10!Required information[The following information applies to the questions displayed below.]Part 4 of 4Select the best answer for each of the following independent multiple-choice questions.02:01:52d. Novera, Limited reported the following physical units in work-in-process inventory for July in Department N:Work-in-process, July 1 (5% complete)Work-in-process, July 31 (90% complete)74,00061,000eBookDepartment N is the second stage of the process at Novera. Materials are added at the end of the process. Department N uses FIFO process costing. At theend of July, the equivalent units for transferred-in resources was 299,000 for calculating product cost. What were the equivalent units used in the productioncost computation for the month of July for materials and conversion costs using the FIFO method?Multiple ChoiceMaterials 299,000; Conversion 363,200Materials 312,000; Conversion 363,200None of the options are correctMaterials 312,000; Conversion 296,900Materials 367,000; Conversion 413,100

To calculate the equivalent units for materials and conversion costs using the FIFO method, we need…

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 16MC: The journal entry to record the $500 of work in process ending inventory that consists of $300 of...

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The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work process for conversion. Given that materials are added at the beginning of the process. Beginning Quarter WIP Transferred Conversion (%) 134,350 133,550 25 522 132,593 132,515 24 337 133,245 133,432 20 487 134,845 134,032 23 What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent. Quarter 1 Quarter 2 Quarter 3 Quarter 4 1 2 3 4 - Started Out Units for material costs Units for conversion costs
Please show working Part 1 of the question, see images Part 2 of the question, Assuming that the July 1 work in process inventory includes $256,410 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between June and July. If required, round your answers to two decimal places. Increase or Decrease Amount Change in direct materials cost per equivalent unit $ Change in conversion cost per equivalent unit $
In the assembly department, what is the cost assigned to December 31, 2020 work-in-process inventory? a.13,436,400 b. 11,236,600 c. 13,548,800 d. 14,476,200
The following data show the units in beginning work in process inventory, the number of units started, the number of units transferred, and the percent completion of the ending work in process for conversion. Given that materials are added at the beginning of the process. Beginning Quarter WIP Started 1 2 3 4 Transferred Conversion Out (%) 134,350 133,550 132,503 132,515 522 337 133,245 133,432 487 134,845 134,032 What are the equivalent units for material and conversion costs for each quarter using the weighted-average method? Assume that the quarters are independent. Quarter 1 Quarter 2 Quarter 3 Quarter 4 Units for material costs Units for conversion costs 25 24 20 23
4 Running Company had the following information for the month of June Work in process beginning inventory, June 1 Units transferred in Work in process ending inventory, June 30 Beginning work-in-process inventory is 30 percent complete as to conversion. Ending work-in-process Inventory is 50 percent complete as to conversion. Materials are added at the end of the process. 2,900 18,700 4,900 units units units The equivalent units for materials under the weighted-average method are calculated to be: OA) 14.250 OB) 10,000 OC 16.700 OD 10,150 E21,150
Tonbridge Corporation makes a health beverage named Tonbridge that is manufactured in a two-stage production process. The drink is first created in the Conversion Department where material ingredients (natural juices, supplements, preservatives, etc.) are combined. On July 1, Year 2, the company had a sufficient quantity of partially completed beverage mix in the Conversion Department to make 50,000 containers of Tonbridge. This beginning inventory had a cost of $80,000. During July, the company added ingredients necessary to make 190,000 containers of Tonbridge. The cost of these ingredients was $400,000. During July, liquid mix representing 180,000 containers of the beverage was transferred to the Finishing Department. The beverage mix is poured into containers and packaged for shipment in the Finishing Department. Beverage that remained in the Conversion Department at the end of July was 20 percent complete. At the beginning of July the Finishing Department had 10,000 containers of…
Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out. Ending work in process inventory Beginning work in process inventory Direct materials Units The production department had the cost information below. Conversion Costs added this period Direct materials Conversion Total costs to account for 60,000 322,000 300,000 82,000 $ 118,472 48,594 850,368 649,296 Direct Materials Conversion Percent Complete 60% 80% $ 167,066 1,499,664 $1,666,730 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Percent Complete 40% 30%
Costs per equivalent unit: Total costs for July in Roasting Department Total equivalent units Cost per equivalent unit Costs charged to production: 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 Packing Department in July Inventory in process, July 31 Total costs assigned by the Roasting Department Direct Materials Direct Materials ||| Conversion Conversion 000 $ Total
[The following information applies to the questions displayed below] The first production department of Stone Incorporated reports the following for April Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Conversion Costs added this period Direct materials Conversion Total costs to account for The production department had the cost information below. Beginning work in process inventory Direct materials Units 62,000 332,000 Total costs -Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average 310,000 84,000 Weighted average: Cost per equivalent unit; costs assigned to output and inventory Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Required a Cost per equivalent unit of production: Weighted average method Conversion Total cost of ending…
Required information [The following information applies to the questions displayed below.] Annin Laboratories uses the weighted-average method to account for its work-in-process inventories. The accounting records show the following information for February: Beginning WIP inventory Direct materials Conversion costs Current period costs Direct materials Conversion costs $ 26,553 8,605 159,792 82,020 Quantity information is obtained from the manufacturing records and includes the following: Beginning inventory Current period units started Ending inventory 6,000 units (40 % complete as to materials, 15% complete as to conversion) 45,200 units 23,000 units (75% complete as to materials, 35% complete as to conversion) Compute the cost of goods transferred out and the ending inventory for February using the weighted-average method. Note: Do not round intermediate calculations. Costs of goods transferred out Costs in ending inventory
Required Information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Total Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 82,000 432,000 410,000 104,000 Direct Materials Percent Complete 70% Units 85% Conversion Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Percent Complete 38% Percent Complete Equivalent units of production: Weighted average method Direct Materials 35% EUP Percent Complete Conversion EUP
Required information [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $894,960 on October 1. Of this amount, $375,100 was the cost of direct materials and $519,860 was the cost of conversion. The 64,000 units in the beginning inventory were 25 percent complete with respect to both direct materials and conversion costs. During October, 134,000 units were transferred out and 46,000 remained in ending inventory. The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,446,500 for direct materials and $4,291,200 for conversion. a-1. Compute the cost of goods transferred out and the cost of ending inventory using the FIFO method. a-2. Is the ending inventory higher or lower under the weighted-average method compared to FIFO? Complete this question by entering your answers in the…

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