ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Dec. 1...
| ACCOUNT Work in Process—Baking Department | ACCOUNT NO. | ||||||||
| Date | Item | Debit | Credit | Balance | |||||
| Debit | Credit | ||||||||
| Dec. | 1 | Bal., 24,000 units, 3⁄4 completed | 116,700 | ||||||
| 31 | Direct materials, 134,000 units | 234,500 | 351,200 | ||||||
| 31 | Direct labor | 150,000 | 501,200 | ||||||
| 31 | Factory overhead | 375,000 | 876,200 | ||||||
| 31 | Goods finished, 128,000 units | 760,700 | 115,500 | ||||||
| 31 | Bal., ? units, 1⁄2 completed | 115,500 | |||||||
a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent.
| 1. Direct materials cost per equivalent unit | $ |
| 2. Conversion cost per equivalent unit | $ |
| 3. Cost of the beginning work in process completed during December | $ |
| 4. Cost of units started and completed during December | $ |
| 5. Cost of the ending work in process | $ |
b. Assuming that the direct materials cost is
the same for November and December, did the conversion cost per
equivalent unit increase, decrease, or remain the same in
December?
Homework Answers
Ending work in process = 24000+134000-128000 = 30000
Equivalent unit of material = (24000*0%+104000*100%+30000*100%) = 134000
Equivalent unit of conversion = (24000*1/4+104000*100%+30000*1/2) = 125000
1) Direct material Cost per equivalent unit = 234500/134000 = 1.75
2) Conversion Cost per equivalent unit = (150000+375000)/125000 = 4.2
3) Cost of beginning work in process completed = (6000*4.2+116700) = 141900
4) Cost of units started and completed = 104000*5.95 = 618800
5) Ending work in process = (30000*1.75+15000*4.2) = 115500
b) Direct material cost in beginning work in process = 24000*1.75 = 42000
Conversion Cost in beginning work in process = 116700-42000 = 74700
Conversion Cost per equivalent unit in beginning WIP = 74700/18000 = 4.15
Conversion Cost per equivalent unit increase by (4.20-4.15) = 0.05 per unit
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ACCOUNT Work in Process—Baking
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ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Dec. 1...
ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Dec. 1 Bal., 24,000 units, 3⁄4 completed 116,700 31 Direct materials, 134,000 units 234,500 351,200 31 Direct labor 150,000 501,200 31 Factory overhead 375,000 876,200 31 Goods finished, 128,000 units 760,700 115,500 31 Bal., ? units, 1⁄2 completed 115,500 a. Determine the number of units in work in process inventory at December 31. units Feedback b. Determine the equivalent units of production for direct materials and...
ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Dec. 116,700...
ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Dec. 116,700 351,200 234,500 150,000 1 Bal., 24,000 units, 3/4 completed 31 Direct materials, 134,000 units 31 Direct labor 31 Factory overhead 31 Goods finished, 128,000 units 31 Bal., 2 units, 1/2 completed 375,000 501,200 876,200 115,500 115,500 760,700 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent...
Uite Item Debit Credit Debit Credit Dec. 1 Bal., 24,000 units, completed 31 Direct materials, 134,000...
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The following information concerns production in the Baking Department for December.
Equivalent Units of ProductionObj. 2 The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production.ACCOUNT Work in Process-Baking Department ACCOUNT NO.DateItemDebitCreditDebitCreditDec.1Bal., 24,000 units, 3//4 completed116,70031Direct materials, 134,000 units234,500351,20031Direct labor150,000501,20031Factory overhead375,000876,20031Goods finished, 128,000 units760,700115,50031Bal., ? units, 1//2 completed115,500a. Determine the number of units in work in process inventory at December 31 .b. Determine the equivalent units of production for direct materials and conversion costs in December.
Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All...
Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 24,000 units, 3/4 completed 116,700 31 Direct materials, 134,000 units 234,500 351,200 31 Direct labor 150,000 501,200 31 Factory overhead 375,000 876,200 31 Goods finished, 128,000 units 760,700 115,500 31 Bal., ? units, 1/2 completed 115,500...
Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All...
Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 24,000 units, completed 116,700 31 Direct materials, 134,000 units 234,500 351,200 31 Direct labor 150,000 501,200 31 Factory overhead 375,000 876,200 31 Goods finished, 128,000 units 760,700 115,500 31 Bal., 2 units, completed 115,500 a. Based...
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Uite Item Debit Credit Debit Credit Dec. 1 Bal., 24,000 units, completed 31 Direct materials, 134,000 units 31 Direct labor 31 Factory overhead 31 Goods finished, 128,000 units 31 Bal., 2 units, Va completed 234,500 150,000 375,000 116,700 351,200 501,200 876,200 115,500 115,500 760,700 a. Determine the number of units in work in process inventory at December 31. units b. Determine the equivalent units of production for direct materials and conversion costs in December. If an amount is zero, enter...
Equivalent Units of ProductionObj. 2 The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production.ACCOUNT Work in Process-Baking Department ACCOUNT NO.DateItemDebitCreditDebitCreditDec.1Bal., 24,000 units, 3//4 completed116,70031Direct materials, 134,000 units234,500351,20031Direct labor150,000501,20031Factory overhead375,000876,20031Goods finished, 128,000 units760,700115,50031Bal., ? units, 1//2 completed115,500a. Determine the number of units in work in process inventory at December 31 .b. Determine the equivalent units of production for direct materials and conversion costs in December.
Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 24,000 units, 3/4 completed 116,700 31 Direct materials, 134,000 units 234,500 351,200 31 Direct labor 150,000 501,200 31 Factory overhead 375,000 876,200 31 Goods finished, 128,000 units 760,700 115,500 31 Bal., ? units, 1/2 completed 115,500...
Costs per Equivalent Unit The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 24,000 units, completed 116,700 31 Direct materials, 134,000 units 234,500 351,200 31 Direct labor 150,000 501,200 31 Factory overhead 375,000 876,200 31 Goods finished, 128,000 units 760,700 115,500 31 Bal., 2 units, completed 115,500 a. Based...
beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 18,072 277,272 259,200 75,690 352,962 1 Bal., 7,200 units, 3/5 completed 31 Direct materials, 129,600 units 31 Direct labor 31 Factory overhead 31 Goods finished, 131,400 units 31 Bal., ? units, 4/5 completed 42,570 380,844 395,532 14,688 14,688 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials...
ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 69,966 Dec. 1 Bal., 16,900 units, 25% completed 31 Direct materials, 292,400 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 294,900 units 31 Bal., 2 units, 75% completed Required: 687,140 391,474 563,340 757,105 1,148,580 1,711,920 Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in Process-Roasting Department. Assume that direct materials are placed in process...
-Rosting ACCOUNT Work in Proc Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit 79,232 225 9cs 854,940 Dec. Bal., 17.400 units, 7555 completed Direct materias, 307,500 units 31 Direct labor 31 Factory overhead Goods transferred, 310,600 422,037 608,473 1,277,777 1,806,250 31 Bal., 7 units, 255s completed Required: Prepare a cost of production report, using the weighted average method, and identify the missing amounts for Work in Process Roasting Department. Assume that direct materials are placed in process during...
L ACCOUNT Work in Process-Baking Department e process at the beginning ACCOUNT NO. hive Date Item Balance Debit Credit Debit Credit Mar. 1 Bal., 6,600 units, 2/3 completed 7,040 31 Direct materials, 118,800 units 190,080 197,120 31 Direct labor 52,840 249,960 31 Factory overhead 29,718 279,678 31 Goods finished, 120,300 units 270,090 9,588 31 Bal. 7 units, 2/5 completed 9,588 a. Determine the lumber of units in work in process inventory at March 31 Did you know the lack of...
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