Equivalent units of production = Units completed and transferred + Ending Work in process x Completion
Cost per equivalent unit = (Beginning cost + Cost added) / Equivalent units of production
1.
Work in Process, May 1 (units) | 15000 | =75000-60000 |
Units completed and transferred | 65000 | =75000-10000 |
Total Equivalent units : conversion | 71000 | =65000+10000*60% |
Work in Process, May 1 conversion | $ 37,500 | =172500-135000 |
Costs incurred during may : direct material | $ 570,000 | =1402250-832250 |
Cost per equivalent unit : conversion | $ 12.25 | |
Cost of goods completed and transferred out | $ 1,407,250 | |
Cost remaining in ending work in process inventory : direct material | $ 94,000 |
2.
Equivalent units | |||
Physical units | Direct Material | Conversion | |
Units completed and transferred out | 65000 | 65000 | 65000 |
Work in Process, May 31 | 10000 | 10000 | 6000 |
Total units accounted for | 75000 | ||
Total Equivalent units | 75000 | 71000 |
3.
Direct Material | Conversion | Total | |
Work in Process, May 1 | $ 135,000 | $ 37,500 | $ 172,500 |
Costs incurred during May | $ 570,000 | $ 832,250 | $ 1,402,250 |
Total Costs to account for | $ 705,000 | $ 869,750 | $ 1,574,750 |
Equivalent units | 75000 | 71000 | |
Cost per Equivalent unit | $ 9.40 | $ 12.25 |
4.
No of Equivalent units | Cost per Equivalent units | Total Cost | |
Cost of goods completed and transferred | 65000 | $ 21.65 | $ 1,407,250 |
Cost remaining in May 31 work in process | |||
Direct Material | 10000 | $ 9.40 | $ 94,000 |
Conversion | 6000 | $ 12.25 | $ 73,500 |
Total Cost of May 31, work in process | $ 167,500 |
2. 3. 4 The following data pertain to the Hercules Tire and Rubber Company for the...
The following data pertain to the Hercules Tire and Rubber Company for the month of May. 60,000 75,000 10,000 75,000 $ 135,000 Work in process, May 1 (in units) Units started during May Total units to account for Units completed and transferred out during May Work in process, May 31 (in units) Total equivalent units: direct material Total equivalent units: conversion Work in process, May 1: direct material Work in process, May 1: conversion Costs incurred during May: direct material...
The following data pertain to the Hercules Tire and Rubber Company for the month of May. Work in process, May 1 (in units) ? Units started during May 60,000 Total units to account for 75,000 Units completed and transferred out during May ? Work in process, May 31 (in units) 10,000 Total equivalent units: direct material 75,000 Total equivalent units: conversion ? Work in process, May 1: direct material $ 135,000 Work in process, May 1: conversion ? Costs...
Arsenio Company manufactures a single product that goes through two processes, mixing and cooking. The following data pertain to the mixing department for August: Work-in-process inventory, August 1 Conversion: 80% complete 36,000 units Work-in-process inventory, August 31 Conversion: 50% complete 38,000 units Units started 64,000 Units completed and transferred out ? Costs Work-in-process inventory, August 1 Material X $ 53,700 Material Y 85,000 Conversion 118,990 Costs added during August Material X 152,000 Material Y 107,200 Conversion 229,310 Material X is...
3. 4. Piscataway Plastics Company manufactures a highly specialized plastic that is used extensively in the automobile industry. The following data have been compiled for the month of June. Conversion activity occurs uniformly throughout the production process. $183,500 128,600 $312,100 200,000 200,000 Work in process, June 1-60,000 units: Direct material: 100% complete, cost of Conversion: 40% complete, cost of Balance in work in process, June 1 Units started during June Units completed during June and transferred out to finished-goods inventory...
The following data pertain to Tulsa Paperboard Company, a manufacturer of cardboard boxes. 9.000 units 20.500 16.900 work in process, February 1 Direct material Conversion Costs incurred during February Direct material Conversion $172,000 152,750 "Complete as to direct material: 20% complete as to conversion The equivalent units of activity for February were as follows: 107.000 Direet material weighted average method) Conversion weighted average method) Completed and transferred out 80,000 Required: Compute the following amounts using weighted average process costing 1...
2 Required information [The following information applies to the questions displayed below.) Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 805,000 units of product to the second process. Additional information for the first process follows. t 2 of 3 - ats At the end of November, work in process inventory...
ACC 212 Challenge 3 Process Cost Accounting Foducts, Inc, makes sheets of owned in a three-step process that involves the following departments Oregon Wood Product s heets of plywood in a threes Forming. 2) Siring, and 3) Finishing In all three departments materials costs are adde added evenly throughout the process. departments materials costs are added at the beginning of the process and conversion costs are The following information applies to the Farmine Department at the beginning of May- Womer...
Savannah Textiles Company manufactures a variety of natural fabrics for the clothing industry. The following data pertain to the Weaving Department for the month of September. Equivalent units of direct material (weighted average method) Equivalent units of conversion (weighted average method) Units completed and transferred out during September 75,000 67,000 65,000 The cost data for September are as follows: $ 109,300 53, 460 Work in process, September 1 Direct material Conversion Costs incurred during September Direct material Conversion $ 213,200...
Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. This is the company’s production schedule for May: Percent Completed Tons of Pulp Materials Conversion Work-in-Process Inventory, May 1 5,000 100 % 50 % Started during May 12,000 Units to account for 17,000 Units from beginning Work-in-Process, which...
Arsenio Company manufactures a single product that goes through two processes, mixing and cooking. The following data pertain to the mixing department for August: Work-in-process inventory, August 1 Conversion: 70% complete 37,000 units Work-in-process inventory, August 31 Conversion: 50% complete 36,000 units Units started 63,000 Units completed and transferred out ? Costs Work-in-process inventory, August 1 Material X $ 58,100 Material Y 84,000 Conversion 118,120 Costs added during August Material X 151,500 Material Y 146,400 Conversion 177,080 Material X is...