Assume: BB WIP, 40% complete 10,000 units Started 100,000 EB WIP, 60% complete 12,000 Costs Beginning...

Assume:

BB WIP, 40% complete 10,000 units
Started 100,000
EB WIP, 60% complete 12,000 Costs

Beginning WIP:

DM $30,000
Conversion Costs $6,000
Materials used during the period $220,000
Conversion costs incurred during the period $150,000

Using a FIFO basis, what is the value of

a) goods transferred out

b) ending WIP?

Expert Solution

Particulars	Direct Materials				Conversion				Total Cost
Particulars	Units	% completion	Equivalent Units	Cost	Units	% completion	Equivalent Units	Cost	Total Cost
Begining Work in Process inventory	10,000	40%	4,000	30,000	10,000	40%	4,000	6,000	36,000
Processed During theperiod:
Units Started	1,00,000
Begining Work in Process inventory	10,000	60%	6,000	13,043	10,000	60%	6,000	8,893	21,937
				(220000/101200X6000)				(150000/101200X6000)
Units Started & Completed in current period	88,000	100%	88,000	1,91,304	88,000	100%	88,000	1,30,435	3,21,739
				(220000/101200X88000)				(150000/101200X88000)
Units Started & not Complete in current period	12,000	60%	7,200	15,652	12,000	60%	7,200	10,672	26,324
				(220000/101200X7200)				(150000/101200X7200)
Total Equivalent Units for the period			1,01,200	2,20,000			1,01,200	1,50,000

Assuming that Materials introduced in proportion to Completion

Requirement a
Value of goods transferred out of 98000 units	3,79,676	(21937+321739+36000)
Value of goods ending Inventorty of 12000 units	26,324

ekkarill92 answered 9 months ago

UNITS: beginning WIP inventory (20% complete as to CC) 5,000 units started 20,000 units completed and...

UNITS: beginning WIP inventory (20% complete as to CC) 5,000 units started 20,000 units completed and transferred out 15,000 ending WIP inventory (Mat 100%, CC 50% complete) 10,000 Costs: beginning inventory materials $ 4,000 CC $ 1,000 Current period: materials $ 16,000 CC $ 4,000 All materials are added at the beginning of the process Please show the calculations! doing it in excel! 1. What is your products equivalent units (EUP) for Mat & CC using weighted average? --> Materials...

WIP, beginning inventory 2/1/2017 52,000 units Direct materials (100% complete) Conversion costs (50% complete) Started during...

WIP, beginning inventory 2/1/2017 52,000 units Direct materials (100% complete) Conversion costs (50% complete) Started during February 170,400 units Completed and transferred out 180,600 units WIP, ending inventory 2/28/2017 26,900 units Direct materials (100% complete) Conversion costs (20% complete) Costs: WIP, beginning inventory: Direct materials $280,100 Conversion costs 80,400 Direct materials added 408,000 Conversion costs added 264,400 What costs are allocated to the ending workminus−inminus−process inventory for direct materials and conversion costs, respectively, using the FIFO method of process...

Welding department Units WIP, October 1 (85% material; 60% conversion) 4,300 Units started in October 10,000...

Welding department Units WIP, October 1 (85% material; 60% conversion) 4,300 Units started in October 10,000 Units completed and transferred to assembling 9,500 WIP, October 31 (75% material, 40% conversion) 4,800 Costs WIP, October 1 Materials (85% complete) $673,500 Conversion (60% complete) $341,640 WIP value, October 1 $1,015,140 Costs incurred in October Materials $864,960 Conversion $463,840 Costs incurred in October $1,328,800 Total costs $2,343,940 What is the value of goods transferred out of welding in October? What is the ending...

Percent Complete Costs Units Materials Conversion Materials Conversion Beginning WIP 2,000 10% 90% $5,000 $1,000 Started...

Percent Complete Costs Units Materials Conversion Materials Conversion Beginning WIP 2,000 10% 90% $5,000 $1,000 Started into production 40,000 $100,000 $200,000 Ending WIP 3,000 30% 80% Using the weighted average method of process costing, calculate the (1) number of units transferred out, (2) equivalent units of production with respect to materials and with respect to conversion, (3) the cost per equivalent unit for materials and for conversion, (4) ending WIP inventory value for materials and for conversion, and (5) the...

Saba enterprises had 250 units in beginning WIP which were 80% complete with regard to conversion...

Saba enterprises had 250 units in beginning WIP which were 80% complete with regard to conversion costs. 9,250 units were added during the period. 8,000 units were completed. Ending WIP was 100% complete with regard to material and 60% complete with regard to conversion. Beginning WIP amounted to $3,500 of which $1,000 was for conversion. Costs added amounted to $132,280 of which $94,870 was for materials. Required: 1. Compute cost of goods completed and cost of WIP ending using weighted...

Units Percentage Complete Cost Beginning WIP Inventory - August 22,000 Direct Materials 75% $ 4,200...

Units Percentage Complete Cost Beginning WIP Inventory - August 22,000 Direct Materials 75% $ 4,200 Conversion Cost 70% $ 2,450 Units Started in August 12,000 Costs incurred in August Direct Materials $ 17,000 Conversion Cost $ 16,800 Ending WIP Inventory 6,000 Direct Materials 80% Conversion Cost 60% Use weighted-average process costing to compute equivalent units & prepare a PRODUCTION COST REPORT Using the format below % Completed Equivalent Units Flow of Units Physical Units DM Conv DM...

Painter Corporation has the following information for the current month: Units started 100,000 units Beginning Work...

Painter Corporation has the following information for the current month: Units started 100,000 units Beginning Work in Process: (35% complete) 20,000 units Normal spoilage (discrete) 3,500 units Abnormal spoilage 5,000 units Ending Work in Process: (70% complete) 14,500 units Transferred out 97,000 units Beginning Work in Process Costs: Material $15,000 Conversion 10,000 All materials are added at the start of the production process. Painter Corporation inspects goods at 75 percent completion as to conversion. Refer to Painter Corporation. What are...

Which of the following costs are variable? Cost 10,000 Units 30,000 Units 1. $100,000 $300,000 2....

Which of the following costs are variable? Cost 10,000 Units 30,000 Units 1. $100,000 $300,000 2. 40,000 240,000 3. 90,000 90,000 4. 50,000 150,000 only 1 only 2 1 and 2 1 and 4

Physical Flow, Equivalent Units, Unit Costs, No Beginning WIP Inventory, Activity-Based Costing Lacy, Inc., produces a...

Physical Flow, Equivalent Units, Unit Costs, No Beginning WIP Inventory, Activity-Based Costing Lacy, Inc., produces a subassembly used in the production of hydraulic cylinders. The subassemblies are produced in three departments: Plate Cutting, Rod Cutting, and Welding. Materials are added at the beginning of the process. Overhead is applied using the following drivers and activity rates: Driver Rate Actual Usage (by Plate Cutting) Direct labor cost 120% of direct labor $732,000 Inspection hours $40 per hour 7,450 hours Purchase orders...

Glasgow Enterprises started the period with 60 units in beginning inventory that cost $1.70 each. During...

Glasgow Enterprises started the period with 60 units in beginning inventory that cost $1.70 each. During the period, the company purchased inventory items as follows. Glasgow sold 255 units after purchase 3 for $10.00 each. Purchase No. of Items Cost 1 380 $ 2.20 2 110 $ 2.30 3 50 $ 2.70 Glasgow's ending inventory under LIFO would be: Multiple Choice $729. $932. $794. $587.

Question