM190,000 of materials costs and RM133,000 in conversion costs were charged to the department. The beginning work in process inventory was RM108,000 on July 1, comprised of RM80,000 of materials costs and RM28,000 of conversion costs.

Other data for the month of July are as follows:

Beginning work in process inventory, 7/1 25,000 units (40% complete)

Units completed and transferred out 90,000 units

Ending work in process inventory, 7/31 10,000 units (20% complete)

Required:

  1. Answer the following questions and show computations to support your answers.

  2. How many physical units have to be accounted for in July?

  3. What are the equivalent units of production for materials and for conversion costs for the month of July?

  4. What is the total cost assigned to the 90,000 units that were transferred out of the process in July?

  5. What is the total cost of the July 31 inventory?

[TOTAL: 10 MARKS]

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Assembly Department uses a process cost accounting system and a weighted-average cost flow assumption. The department...
Assembly Department uses a process cost accounting system and a weighted-average cost flow assumption. The department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. During July, $190,000 of materials costs and $135,500 in conversion costs were charged to the department. The beginning work in process inventory was $93,000 on July 1, comprised of $80,000 of materials costs and $13,000 of conversion costs. Other data for the month of July are as follows:...
The Assembly Department uses a process cost accounting system and a weighted-average cost flow assumption. The...
The Assembly Department uses a process cost accounting system and a weighted-average cost flow assumption. The department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. During July, $190,000 of materials costs and $137,100 in conversion costs were charged to the department. The beginning work in process inventory was $93,000 on July 1, comprised of $80,000 of materials costs and $13,000 of conversion costs. Other data for the month of July are as...
Assembly Department uses a process cost accounting systm and a weighted-average cost flow assumption. The department...
Assembly Department uses a process cost accounting systm and a weighted-average cost flow assumption. The department adds minerals at the beginning of the process and incur conversion costs uniformly throughout the process. During July, $190,000 of materials cost and $135,000 in conversion costs were charged to the department. The beginning work in process inventory was $93,000 on July 1, comprised of $80,000 of materials costs and $13,000 of conversion costs. Other Data for the month of July are as follows:...
Q5 The Assembly Department uses a weighted-average process cost accounting system. The department adds materials at...
Q5 The Assembly Department uses a weighted-average process cost accounting system. The department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. During July, $190,000 of materials costs and $135,500 in conversion costs were charged to the department. The beginning work in process inventory was $93,000 on July 1, comprised of $80,000 of materials costs and $13,000 of conversion costs. Other data for the month of July are as follows: Beginning work in...
Massey Corporation uses a process cost system and the weighted-average cost flow assumption. Production begins in...
Massey Corporation uses a process cost system and the weighted-average cost flow assumption. Production begins in the Fabricating Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On March 1, the beginning work in process inventory consisted of 20,000 units which were 60% complete and had a cost of $175,000, $145,000 of which were materials costs. During March, the following occurred: Materials added $305,000 Conversion costs incurred $120,000 Units...
Massey Corporation uses a process cost system and the weighted-average cost flow assumption. Production begins in...
Massey Corporation uses a process cost system and the weighted-average cost flow assumption. Production begins in the Fabricating Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On March 1, the beginning work in process inventory consisted of 20,000 units which were 60% complete and had a cost of $175,000, $145,000 of which were materials costs. During March, the following occurred: Materials added $305,000 Conversion costs incurred $120,000 Units...
Holder Incorporated uses the weighted average method for its process costing system. The Assembly Department at...
Holder Incorporated uses the weighted average method for its process costing system. The Assembly Department at began March with 24,000 units in Work in Process (WIP) Inventory, all of which were completed and transferred out during March. An additional 32,000 units were started during the month, 12,000 of which were completed and transferred out during March. A total of 20,000 units remained in Work in Process Inventory at the end of March, and were at varying levels of completion as...
The Assembly Department uses a process cost accounting system. The department adds materials and incurs conversion...
The Assembly Department uses a process cost accounting system. The department adds materials and incurs conversion costs uniformly throughout the process. During May, $200,000 of materials costs and $95,000 in conversion costs were charged to the department. The beginning Work in Process inventory was $63,000 on May 1, comprised of $40,000 of materials costs and $23,000 of conversion costs. The company employs the FIFO method of process costing. Other data for the month of May are as follows: Beginning Work...
Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly...
Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Work in process, May 1 $ 11,600 $ 17,361 $ 80,664 Cost added during May $ 70,450 $ 11,574 $ 53,776 Equivalent units of production 1,000 900 800 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.) Materials Labor Overhead Total Cost per equivalent...
Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly...
Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Materials Labor Overhead Work in process, May 1 $ 12,800 $ 19,350 $ 90,855 Cost added during May $ 77,565 $ 12,900 $ 60,570 Equivalent units of production 1,100 1,000 900 Required: Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.) QUESTION1) Materials: QUESTION2) Labor: QUESTION3) Overhead: QUESTION4)...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT