Question
In: Accounting
Williams Company computed its cost per equivalent unit for direct materials to be $2.90 and its...
Williams Company computed its cost per equivalent unit for direct materials to be $2.90 and its cost per equivalent unit for conversion to be $3.45. A total of 203,000 units of product were completed and transferred out as finished goods during the month. The ending Work in Process inventory consists of 33,000 equivalent units of direct materials and 33,000 equivalent units of conversion costs. The amount that should be reported in ending Work in Process Inventory is:
Solutions
Expert Solution
Answer)
Calculation of amount to be reported in ending work in process inventory
Ending work in process inventory = (Number of equivalent units of direct materials X cost per equivalent unit for direct material) + (Number of equivalent units of conversion costs X cost per equivalent unit for direct material)
= (33,000 equivalent units X $ 2.90 per equivalent unit) + (33,000 equivalent units X $ 3.45 per equivalent unit)
= $ 95,700 + $ 113,850
= $ 209,550
Therefore amount reported in ending work in process inventory is $ 209,550.
ekkarill92 answered 2 years agoRelated Solutions
Compute the cost per equivalent unit for direct materials and conversion for the month.
Perrette Motor Company rebuilds automobile engines that have
been damaged or are in need of extensive repair. The rebuilt engine
has a 100,000-mile warranty and is purchased by auto shops, large
motor pools in companies and governmental units, and some
individual auto owners. The plant in Dayton, Ohio, specializes in
the Ford V6 engine. Approximately 1,140 to 1,340 engines are
rebuilt each month, and the costs of the plant are assigned to
monthly production using weighted-average process costing. The
current...
1. Compute the direct materials cost per equivalent unit for April.
During April, the first production department of a process manufacturing system completed its work on 350,000 units of a product and transferred them to the next department. Of these transferred units, 70,000 were in process in the production department at the beginning of April and 280,000 were started and completed in April. April's beginning inventory units were 60% complete with respect to materials and 40% complete with respect to conversion. At the end of April, 92,000 additional units were in...
The cost per equivalent unit of direct materials and conversion in the Bottling Department of Beverages...
The cost per
equivalent unit of direct materials and conversion in the Bottling
Department of Beverages on Jolt Company is $0.80 and $0.20,
respectively. The equivalent units to be assigned costs are as
follows:
Equivalent Units
Direct Materials
Conversion
Inventory in process, beginning of period
0
2,650
Started and completed during the period
55,430
55,430
Transferred out of Bottling (completed)
55,430
58,080
Inventory in process, end of period
3,160
2,600
Total units to be assigned costs
58,590
60,680
The beginning...
Cost per equivalent unit is kept separate for direct materials and conversion costs because A. the...
Cost per equivalent unit is kept separate for direct
materials and conversion costs because
A. the ending inventories were different for the two
categories.
B.the equivalent units were different for the two
categories.
C. the total manufacturing costs were different for the two
categories.
D. the physical units were different for the two categories.
The current manufacturing costs include
( ) direct labor,
( ) direct materials, and
( ) manufacturing
overhead.
-estimated; estimated; applied
-actual; actual; actual
-estimated; actual;...
The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve...
The costs per equivalent unit of direct materials and conversion
in the Filling Department of Eve Cosmetics Company are $2.40 and
$2.65, respectively. The equivalent units to be assigned costs are
as follows:
Equivalent Units
Direct Materials
Conversion
Inventory in process, beginning of period
0
3,400
Started and completed during the period
49,000
49,000
Transferred out of Filling (completed)
49,000
52,400
Inventory in process, end of period
4,000
2,000
Total units to be assigned costs
53,000
54,400
The beginning work...
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak...
The costs per equivalent unit of direct materials and conversion
in the Rolling Department of Oak Ridge Steel Company are $0.60 and
$1.20, respectively. The equivalent units to be assigned costs are
as follows:
Equivalent Units
Direct Materials
Conversion
Inventory in process, July 1
0
5,100
Started and completed during July
64,000
64,000
Transferred out of Rolling (completed)
64,000
69,100
Inventory in process, July 31
4,000
1,200
Total units to be assigned costs
68,000
70,300
The beginning work in process...
The costs per equivalent unit of direct materials and conversion in the Rolling Department of Oak...
The costs per equivalent unit of direct materials and conversion
in the Rolling Department of Oak Ridge Steel Company are $2.75 and
$2.80, respectively. The equivalent units to be assigned costs are
as follows:
Equivalent Units
Direct Materials
Conversion
Inventory in process, July 1
0
1,800
Started and completed during July
46,000
46,000
Transferred out of Rolling (completed)
46,000
47,800
Inventory in process, July 31
3,000
1,200
Total units to be assigned costs
49,000
49,000
The beginning work in process...
Question A: The costs per equivalent unit of direct materials and conversion in the Bottling Department...
Question A:
The costs per equivalent unit of direct materials and conversion
in the Bottling Department of Rocky Springs Beverage Company are
$1.25 and $0.65, respectively. The equivalent units to be assigned
costs are as follows:
Equivalent Units
Direct Materials
Conversion
Inventory in process, beginning of period
0
2,500
Started and completed during the period
50,000
50,000
Transferred out of Bottling (completed)
50,000
52,500
Inventory in process, end of period
5,000
2,500
Total units to be assigned costs
55,000
55,000...
Compute the equivalent units for direct materials and conversion costs. 2. Compute the cost per equivalent...
Compute the equivalent units for direct materials and conversion
costs.
2.
Compute the cost per equivalent unit.
3.
Assign the costs to units completed and transferred out and
ending work in process inventory.
4.
Record the journal entry for the costs transferred out of the
Assembly Department to the Testing Department.
5.
Post all of the transactions in the "Work in Process
Inventory—Assembly"
T-account. What is the ending balance?
Data:
Units in beginning Work in Process (WIP) inventory
120,000 units...
Compute the cost per equivalent unit for materials, for labour, for overhead, and in total.
Ainsley Industries uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below:
Materials
Labour
Overhead
Work in process, May 1
$28,000
$22,000
$117,500
Cost added during May
$52,000
$18,500
$63,600
Equivalent units of production
1,500
800
1,200
Required
Compute the cost per equivalent unit for materials, for labour, for overhead, and in total.
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You are tasked with assessing the health department’s intervention program in preventing recurrence of acute alcohol...
- Compare the MOSFET, JFET , and BJT and identify the reasons these devices behave differently. What...
- How would you use SAS Enterprise Miner to create a neural network model of your example?
- Explain the use of neural networking modeling in predictive analytics.
- Current Market Mix of Netflix, as detail as possible, please.
- This is all one question, thank you so much in advance! You must evaluate a proposal...
- X Company is considering the purchase of a new processor that costs $200,000. Shipping and setup...
ADVERTISEMENT