Homework Answers
Equivalent units for material = 31000+6000-4000
= 33000 units
Option d is correct answer.
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Listed below is information for Department A, which uses the FIFO method. All materials are added...
A department uses the FIFO method of process costing. All direct materials are added at the...
A department uses the FIFO method of process costing. All direct materials are added at the beginning of the process. This department has the following data for this month. 181 units in beginning WIP (72% complete with respect to conversion costs). 11,682 units started 200 units in ending WIP (43% complete with respect to conversion costs). $2,302 beginning WIP direct materials costs $2,335 beginning WIP conversion costs $89,617 current month direct materials costs $90,347 current month conversion costs What is...
Puri Corporation uses the FIFO method in its process costing system.Data concerning the first processing department...
Puri Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: 400 Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the...
For each of the following independent cases, use FIFO costing to determine the information requested. Required:...
For each of the following independent cases, use FIFO costing to determine the information requested. Required: a. In the beginning inventory, 4,700 units were 50 percent complete with respect to materials. During the period, 36,000 units were transferred out. Ending inventory consisted of 7,000 units that were 70 percent complete with respect to materials. How many units were started and completed during the period? b. At the start of the period, 3,800 units were in the work-in-process inventory; 3,200 units...
Richards Corporation uses the FIFO method of process costing. The following information is available for October...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 82,000 units, 70% complete as to materials and 25% complete as to conversion. Units started and completed: 252,000. Units completed and transferred out: 334,000. Ending Inventory: 31,000 units, 40% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $39,200. Costs in beginning Work in Process -...
Equivalent Units calculations-FIFO Method The following selected operating data are for Jackson Company's Blending Department for...
Equivalent Units calculations-FIFO Method The following selected operating data are for Jackson Company's Blending Department for the month of April 2019. Tinting and packaging operations are carried out subsequently in other departments Beginning inventory N complete 4.000 V 56000 UN Started and cord Linding inventory 000 to complete Calculate the equivalent units accomplished using the FIFO method, assuming that the materials are added at the beginning of the process and conversion costs are incurred every throughout Equivalent Units Direct Work...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 1,300 Materials costs $ 12,700 Conversion costs $ 22,800 Percent complete with respect to materials 75 % Percent complete with respect to conversion 65 % Units started into production during the month 9,800 Units transferred to the next department during the month 9,000...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing...
Mullins Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 1,100 Materials costs $ 12,300 Conversion costs $ 22,600 Percent complete with respect to materials 75 % Percent complete with respect to conversion 65 % Units started into production during the month 9,400 Units transferred to the next department during the month 8,600...
FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the...
FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: Direct Materials Conversion Costs Units started and completed 28,000 28,000 Units, beginning work in process: 10,000 × 0% — — 10,000 × 40% — 4,000 Units, ending work in process: 6,000 × 100% 6,000 — 6,000 × 75% — 4,500 Equivalent...
Required information [The following information applies to the questions displayed below.] A production department in a...
Required information [The following information applies to the questions displayed below.] A production department in a process manufacturing system completed its work on 82,000 units of product and transferred them to the next department during a recent period. Of these units, 24,600 were in process at the beginning of the period. The other 57,400 units were started and completed during the period. At period-end, 16,100 units were in process. Prepare the production department's equivalent units of production for direct materials...
Richards Corporation uses the FIFO method of process costing. The following available for October in its...
Richards Corporation uses the FIFO method of process costing. The following available for October in its Fabricating Department: Units: Beginning Inventory: 82,000 units, 70% complete as to materials and 25% complete as to conversion Units started and completed: 252,000. Units completed and transferred out: 334,000. Ending Inventory: 31,000 units, 40% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $39,200. Costs in beginning Work in Process - Conversion: $81,700....
Puri Corporation uses the FIFO method in its process costing system.Data concerning the first processing department for the most recent month are listed below: 400 Beginning work in process inventory: Units in beginning work in process inventory Materials costs Conversion costs Percent complete with respect to materials Percent complete with respect to conversion Units started into production during the month Units transferred to the next department during the month Materials costs added during the month Conversion costs added during the...
For each of the following independent cases, use FIFO costing to determine the information requested. Required: a. In the beginning inventory, 4,700 units were 50 percent complete with respect to materials. During the period, 36,000 units were transferred out. Ending inventory consisted of 7,000 units that were 70 percent complete with respect to materials. How many units were started and completed during the period? b. At the start of the period, 3,800 units were in the work-in-process inventory; 3,200 units...
Richards Corporation uses the FIFO method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 82,000 units, 70% complete as to materials and 25% complete as to conversion. Units started and completed: 252,000. Units completed and transferred out: 334,000. Ending Inventory: 31,000 units, 40% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $39,200. Costs in beginning Work in Process -...
Equivalent Units calculations-FIFO Method The following selected operating data are for Jackson Company's Blending Department for the month of April 2019. Tinting and packaging operations are carried out subsequently in other departments Beginning inventory N complete 4.000 V 56000 UN Started and cord Linding inventory 000 to complete Calculate the equivalent units accomplished using the FIFO method, assuming that the materials are added at the beginning of the process and conversion costs are incurred every throughout Equivalent Units Direct Work...
Required information [The following information applies to the questions displayed below.] A production department in a process manufacturing system completed its work on 82,000 units of product and transferred them to the next department during a recent period. Of these units, 24,600 were in process at the beginning of the period. The other 57,400 units were started and completed during the period. At period-end, 16,100 units were in process. Prepare the production department's equivalent units of production for direct materials...
Richards Corporation uses the FIFO method of process costing. The following available for October in its Fabricating Department: Units: Beginning Inventory: 82,000 units, 70% complete as to materials and 25% complete as to conversion Units started and completed: 252,000. Units completed and transferred out: 334,000. Ending Inventory: 31,000 units, 40% complete as to materials and 15% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $39,200. Costs in beginning Work in Process - Conversion: $81,700....
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