Thirty-two small communities in Connecticut (population near 10,000 each) gave an average of x = 138.5 reported cases of larceny per year. Assume that σ is known to be 42.5 cases per year.
(a) Find a 90% confidence interval for the population mean annual number of reported larceny cases in such communities. What is the margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(b) Find a 95% confidence interval for the population mean annual
number of reported larceny cases in such communities. What is the
margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(c) Find a 99% confidence interval for the population mean annual
number of reported larceny cases in such communities. What is the
margin of error? (Round your answers to one decimal place.)
| lower limit | |
| upper limit | |
| margin of error |
(d) Compare the margins of error for parts (a) through (c). As the
confidence levels increase, do the margins of error increase?
As the confidence level increases, the margin of error increases.As the confidence level increases, the margin of error decreases. As the confidence level increases, the margin of error remains the same.
(e) Compare the lengths of the confidence intervals for parts (a)
through (c). As the confidence levels increase, do the confidence
intervals increase in length?
As the confidence level increases, the confidence interval decreases in length.As the confidence level increases, the confidence interval remains the same length. As the confidence level increases, the confidence interval increases in length.
In: Math
Cooperative San José of southern Sonora state in Mexico makes a unique syrup using cane sugar and local herbs. The syrup is sold in small bottles and is prized as a flavoring for drinks and for use in desserts. The bottles are sold for $11.00 each. (The Mexican currency is the peso and is denoted by $.) The first stage in the production process is carried out in the Mixing Department, which removes foreign matter from the raw materials and mixes them in the proper proportions in large vats. The company uses the weighted-average method in its process costing system.
A hastily prepared report for the Mixing Department for April appears below:
|
Quantity Schedule |
||
|
Units to be accounted for: |
||
|
Work in process, April 1 (materials 100% complete; conversion 95% complete)......... |
11,000 |
|
|
Started into production...................................... |
150,000 |
|
|
Total units to be accounted for........................ |
161,000 |
|
|
Units accounted for as follows: |
||
|
Transferred to the next department................. |
155,000 |
|
|
Work in process, April 30 (materials 100% complete, conversion 30% complete)......... |
6,000 |
|
|
Total units accounted for.................................. |
161,000 |
|
|
Total Cost |
||
|
Cost to be accounted for: |
||
|
Work in process, April 1..................................... |
$ 22,810 |
|
|
Cost added during the month........................... |
599,000 |
|
|
Total cost to be accounted for.......................... |
$621,810 |
|
|
Cost Reconciliation |
||
|
Cost accounted for as follows: |
||
|
Transferred to the next department................. |
$604,500 |
|
|
Work in process, April 30................................... |
17,310 |
|
|
Total cost accounted for.................................... |
$621,810 |
Cooperative San José has just been acquired by another company, and the management of the acquiring company wants some additional information about its operations.
Required:
( 1). What were the equivalent units for the month?
(2). What were the costs per equivalent unit for the month? The beginning inventory consisted of the following costs: materials, $19,450; and conversion cost, $3,360. The costs added during the month consisted of: materials, $375,000; and conversion cost, $224,000.
(3). How many of the units transferred to the next department were started and completed during the month?
(4). The manager of the Mixing Department, anxious to make a good impression on the new owner, stated, “Materials prices jumped from about $1.80 per unit in October to $2.50 per unit in April, but due to good cost control I was able to hold our materials cost to less than $2.50 per unit for the month.” Should this manager be rewarded for good cost control? Explain.
In: Accounting
Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 90 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows:
| Standard wage per hr. | $15.00 |
| Standard labor time per faucet | 40 min. |
| Standard number of lb. of brass | 3 lb. |
| Standard price per lb. of brass | $2.40 |
| Actual price per lb. of brass | $2.50 |
| Actual lb. of brass used during the week | 14,350 lb. |
| Number of faucets produced during the week | 4,800 |
| Actual wage per hr. | $14.40 |
| Actual hrs. for the week |
3,240 hrs |
a. Determine the A detailed estimate of what a product should cost.standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places.
