A portion of the question is in FIFO and a portion requires weighted average.
Answer is given below with full working
Equivalent units is shown separately for Average method and FIFO method
A portion of the question is in FIFO and a portion requires weighted average. Answer the...
I need some help with this process costing Excel problem. Thanks. Using Weighted Average. 3 Answer the questions listed below. Data is given regarding the process costing system of Ghent Widgets 4 for the month of January, Overhead pertains to machining costs. All costs refer to WIP. 6 Data Units Pct. Complete Machining 75% 8 Beginning Inventory January 9 Units Started January 10 Ending Inventory January Pct. Complete Pct. Complete Materials Labor 15,000 80% 90% 61,000 22,000 55% 25% 65%...
Any help would be much appreciated on this process costing problem! G 3 Answer the questions listed below. Data is given regarding the process costing system of Ghent Widgets 4 for the month of January. Overhead pertains to machining costs. All costs refer to WIP. 5 6 Data Units Pct. Complete Pct. Complete Pct. Complete 7 Materials Labor Machining 8 Beginning Inventory January 9 Units Started January 15,000 80 % 90% 75% 61,000 22,000 10 Ending Inventory January 55% 25%...
ONLY THE HIGHLIGHTED PORTION IS INCORRECT. CAN SOMEONE HELP? Exercise 6-34 Equivalent Units; Weighted-Average and FIFO Equivalent Unit Cost Pablo Company calculates the cost for an equivalent unit of production using process costing. $ 44,000 17,600 $ 61,600 52,400 52,400 22,000 Data for June Work-in-process inventory, June 1: 22,000 units Direct materials: 100% complete Conversion: 40% complete Balance in work-in-process, June 1 Units started during June Units completed and transferred out Work-in-process inventory, June 30 Direct materials: 100% complete Conversion:...
Question 5: Little Boy Blue Inc. uses process costing in costing out their WIP inventory. Here is some informatio cheir WIP account for the month of June: WIP Inventory, June 1: 5,000 units (100% DM, 80% Conversion) WIP Inventory, June 30: 8,000 units (100% DM, 50% Conversion) $ 20,450 $ 26,160 30,000 units Materials Costs for WIP June 1: Conversion Costs for WIP June 1: Units Started in June: Units completed and trans. Out: Materials Costs added: 24,000 units $...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April. Work in process on April 1 had 103,000 units made up of the following. Amount Degree of Completion Prior department costs transferred in from the Molding Department $ 135,960 100 % Costs added by...
Problem 8-57 (Static) Prepare a Production Cost Report and Adjust Inventory Balances: Weighted-Average Method (LO 8-3, 4) The records of Fremont Corporation’s initial and unaudited accounts show the following ending inventory balances, which must be adjusted to actual costs. Units Unaudited Costs Work-in-process inventory 120,000 $ 793,152 Finished goods inventory 20,000 337,560 As the auditor, you have learned the following information. Ending work-in-process inventory is 40 percent complete with respect to conversion costs. Materials are added at the beginning of...
E4-3A. Equivalent Units and Product Cost Report—Weighted Average Method In its first month’s operations (January 2019), Schramski Company’s Department 1 incurred charges of $120,000 for direct materials (10,000 units), $29,875 for direct labor, and $58,000 for manufacturing overhead. At month-end, 9,000 units had been finished and transferred out. The remaining units were finished with respect to material but only 25% complete with respect to conversion costs. Assuming Schramski uses the weighted average method and that materials are added at the...
i need to learn this for my exam tommorow Equivalent Units and Product Cost Report-Weighted Average Method Toits rss ronth's operations (January 2019. Schramiski Company's Department 1 incurred charges of $120,000 for direct materials (10,000 units), $29,875 for direct Labor, and $58,000 for manufacturing overhead. At month-end, 9,000 units had been finished and transferred out. The remaining units were finished with respect to material but only 25% complete with respect to conversion costs. Assuming Schramiski uses the weighted average method...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April. Work in process on April 1 had 104,000 units made up of the following: Amount Degree of Completion Prior department costs transferred in from the Molding Department $ 138,320 100 % Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April. Work in process on April 1 had 75,000 units made up of the following. Amount Degree of Completion Prior department costs transferred in from the Molding Department $ 192,000 100 % Costs added by...