Use the following information to perform the calculations requested below, assuming that the FIFO costing approach...
Use the following information to perform the calculations requested below, assuming that the FIFO costing approach to a process costing system is being used. Beginning work in process inventory:
10,000 units, 100% percent complete for direct materials
65 percent complete as to conversion costs
Ending work in process inventory: 2,000 units, 100 percent complete for direct materials
40 percent complete as to conversion costs
Units started during the month: 9,000
a. Calculate equivalent units for materials
b. Calculate equivalent units for conversion costs.
Homework Answers
Unit transferred out = 10000+9000-2000 = 17000
a) Equivalent unit of material = (10000*0%+7000*100%+2000*100%) = 9000
b) Equivalent unit of conversion = (10000*35%+7000+2000*40%) = 11300
Add Answer to:
Use the following information to perform the calculations
requested below, assuming that the FIFO costing approach...
For each of the following independent cases, use FIFO costing to determine the information requested. Required:...
For each of the following independent cases, use FIFO costing to determine the information requested. Required: a. In the beginning inventory, 4,700 units were 50 percent complete with respect to materials. During the period, 36,000 units were transferred out. Ending inventory consisted of 7,000 units that were 70 percent complete with respect to materials. How many units were started and completed during the period? b. At the start of the period, 3,800 units were in the work-in-process inventory; 3,200 units...
Sparky Corporation uses the FIFO method of process costing. The following information is available for February...
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 25,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 110,000. Units completed and transferred out: 135,000. Ending Inventory: 30,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $43,000. Costs in beginning Work in Process -...
sparky Corporation uses the FIFO method of process costing. The following information is available for February...
sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department Units: Beginning Inventory: 34,000 units, 100% complete as to materials and 55% complete as to conversion Units started and completed: 128,000. Units completed and transferred out: 162,000. Ending Inventory: 34,500 units, 100% complete as to materials and 35% complete as to conversion. X 3.50 Costs: Costs in beginning Work in Process - Direct Materials: $52,000 Costs in beginning Work in...
Sparky Corporation uses the FIFO method of process costing. The following information is available for February...
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 25,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 110,000. Units completed and transferred out: 135,000. Ending Inventory: 30,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $43,000. Costs in beginning Work in Process -...
Richards Corporation uses the FIFO method of process costing. The following information is available for October...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 82,000 units, 70% complete as to materials and 25% complete as to conversion. Units started and completed: 252,000. Units completed and transferred out: 334,000. Ending Inventory: 31,000 units, 40% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $39,200. Costs in beginning Work in Process -...
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its M...
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 42,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 127,000. Units completed and transferred out: 169,000. Ending Inventory: 38,500 units, 100% complete as to materials and 25% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $60,000. Costs in beginning Work in Process -...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 1,300 Materials costs $ 12,700 Conversion costs $ 22,800 Percent complete with respect to materials 75 % Percent complete with respect to conversion 65 % Units started into production during the month 9,800 Units transferred to the next department during the month 9,000...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 900 Materials costs $ 11,900 Conversion costs $ 22,400 Percent complete with respect to materials 75 % Percent complete with respect to conversion 65 % Units started into production during the month 9,000 Units transferred to the next department during the month 8,200...
Richards Corporation uses the FIFO method of process costing. The following information is available for October i...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department Units Beginning Inventory: 80,000 units, 60% complete as to materials and 20% complete as to conversion Units started and completed: 250,000 Units completed and transferred out: 330,000, Ending Inventory: 30,000 units, 40% complete as to materials and 10% complete as to conversion Costs Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process -...
Richards Corporation uses the FIFO method of process costing. The following information is available for October...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 95,000 units, 70% complete as to materials and 20% complete as to conversion. Units started and completed: 265,000. Units completed and transferred out: 360,000. Ending Inventory: 37,500 units, 30% complete as to materials and 10% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process -...
For each of the following independent cases, use FIFO costing to determine the information requested. Required: a. In the beginning inventory, 4,700 units were 50 percent complete with respect to materials. During the period, 36,000 units were transferred out. Ending inventory consisted of 7,000 units that were 70 percent complete with respect to materials. How many units were started and completed during the period? b. At the start of the period, 3,800 units were in the work-in-process inventory; 3,200 units...
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 25,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 110,000. Units completed and transferred out: 135,000. Ending Inventory: 30,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $43,000. Costs in beginning Work in Process -...
sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department Units: Beginning Inventory: 34,000 units, 100% complete as to materials and 55% complete as to conversion Units started and completed: 128,000. Units completed and transferred out: 162,000. Ending Inventory: 34,500 units, 100% complete as to materials and 35% complete as to conversion. X 3.50 Costs: Costs in beginning Work in Process - Direct Materials: $52,000 Costs in beginning Work in...
Sparky Corporation uses the FIFO method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 25,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 110,000. Units completed and transferred out: 135,000. Ending Inventory: 30,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $43,000. Costs in beginning Work in Process -...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 82,000 units, 70% complete as to materials and 25% complete as to conversion. Units started and completed: 252,000. Units completed and transferred out: 334,000. Ending Inventory: 31,000 units, 40% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $39,200. Costs in beginning Work in Process -...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department Units Beginning Inventory: 80,000 units, 60% complete as to materials and 20% complete as to conversion Units started and completed: 250,000 Units completed and transferred out: 330,000, Ending Inventory: 30,000 units, 40% complete as to materials and 10% complete as to conversion Costs Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process -...
Most questions answered within 3 hours.
-
An MNE is this kind of industry when competition in one country
is essentially independent of...
asked 1 hour ago -
. For this set of questions, determine what
proportion of a normal distribution is located betweeneach...
asked 1 hour ago -
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 2 hours ago -
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 2 hours ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 2 hours ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 3 hours ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 3 hours ago -
IN PYTHON ONLY !! Program 2: Re-work
program #5 (WeeklyHours) from the previous assignment such that...
asked 4 hours ago -
The average length of time between arrivals at a turnpike
toll-booth is 26 seconds. What is...
asked 6 hours ago -
(a) A piston at 6.1 atm contains a gas that occupies a volume of
3.5 L....
asked 7 hours ago -
Please answer true or false. Words
cannot be changed or added in to make it true...
asked 7 hours ago -
An empty test tube weighs 15.923 grams. Then,
MgCl2•6H2O is added into the test tube. After...
asked 7 hours ago