| Direct materials standard cost per unit | $ |
| Direct labor standard cost per unit | $ |
| Total standard cost per unit | $ |
b. Determine the direct materials Price variance is the difference between the actual and standard prices, multiplied by the actual quantity.price variance, direct materials The cost associated with the difference between the standard quantity and the actual quantity of direct materials used in producing a commodity.quantity variance, and total direct materials The difference between actual cost and the flexible budget at actual volumes.cost variance. Round your answers to two decimal places, if necessary. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
| Price variance | $ |
| Quantity variance | $ |
| Total direct materials cost variance | $ |
c. Determine the direct labor The cost associated with the difference between the standard rate and the actual rate paid for direct labor used in producing a commodity.rate variance, direct labor The cost associated with the difference between standard and actual hours of direct labor spent for producing a commodity.time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
| Rate variance | $ |
| Time variance | $ |
| Total direct labor cost variance | $ |
In: Accounting
|
Scribners Corporation produces fine papers in three production departments—Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted-average method in its process costing system. Data for March for the Drying Department follow: |
|
Percent Completed |
||||||||
| Units | Pulping | Conversion | ||||||
| Work in process inventory, March 1 | 2,900 | 100 | % | 80 | % | |||
| Work in process inventory, March 31 | 8,400 | 100 | % | 75 | % | |||
| Pulping cost in work in process inventory, March 1 | $ | 1,189 | ||||||
| Conversion cost in work in process inventory, March 1 | $ | 667 | ||||||
| Units transferred to the next production department | 143,400 | |||||||
| Pulping cost added during March | $ | 64,085 | ||||||
| Conversion cost added during March | $ | 39,752 | ||||||
|
|
||||||||
|
No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. |
| Required: | |
|
1. |
a Determine the equivalent units for March for pulping and conversion. |
|
| b |
Compute the costs per equivalent unit for March for pulping and conversion. (Round your answers to 2 decimal places.) |
|
| c |
Determine the total cost of ending work in process inventory and the total cost of units transferred to the Finishing Department in March. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole dollar.)
|
| d | Prepare a cost reconciliation report for the Drying Department for March. (Round your intermediate calculations to 2 decimal places and your final answers to the nearest whole dollar.) |
|
|||||||||||||||||||||
In: Accounting
Cost of Production Report
Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:
| ACCOUNT Work in Process—Roasting Department | ACCOUNT NO. | ||||||||
| Date | Item | Debit | Credit | Balance | |||||
| Debit | Credit | ||||||||
| July | 1 | Bal., 4,600 units, 3/5 completed | 9,936 | ||||||
| 31 | Direct materials, 207,000 units | 393,300 | 403,236 | ||||||
| 31 | Direct labor | 82,400 | 485,636 | ||||||
| 31 | Factory overhead | 20,640 | 506,276 | ||||||
| 31 | Goods transferred, 207,000 units | ? | |||||||
| 31 | Bal., ? units, 2/5 completed | ? | |||||||
Required:
1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places.
| Hana Coffee Company | |||
| Cost of Production Report-Roasting Department | |||
| For the Month Ended July 31 | |||
| Unit Information | |||
| Units charged to production: | |||
| Inventory in process, July 1 | |||
| Received from materials storeroom | |||
| Total units accounted for by the Roasting Department | |||
| Units to be assigned costs: | |||
| Equivalent Units | |||
| Whole Units | Direct Materials | Conversion | |
| Inventory in process, July 1 | |||
| Started and completed in July | |||
| Transferred to Packing Department in July | |||
| Inventory in process, July 31 | |||
| Total units to be assigned costs | |||
| Cost Information | |||
| Cost per equivalent unit: | |||
| Direct Materials | Conversion | ||
| Total costs for July in Roasting Department | $ | $ | |
| Total equivalent units | |||
| Cost per equivalent unit | $ | $ | |
| Costs assigned to production: | |||
| Direct Materials | Conversion | Total | |
| Inventory in process, July 1 | $ | ||
| Costs incurred in July | |||
| Total costs accounted for by the Roasting Department | $ | ||
| Costs allocated to completed and partially completed units: | |||
| Inventory in process, July 1 balance | $ | ||
| To complete inventory in process, July 1 | $ | $ | |
| Cost of completed July 1 work in process | $ | ||
| Started and completed in July | |||
| Transferred to Molding Department in July | $ | ||
| Inventory in process, July 31 | |||
| Total costs assigned by the Roasting Department | $ | ||
Feedback
1. Calculate equivalent units for materials and conversion costs. Calculate the cost per equivalent unit for materials and conversion costs. Calculate the costs assigned to the beginning inventory, the units started and completed, and the ending inventory.
2. Assuming that the July 1 work in process inventory includes $8,280 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent.
| Increase or Decrease | Amount | |
| Change in direct materials cost per equivalent unit | $ | |
| Change in conversion cost per equivalent unit | $ |
In: Accounting
Cost of Production Report
Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:
| ACCOUNT Work in Process—Roasting Department | ACCOUNT NO. | ||||||||
| Date | Item | Debit | Credit | Balance | |||||
| Debit | Credit | ||||||||
| July | 1 | Bal., 7,800 units, 4/5 completed | 20,748 | ||||||
| 31 | Direct materials, 351,000 units | 772,200 | 792,948 | ||||||
| 31 | Direct labor | 167,300 | 960,248 | ||||||
| 31 | Factory overhead | 41,788 | 1,002,036 | ||||||
| 31 | Goods transferred, 352,000 units | ? | |||||||
| 31 | Bal., ? units, 2/5 completed | ? | |||||||
Required:
1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places.
| Hana Coffee Company | |||
| Cost of Production Report-Roasting Department | |||
| For the Month Ended July 31 | |||
| Unit Information | |||
| Units charged to production: | |||
| Inventory in process, July 1 | |||
| Received from materials storeroom | |||
| Total units accounted for by the Roasting Department | |||
| Units to be assigned costs: | |||
| Equivalent Units | |||
| Whole Units | Direct Materials | Conversion | |
| Inventory in process, July 1 | |||
| Started and completed in July | |||
| Transferred to Packing Department in July | |||
| Inventory in process, July 31 | |||
| Total units to be assigned costs | |||
| Cost Information | |||
| Cost per equivalent unit: | |||
| Direct Materials | Conversion | ||
| Total costs for July in Roasting Department | $ | $ | |
| Total equivalent units | |||
| Cost per equivalent unit | $ | $ | |
| Costs assigned to production: | |||
| Direct Materials | Conversion | Total | |
| Inventory in process, July 1 | $ | ||
| Costs incurred in July | |||
| Total costs accounted for by the Roasting Department | $ | ||
| Costs allocated to completed and partially completed units: | |||
| Inventory in process, July 1 balance | $ | ||
| To complete inventory in process, July 1 | $ | $ | |
| Cost of completed July 1 work in process | $ | ||
| Started and completed in July | |||
| Transferred to Molding Department in July | $ | ||
| Inventory in process, July 31 | |||
| Total costs assigned by the Roasting Department | $ | ||
Feedback
1. Calculate equivalent units for materials and conversion costs. Calculate the cost per equivalent unit for materials and conversion costs. Calculate the costs assigned to the beginning inventory, the units started and completed, and the ending inventory.
2. Assuming that the July 1 work in process inventory includes $16,380 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent.
| Increase or Decrease | Amount | |
| Change in direct materials cost per equivalent unit | Increase | $ |
| Change in conversion cost per equivalent unit | Decrease | $ |
In: Accounting
Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis
Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 74,000 units of product were as follows:
| Standard Costs | Actual Costs | ||
| Direct materials | 192,400 lbs. at $5.40 | 190,500 lbs. at $5.20 | |
| Direct labor | 18,500 hrs. at $18.50 | 18,930 hrs. at $18.80 | |
| Factory overhead | Rates per direct labor hr., | ||
| based on 100% of normal | |||
| capacity of 19,310 direct | |||
| labor hrs.: | |||
| Variable cost, $3.20 | $58,610 variable cost | ||
| Fixed cost, $5.10 | $98,481 fixed cost | ||
Each unit requires 0.25 hour of direct labor.
Required:
a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
| Direct Material Price Variance | $ | Favorable |
| Direct Materials Quantity Variance | $ | Favorable |
| Total Direct Materials Cost Variance | $ | Favorable |
b. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
| Direct Labor Rate Variance | $ | Unfavorable |
| Direct Labor Time Variance | $ | Unfavorable |
| Total Direct Labor Cost Variance | $ | Unfavorable |
c. Determine variable factory overhead controllable variance, the fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.
