1. Freddie Company adds direct materials at the beginning of the process and adds conversion costs...
1. Freddie Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. Data for the Finishing Departmentfollows:
|
WIP, April 1 |
11,000 units |
|
|
Transferred−in costs in WIP, April 1 |
$79,940 |
|
|
Direct materials (100%) in WIP, April 1 |
$24,420 |
|
| Conversion costs
(70%) in WIP, April 1 |
$27,400 |
|
| Units
transferred−in |
52,000 |
|
|
Transferred−in costs during April |
$550,900 |
|
|
Units completed |
41,000 |
|
|
April direct materials cost |
$155,500 |
|
|
April conversion costs |
$241,250 |
|
|
WIP, April 30 |
22,000 units |
|
| (100% for materials and
30% for conversion costs) |
||
The cost per equivalent unit for conversion costs would be closest to
A. $5.64.
B.$6.06.
C.$4.76.
D.$4.26.
Garrison Company adds direct materials at the beginning of the process and adds conversion costs throughout the process. The data listed below represents data in the Shaping Department:
WIP, April 1
9,000 units
Transferred−in
costs in WIP, April 1
$79,940
Direct materials (100%) in WIP, April 1
$24,420
Conversion costs (75%) in WIP, April 1
$23,400
Units
transferred−in
48,000
Transferred−in
costs during April
$550,900
Units completed
44,000
April direct materials cost
$155,500
April conversion costs
$239,250
WIP, April 30
13,000 units
(100% for materials and 50% for conversion costs)
What are the equivalent units for direct materials?
A.61,000
B.50,500
C.53,000
D.57,000
When using the high−low method, what is the correct order of the following three steps?
i. write the cost equation
ii. find the vertical intercept
iii. find the slope
A.ii, iii, i
B.iii, i, ii
C.i, ii, iii
D. iii, ii, i
Homework Answers
Requirement 1: the correct option is "A: $5.64"
Note: Compute cost per equivalent unit for conversion cost as follows
| Particulars | Units |
| Units completed | 41,000 |
| Ending work-in-process (22,000 × 30%) | 6,600 |
| Equivalent units for conversion costs | 47,600 |
| Particulars | Amount |
| Beginning work-in-process | $27,400 |
| Conversion costs incurred in April | $241,250 |
| Total | $268,650 |
| ÷ Equivalent units | 47,600 |
| Cost per equivalent unit for conversion cost | $5.64 |
Requirement 2: The correct option is "D : 57,000 units"
Note: Compute equivalent units for direct material as follows
| Particulars | Units |
| Units completed | 44,000 |
| Ending work-in-process (100%) | 13,000 |
| Equivalent units for direct material | 57,000 |
Requirement 3: The correct option is "D"
The correct order of steps for writing the cost equation is
Step 1: Find the slope
Step 2: Find the vertical intercept
Step 3: Write the cost equation.
Add Answer to:
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1. calculate the cost per equivalent unit for direct materials
and conversion costs using the fifo way.
Sunny's produces sunglasses in a single department production. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Conversion costs are 70% complete for beginning WIP and 50% for ending WIP. The company uses FIFO method of process costing. The following information for April 2019 is available. Physical Equivalent Units Direct Conversion Materials Costs 20,000...
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A department adds all materials at the beginning of the process
and incurs conversion costs uniformly throughout the process. For
the month of July, there was no beginning work in process; 39800
units were completed and transferred out; and there were 20000
units in the ending work in process that were 30% complete. During
July, $173420 materials costs and $151140 conversion costs were
charged to the department.
The unit production costs for materials and conversion costs for
July were
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