Homework Answers
Equivalent unit of material for ending WIP = 5000*80% = 4000
Equivalent unit of conversion for ending WIP = 5000*50% = 2500
Cost of conversion in ending WIP = Equivalent unit *Cost er equivalent unit of conversion = 2500*8 = 20000
Total cost of ending inventory = 60000
Direct material cost in ending WIP = 60000-20000 = 40000
Cost per equivalent unit of material = Cost of material/equivalent unit of material = 40000/4000 = 10
So answer is b) $10.00
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3. (2 points) Sarah Company uses the weighted-average method in...
3. (2 points) Sarah Company uses the weighted average method in its process costing system. The...
3. (2 points) Sarah Company uses the weighted average method in its process costing system. The company's ending work in process inventory consists of 5,000 units, 80% complete with respect to materials and 50% complete with respect to labor and overhead. If the total dollar value of the ending inventory is $60,000 and the cost per equivalent unit for labor and overhead is $8.00, the cost per equivalent unit for materials must be: A. $5.00 B. $10.00 C. $8.00 D....
The Gasson Company uses the weighted-average method in its process costing system. The company's ending work...
The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 20,000 units, The ending work in process inventory is 100% complete with respect to materials and 80% complete with respect to labor and overhead. If the costs per equivalent unit for the period $4.00 for the materials and $1.20 for labor and overhead, whatis the balance of the ending work in process inventory account would be: (Do not round...
The Gasson Company uses the weighted-average method in its process costing system. The company's ending work...
The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 11,000 units, The ending work in process inventory is 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the costs per equivalent unit for the period $3.50 for the materials and $1.50 for labor and overhead, whatis the balance of the ending work in process inventory account would be: (Do not round...
Pureform, Inc., uses the weighted-average method in its process costing system. It manufactures a product that...
Pureform, Inc., uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Labor $ 1,040 Overhead $ 1,790 Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units Materials 5,000 $4,320 45,000 42,000 8,000 $ 52,800 $ 21,500 $ 32,250 The beginning work in process inventory was 80% complete...
Pureform, Inc., uses the weighted-average method in its process costing system. It manufactures a product that...
Pureform, Inc., uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Units Materials Labor Overhead Work in process inventory, beginning 5,000 $ 4,320 $ 1,040 $ 1,790 Units started in process 45,000 Units transferred out 42,000 Work in process inventory, ending 8,000 Cost added during the month $ 52,800 $ 21,500 $ 32,250 The beginning work in process inventory was 80%...
Pureform, Inc., uses the weighted average method in its process costing system. It manufactures a product...
Pureform, Inc., uses the weighted average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Materials $ 4,320 Labor 1,040 Overhead $ 1,790 $ Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 5,000 45,000 42,000 8,000 $ 52,800 $ 21,500 $ 32,250 The beginning work in process inventory was...
Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process...
Jimmy Corporation uses the weighted-average method in its process costing system. The ending work in process inventory consists of 12,000 units. The ending work in process inventory is 100% complete with respect to materials and 70% complete with respect to labor and overhead. If the cost per equivalent unit for the period is $4.10 for material and $1.30 for labor and overhead, what is the balance of the ending work in process inventory account would be
The Richmond Corporation uses the weighted-average method in its process costing system. The company has only...
The Richmond Corporation uses the
weighted-average method in its process costing system. The company
has only a single processing department. The company's ending work
in process inventory on August 31 consisted of 20,600 units. The
units in the ending work in process inventory were 100% complete
with respect to materials and 60% complete with respect to labor
and overhead. If the cost per equivalent unit for August was $3.40
for materials and $4.90 for labor and overhead, the total cost...
Exercise 5-9 Equivalent Units and Cost per Equivalent Unit-Weighted-Average Method (LO5-2, LO5-3] Pureform, Inc., uses the...
Exercise 5-9 Equivalent Units and Cost per Equivalent Unit-Weighted-Average Method (LO5-2, LO5-3] Pureform, Inc., uses the weighted average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Materials $ 56,200 Labor $ 19,700 Overhead $ 24,100 Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 58,000 549,000 570,000 37,000 $...
Chapter 4 Exercises A 4 Pureform, Inc., uses the weighted-average method in its process costing system....
Chapter 4 Exercises A 4 Pureform, Inc., uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: 20 Units Materials Labor Overhead points Work in process inventory, beginning Units started in $ 1,040 $ 1,790 5,000 $ 4,320 45,000 process Units transferred out eBook 42,000 Work in process inventory, ending Cost added during the month 8,000 Hint $52,800 $21,500 $32,250 Print The...
3. (2 points) Sarah Company uses the weighted average method in its process costing system. The company's ending work in process inventory consists of 5,000 units, 80% complete with respect to materials and 50% complete with respect to labor and overhead. If the total dollar value of the ending inventory is $60,000 and the cost per equivalent unit for labor and overhead is $8.00, the cost per equivalent unit for materials must be: A. $5.00 B. $10.00 C. $8.00 D....
The Gasson Company uses the weighted-average method in its process costing system. The company's ending work in process inventory consists of 11,000 units, The ending work in process inventory is 100% complete with respect to materials and 60% complete with respect to labor and overhead. If the costs per equivalent unit for the period $3.50 for the materials and $1.50 for labor and overhead, whatis the balance of the ending work in process inventory account would be: (Do not round...
Pureform, Inc., uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Labor $ 1,040 Overhead $ 1,790 Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units Materials 5,000 $4,320 45,000 42,000 8,000 $ 52,800 $ 21,500 $ 32,250 The beginning work in process inventory was 80% complete...
Pureform, Inc., uses the weighted average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Materials $ 4,320 Labor 1,040 Overhead $ 1,790 $ Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 5,000 45,000 42,000 8,000 $ 52,800 $ 21,500 $ 32,250 The beginning work in process inventory was...
The Richmond Corporation uses the
weighted-average method in its process costing system. The company
has only a single processing department. The company's ending work
in process inventory on August 31 consisted of 20,600 units. The
units in the ending work in process inventory were 100% complete
with respect to materials and 60% complete with respect to labor
and overhead. If the cost per equivalent unit for August was $3.40
for materials and $4.90 for labor and overhead, the total cost...
Exercise 5-9 Equivalent Units and Cost per Equivalent Unit-Weighted-Average Method (LO5-2, LO5-3] Pureform, Inc., uses the weighted average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Materials $ 56,200 Labor $ 19,700 Overhead $ 24,100 Work in process inventory, beginning Units started in process Units transferred out Work in process inventory, ending Cost added during the month Units 58,000 549,000 570,000 37,000 $...
Chapter 4 Exercises A 4 Pureform, Inc., uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: 20 Units Materials Labor Overhead points Work in process inventory, beginning Units started in $ 1,040 $ 1,790 5,000 $ 4,320 45,000 process Units transferred out eBook 42,000 Work in process inventory, ending Cost added during the month 8,000 Hint $52,800 $21,500 $32,250 Print The...
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