| Variable factory overhead controllable variance | $ | Favorable |
| Fixed factory overhead volume variance | $ | Unfavorable |
| Total factory overhead cost variance | $ | Unfavorable |
_______________________________________________________________________________________________
Factory Overhead Cost Variances
Blumen Textiles Corporation began April with a budget for 47,000 hours of production in the Weaving Department. The department has a full capacity of 63,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of April was as follows:
| Variable overhead | $169,200 |
| Fixed overhead | 119,700 |
| Total | $288,900 |
The actual factory overhead was $292,400 for April. The actual fixed factory overhead was as budgeted. During April, the Weaving Department had standard hours at actual production volume of 49,000 hours. Determine the variable factory overhead controllable variance and the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required.
a. Variable factory overhead controllable variance: $ Favorable
b. Fixed factory overhead volume variance: $ Unfavorable
In: Accounting
Cost of Production Report
Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:
| ACCOUNT Work in Process—Roasting Department | ACCOUNT NO. | ||||||||
| Date | Item | Debit | Credit | Balance | |||||
| Debit | Credit | ||||||||
| July | 1 | Bal., 5,500 units, 3/5 completed | 9,900 | ||||||
| 31 | Direct materials, 247,500 units | 396,000 | 405,900 | ||||||
| 31 | Direct labor | 79,300 | 485,200 | ||||||
| 31 | Factory overhead | 19,780 | 504,980 | ||||||
| 31 | Goods transferred, 248,000 units | ? | |||||||
| 31 | Bal., ? units, 3/5 completed | ? | |||||||
Required:
1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places.
| Hana Coffee Company | |||
| Cost of Production Report-Roasting Department | |||
| For the Month Ended July 31 | |||
| Unit Information | |||
| Units charged to production: | |||
| Inventory in process, July 1 | |||
| Received from materials storeroom | |||
| Total units accounted for by the Roasting Department | |||
| Units to be assigned costs: | |||
| Equivalent Units | |||
| Whole Units | Direct Materials | Conversion | |
| Inventory in process, July 1 | |||
| Started and completed in July | |||
| Transferred to Packing Department in July | |||
| Inventory in process, July 31 | |||
| Total units to be assigned costs | |||
| Cost Information | |||
| Cost per equivalent unit: | |||
| Direct Materials | Conversion | ||
| Total costs for July in Roasting Department | $ | $ | |
| Total equivalent units | |||
| Cost per equivalent unit | $ | $ | |
| Costs assigned to production: | |||
| Direct Materials | Conversion | Total | |
| Inventory in process, July 1 | $ | ||
| Costs incurred in July | |||
| Total costs accounted for by the Roasting Department | $ | ||
| Costs allocated to completed and partially completed units: | |||
| Inventory in process, July 1 balance | $ | ||
| To complete inventory in process, July 1 | $ | $ | |
| Cost of completed July 1 work in process | $ | ||
| Started and completed in July | |||
| Transferred to Molding Department in July | $ | ||
| Inventory in process, July 31 | |||
| Total costs assigned by the Roasting Department | $ | ||
Feedback
1. Calculate equivalent units for materials and conversion costs. Calculate the cost per equivalent unit for materials and conversion costs. Calculate the costs assigned to the beginning inventory, the units started and completed, and the ending inventory.
2. Assuming that the July 1 work in process inventory includes $8,250 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent.
| Increase or Decrease | Amount | |
| Change in direct materials cost per equivalent unit | Increase | $ |
| Change in conversion cost per equivalent unit | Decrease | $ |
In: Accounting
Cost of Production Report
Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:
| ACCOUNT Work in Process—Roasting Department | ACCOUNT NO. | ||||||||
| Date | Item | Debit | Credit | Balance | |||||
| Debit | Credit | ||||||||
| July | 1 | Bal., 6,400 units, 2/5 completed | 19,968 | ||||||
| 31 | Direct materials, 288,000 units | 835,200 | 855,168 | ||||||
| 31 | Direct labor | 161,000 | 1,016,168 | ||||||
| 31 | Factory overhead | 40,264 | 1,056,432 | ||||||
| 31 | Goods transferred, 289,000 units | ? | |||||||
| 31 | Bal., ? units, 1/5 completed | ? | |||||||
Required:
1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places.
