Lavalear Corporation uses a process costing system and traces costs through several processing departments, starting with...
Lavalear Corporation uses a process costing system and traces costs through several processing departments, starting with the Bonding Department. The following is information taken from the Bonding Department’s September production cost report.
| Cost Data: Bonding Department | |||
| Direct materials costs in beginning inventory, September 1 | $ | 50,400 | |
| Conversion costs in beginning inventory, September 1 | 36,000 | ||
| Direct materials costs incurred in September | 789,750 | ||
| Conversion costs incurred in September | 787,500 | ||
| Physical Units: Bonding Department | |||
| Units in process, September 1 | 300 | ||
| Units transferred out during September | 1,500 | ||
| Units in process, September 30 | 500 | ||
| Percentages of Completion: Bonding Department | |||
| Direct materials, September 1 | 40 | % | |
| Conversion, September 1 | 25 | ||
| Direct materials, September 30 | 75 | % | |
| Conversion, September 30 | 30 | ||
Exercise 18.14 Part a
a. Compute the cost per equivalent unit of direct materials and conversion carried forward from August and assigned to the Bonding Department's beginning inventory on September 1.
Homework Answers
Beginning inventory equivalent unit of material = 300*40% = 120
Beginning inventory equivalent unit of conversion = 300*25% = 75
Cost per equivalent unit of material = 50400/120 = 420
Cost per equivalent unit of conversion = 36000/75 = 480
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Lavalear Corporation uses a process costing system and traces
costs through several processing departments, starting with...
Lavalear Corporation uses a process costing system and traces costs through several processing departments, starting with...
Lavalear Corporation uses a process costing system and traces costs through several processing departments, starting with the Bonding Department. The following is information taken from the Bonding Department’s September production cost report. Cost Data: Bonding Department Direct materials costs in beginning inventory, September 1 $ 50,400 Conversion costs in beginning inventory, September 1 36,000 Direct materials costs incurred in September 789,750 Conversion costs incurred in September 787,500 Physical Units: Bonding Department Units in process, September 1 300 Units transferred out...
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Applications in process
on
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Direct materials
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September costs:
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Completed applications
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Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Percent Complete Units Materials Conversion Work in process inventory, May 1 63,000 100 % 50 % Work in process inventory, May 31 43,000 100...
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Hi-Tech Mortgage Company uses a process costing system to
accumulate costs in its loan application department. When an
application is completed, it is forwarded to the loan department
for final processing. The following processing and cost data
pertain to September:
1.
Applications in process
on
Beginning work in
process:
September 1, 80
Direct materials
$1,160
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Applications started in
Conversion costs
3,820
September, 1,110
September costs:
3.
Completed applications
during
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Helix Corporation uses the weighted-average method in its
process costing system. It produces prefabricated flooring in a
series of steps carried out in production departments. All of the
material that is used in the first production department is added
at the beginning of processing in that department. Data for May for
the first production department follow:
Percent Complete
Units
Materials
Conversion
Work in process
inventory, May 1
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100
%
30
%
Work in process inventory, May
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