Question
In: Accounting
1. Sonnikes Wedget maker uses a FIFO process costing system for its products. One product passes...
1. Sonnikes Wedget maker uses a FIFO process costing system for its products. One product passes through two departments (molding and packaging) during production. The following activity took place in the molding department during October:
Units in beginning inventory 8,500
Units started this period 93,700
Units in ending inventory 7,600
The cost per equivalent unit of production are as follows:
Materials 9.00
Conversion 12.00
Raw material are added at the beginning of the process in the molding department. Beginning WIP (Oct. 1) was 70% complete with regards to conversation costs and had incurred $35,800 of cost last period. Ending WIP was 20% complete as to conversion on Oct. 31
a. Calculate the equivalent units of production for BOTH material and conversion.
b. Determine the cost of beginning inventory units when transferred to packaging.
c. Determine the cost of ending work in process inventory.
Solutions
ekkarill92 answered 10 months agoRelated Solutions
Pureform, Inc., uses the FIFO method in its process costing system. It manufactures a product that...
Pureform, Inc., uses the FIFO method in its process costing
system. It manufactures a product that passes through two
departments. Data for a recent month for the first department
follow:
Units
Materials
Labor
Overhead
Work in process inventory, beginning
68,000
$
68,700
$
22,800
$
32,900
Units started in process
649,000
Units transferred out
670,000
Work in process inventory, ending
47,000
Cost added during the month
$
804,750
$
239,590
$
409,825
The beginning work in process inventory was 80%...
Pureform, Inc., uses the FIFO method in its process costing system. It manufactures a product that...
Pureform, Inc., uses the FIFO method in its process costing
system. It manufactures a product that passes through two
departments. Data for a recent month for the first department
follow:
Units
Materials
Labor
Overhead
Work in process inventory, beginning
79,000
$
75,100
$
36,400
$
49,100
Units started in process
751,000
Units transferred out
800,000
Work in process inventory, ending
30,000
Cost added during the month
$
1,557,385
$
612,440
$
688,995
The beginning work in process inventory was 70%...
Pureform, Inc., uses the FIFO method in its process costing system. It manufactures a product that...
Pureform, Inc., uses the FIFO method in its process costing
system. It manufactures a product that passes through two
departments. Data for a recent month for the first department
follow:
Units
Materials
Labor
Overhead
Work in process inventory, beginning
5,000
$
4,320
$
1,040
$
1,790
Units started in process
45,000
Units transferred out
42,000
Work in process inventory, ending
8,000
Cost added during the month
$
52,800
$
21,500
$
32,250
The beginning work in process inventory was 80%...
Superior Micro Products uses the FIFO method in its process costing system. Data for the Assembly...
Superior Micro Products uses the FIFO method in its process
costing system. Data for the Assembly Department for May appear
below:
Materials
Labor
Overhead
Cost added during May
$
76,845
$
37,170
$
122,850
Equivalent units of production
14,100
12,600
12,600
Required:
Compute the cost per equivalent unit for materials, labor,
overhead, and in total. (Round your answers to 2 decimal
places.)
PROCESS ACCOUNTING Problem #1 C Company uses the FIFO method in its process costing system. The...
PROCESS ACCOUNTING
Problem #1 C Company uses the FIFO method in its process costing
system. The Assembly Department started the month with 5,800 units
in its beginning work in process inventory that were 19% complete
with respect to conversion costs. An additional 72,500 units were
transferred in from the prior department during the month to begin
processing in the Assembly Department. There were 8,430 units in
the ending work in process inventory of the Assembly Department
that were 65% complete...
FIFO Jarvene Corporation uses the FIFO method in its process costing system. The following data are...
FIFO Jarvene Corporation uses the FIFO method in its process
costing system. The following data are for the most recent month of
operations in one of the company’s processing departments: Units in
beginning inventory 370 Units started into production 4,290 Units
in ending inventory 340 Units transferred to the next department
4,320 ________________________________________ Materials Conversion
Percentage completion of beginning inventory 70% 30% Percentage
completion of ending inventory 70% 50%
________________________________________ The cost of beginning
inventory according to the company’s costing...
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...
Jarvene Corporation uses the FIFO method in its process costing
system. The following data are for the most recent month of
operations in one of the company’s processing departments:
Units in beginning inventory
440
Units started into production
4,260
Units in ending inventory
280
Units transferred to the next department
4,420
Materials
Conversion
Percentage completion of beginning inventory
70
%
30
%
Percentage completion of ending inventory
70
%
50
%
The cost of beginning inventory according to the company’s...
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...
Jarvene Corporation uses the FIFO method in its process costing
system. The following data are for the most recent month of
operations in one of the company’s processing departments:
Units in beginning inventory
390
Units started into production
4,300
Units in ending inventory
260
Units transferred to the next department
4,430
Materials
Conversion
Percentage completion of beginning inventory
60
%
40
%
Percentage completion of ending inventory
70
%
50
%
The cost of beginning inventory according to the company’s...
Jarvene Corporation uses the FIFO method in its process costing system. The following data are for...
Jarvene Corporation uses the FIFO method in its process costing
system. The following data are for the most recent month of
operations in one of the company’s processing departments:
Units in beginning inventory
360
Units started into production
4,280
Units in ending inventory
320
Units transferred to the next department
4,320
Materials
Conversion
Percentage completion of beginning inventory
80
%
20
%
Percentage completion of ending inventory
90
%
30
%
The cost of beginning inventory according to the company’s...
arvene Corporation uses the FIFO method in its process costing system. The following data are for...
arvene Corporation uses the FIFO method in its process costing
system. The following data are for the most recent month of
operations in one of the company’s processing departments:
Units in beginning inventory
430
Units started into production
4,270
Units in ending inventory
310
Units transferred to the next department
4,390
Materials
Conversion
Percentage completion of beginning inventory
60
%
40
%
Percentage completion of ending inventory
70
%
50
%
The cost of beginning inventory according to the company’s...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- A 1220-kg car pulls a 390-kg trailer. The car exerts a horizontal force of 3.6 ×...
- Why are Not for Profits susceptible to sophisticated scams?
- How does the idea of a ‘social license to operate’ impact an airport? ?
- Write a business report (addressed to your supervisor) focused on how your company (Samsung) should use...
- A 7800 kg rocket blasts off vertically from the launch pad with a constant upward acceleration...
- For the short essay assignment you will compare Pablo Neruda’s “Ode to a Large Tuna in...
- Case Study As the marketplace for goods and services becomes increasingly global, businesses must understand and...
ADVERTISEMENT