| Hana Coffee Company | |||
| Cost of Production Report-Roasting Department | |||
| For the Month Ended July 31 | |||
| Unit Information | |||
| Units charged to production: | |||
| Inventory in process, July 1 | |||
| Received from materials storeroom | |||
| Total units accounted for by the Roasting Department | |||
| Units to be assigned costs: | |||
| Equivalent Units | |||
| Whole Units | Direct Materials | Conversion | |
| Inventory in process, July 1 | |||
| Started and completed in July | |||
| Transferred to Packing Department in July | |||
| Inventory in process, July 31 | |||
| Total units to be assigned costs | |||
| Cost Information | |||
| Costs per equivalent unit: | |||
| Direct Materials | Conversion | ||
| Total costs for July in Roasting Department | $ | $ | |
| Total equivalent units | |||
| Cost per equivalent unit | $ | $ | |
| Costs charged to production: | |||
| Direct Materials | Conversion | Total | |
| Inventory in process, July 1 | $ | ||
| Costs incurred in July | |||
| Total costs accounted for by the Roasting Department | $ | ||
| Cost allocated to completed and partially completed units: | |||
| Inventory in process, July 1 balance | $ | ||
| To complete inventory in process, July 1 | $ | $ | |
| Cost of completed July 1 work in process | $ | ||
| Started and completed in July | |||
| Transferred to Molding Department in July | $ | ||
| Inventory in process, July 31 | |||
| Total costs assigned by the Roasting Department | $ | ||
Feedback
1. Calculate equivalent units for materials and conversion costs. Calculate the cost per equivalent unit for materials and conversion costs. Calculate the costs assigned to the beginning inventory, the units started and completed, and the ending inventory.
2. Assuming that the July 1 work in process inventory includes $17,920 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent.
| Increase or Decrease | Amount | |
| Change in direct materials cost per equivalent unit | Increase | $ |
| Change in conversion cost per equivalent unit | Decrease |
In: Accounting
Cost of Production Report
Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31:
| ACCOUNT Work in Process—Roasting Department | ACCOUNT NO. | ||||||||
| Date | Item | Debit | Credit | Balance | |||||
| Debit | Credit | ||||||||
| July | 1 | Bal., 5,800 units, 3/5 completed | 17,284 | ||||||
| 31 | Direct materials, 261,000 units | 678,600 | 695,884 | ||||||
| 31 | Direct labor | 146,800 | 842,684 | ||||||
| 31 | Factory overhead | 36,712 | 879,396 | ||||||
| 31 | Goods transferred, 261,000 units | ? | |||||||
| 31 | Bal., ? units, 4/5 completed | ? | |||||||
Required:
1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places.
| Hana Coffee Company | |||
| Cost of Production Report-Roasting Department | |||
| For the Month Ended July 31 | |||
| Unit Information | |||
| Units charged to production: | |||
| Inventory in process, July 1 | |||
| Received from materials storeroom | |||
| Total units accounted for by the Roasting Department | |||
| Units to be assigned costs: | |||
| Equivalent Units | |||
| Whole Units | Direct Materials | Conversion | |
| Inventory in process, July 1 | |||
| Started and completed in July | |||
| Transferred to Packing Department in July | |||
| Inventory in process, July 31 | |||
| Total units to be assigned costs | |||
| Cost Information | |||
| Costs per equivalent unit: | |||
| Direct Materials | Conversion | ||
| Total costs for July in Roasting Department | $ | $ | |
| Total equivalent units | |||
| Cost per equivalent unit | $ | $ | |
| Costs charged to production: | |||
| Direct Materials | Conversion | Total | |
| Inventory in process, July 1 | $ | ||
| Costs incurred in July | |||
| Total costs accounted for by the Roasting Department | $ | ||
| Cost allocated to completed and partially completed units: | |||
| Inventory in process, July 1 balance | $ | ||
| To complete inventory in process, July 1 | $ | $ | |
| Cost of completed July 1 work in process | $ | ||
| Started and completed in July | |||
| Transferred to Molding Department in July | $ | ||
| Inventory in process, July 31 | |||
| Total costs assigned by the Roasting Department | $ | ||
Feedback
1. Calculate equivalent units for materials and conversion costs. Calculate the cost per equivalent unit for materials and conversion costs. Calculate the costs assigned to the beginning inventory, the units started and completed, and the ending inventory.
2. Assuming that the July 1 work in process inventory includes $14,500 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and July. If required, round your answers to the nearest cent.
| Increase or Decrease | Amount | |
| Change in direct materials cost per equivalent unit | Increase | $ |
| Change in conversion cost per equivalent unit | Decrease | $ |
In: Accounting