Statement of Equivalent production | |||||||
Particulars | Direct Materials | %completion | Equivalent mat | Conversion | %completion | Equivalent Conv | Total |
Beginning WIP | 10,000.00 | 100% | 10,000.00 | 10,000.00 | 100% | 10,000.00 | |
Units started and completed | 40,000.00 | 100% | 40,000.00 | 40,000.00 | 100% | 40,000.00 | |
ending WIP | 5,000.00 | 100% | 5,000.00 | 5,000.00 | 60% | 3,000.00 | |
Equivalent Units of production | 55,000.00 | 53,000.00 | |||||
Beginning WIP costs | 12,500.00 | 8,400.00 | 20,900.00 | ||||
Current Month Costs | 42,500.00 | 18,100.00 | 60,600.00 | ||||
Total costs | 55,000.00 | 26,500.00 | 81,500.00 | ||||
a 1) Cost per Equivalent units | 1.00 | 0.50 | |||||
Ending WIP Units | 5,000.00 | 3,000.00 | |||||
a3) Cost of ending WIP | 5,000.00 | 1,500.00 | 6,500.00 | ||||
Units transferred | 50,000.00 | 50,000.00 | |||||
a2) Cost of units transferred out | 50,000.00 | 25,000.00 | 75,000.00 | ||||
Statement of Equivalent production | |||||||
Particulars | Direct Materials | %completion | Equivalent mat | Conversion | %completion | Equivalent Conv | Total |
Beginning WIP | 10,000.00 | 0% | - | 10,000.00 | 60% | 6,000.00 | |
Units started and completed | 40,000.00 | 100% | 40,000.00 | 40,000.00 | 100% | 40,000.00 | |
ending WIP | 5,000.00 | 100% | 5,000.00 | 5,000.00 | 60% | 3,000.00 | |
Equivalent Units of production | 45,000.00 | 49,000.00 | |||||
Current Month Costs | 42,500.00 | 18,100.00 | 60,600.00 | ||||
b 1) Cost per Equivalent units | 0.94 | 0.37 | |||||
Ending WIP Units | 5,000.00 | 3,000.00 | |||||
b3) Cost of ending WIP | 4,722.22 | 1,108.16 | 5,830.39 | ||||
Units transferred | 40,000.00 | 46,000.00 | |||||
b2) Cost of units transferred out | 37,777.78 | 16,991.84 | 54,769.61 |
3. Nyanza Corporation manufactures a product that is processed in two departments. Materials are added at...
FIFO Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Units to account for: Units,...
FIFO Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Units to account for: Units,...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Units to account for:...
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Process Costing (Cornerstone Pages): The mixing department of Seville Company uses two processes, Blending and Cooking. The following information pertains to the Blending Department for February. Units in Beginning Work in Process (40% complete) Units Completed and Transferred Out Units in Ending Work in Process (60% complete) 100,000 370,000 50,000 Production Costs are as follows: Cost for Beginning WIP: Materials Conversion Total: $20,000 $40,000 $60,000 Current Costs: Materials Conversion Total: $200,000 $350,000 $550,000 * Note:...
Fast Co. produces its product through two processing departments. Direct materials are added at the start of production in the Cutting department, and conversion costs are added evenly throughout each process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory-Cutting account has a balance of $98,300 as of October 1, which consists of $21,300 of direct materials and $77,000 of conversion costs. During the month, the Cutting department incurred the following costs:...
Weighted Average Method, Equivalent Units, Unit Cost, Multiple Departments Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Units to account for:...
Cost Information and FIFO Gunnison Company had the following equivalent units schedule and cost information for its Sewing Department for the month of December: Direct Materials Conversion Costs Units started and completed 40,000 40,000 Add: Units in beginning work in process × Percentage complete: 5,000 × 0% direct materials — 5,000 × 50% conversion Costs 2,500 Add: Units in ending work in process × Percentage complete: 12,000 × 100% direct materials 12,000 — 12,000 × 35% conversion Costs — 4,200...
Morrison Company had the equivalent units schedule and cost information for its Sewing Department for the month of December, as shown below. Direct Materials Conversion Costs Units completed 46,000 46,000 Add: Units in ending work in process × Percentage complete: 10,000 × 100% direct materials 10,000 — 10,000 × 40% conversion materials — 4,000 Eqivalent units of output 56,000 50,000 Costs: Work in process, December 1: Direct materials $66,000 Conversion costs 11,000 Total...
Gunnison Company had the following equivalent units schedule and cost information for its Sewing Department for the month of December: Direct Materials Conversion Costs Units started and completed 49,000 49,000 Add: Units in beginning work in process × Percentage complete: 6,000 × 0% direct materials — 6,000 × 50% conversion Costs 3,000 Add: Units in ending work in process × Percentage complete: 10,000 × 100% direct materials 10,000 — 10,000 × 35% conversion Costs — 3,500 Equivalent units of...
Cost Information and the Weighted Average Method Morrison Company had the equivalent units schedule and cost information for its Sewing Department for the month of December, as shown below. Direct Materials Conversion Costs Units completed 45,000 45,000 Add: Units in ending work in process x Percentage complete: 10,000 ~ 100% direct materials 10,000 10,000 x 45% conversion materials 4,500 Eqivalent units of output 55,000 49,500 Costs: Work in process, December 1: Direct materials $66,000 Conversion costs 14,000 Total work in...