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, $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 follows:
Beginning work in process inventory, 7/1 25,000 units (40% complete)
Units completed and transferred out 70,000 units
Ending work in process inventory, 7/31 30,000 units (30% complete)
Answer the following questions and show computations to support your answers.
1. How many physical units have to be accounted for in July?
2. What are the equivalent units of production for materials and for conversion costs for the month of July?
3. What is the total cost assigned to the 70,000 units that were transferred out of the process in July?
4. What is the total cost of the July 31 inventory?
Solutions
ekkarill92 answered 1 year agoRelated 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,
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...
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)...
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