Homework Answers
a. Equivalent units of production = Units transferred + Ending
WIP x Completion
Direct materials = 228000 + 14000 x 50% = 235000 units
Conversion Cost = 228000 + 14000 x 10% = 229400 units
Transferred In = 228000 + 14000 x 100% = 242000 units
b. Unit Costs = (Beginning Cost + Cost added) / Equivalent units
of production
Direct Materials = ($68950 + 906300) / 235000 = $4.15 per
unit
Conversion Cost = ($146200 + 542000) / 229400 = $3 per unit
Transferred in Costs = ($94000 + 1600000) / 242000 = $7 per
unit
c. Total Cost of Units transferred = 228000 x (4.15+3+7) = $3226200
d. Total Cost of Ending WIP
Direct Material = 14000 x 50% x $4.15 = $29050
COnversion = 14000 x 10% x $3 = $4200
Transferred in = 14000 x 100% x $7 = $98000
Total Cost = $131250
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24) The following information is available for Department 2 of Lake Corporation during March Units Work in process...
answer and explanation 24) The following information is available for Department 2 of Lake Corporation during...
answer and explanation
24) The following information is available for Department 2 of Lake Corporation during March Units: Work in process inventory, March 1 (80% complete as to direct materials, 30% complete as to conversion costs) Transferred in from Dept. 1 in March Completed during March Work in process inventory, March 31 (50%, complete for direct materials, 10%, complete for conversion costs) 42,000 200,000 228,000 14,000 Costs: Work in process inventory, March 1 Direct materials Conversion Transferred-in Transferred in from...
Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during...
Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows: Beginning work in process, 12,000 units, 60% completed $ 62,400 From Department A, 55,000 units started this period Direct materials added 115,500 Direct labor incurred 384,916 Factory overhead incurred 138,000 During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed...
1. Calculate the following: a. On March 31, the Prepping Department beginning Work-in-Process Inventory was 40%...
1. Calculate the following: a. On March 31, the Prepping Department beginning Work-in-Process Inventory was 40% complete for materials and 60% complete for conversion costs. This means that for the beginning inventory __ % of the materials and_ _% of the conversion costs were added during April. b. On April 30, the Prepping Department ending Work-in-Process Inventory was 40% complete for materials and 45% complete for conversion costs. This means that for the ending inventory __ _% of the materials...
1. Calculate the following: a. On March 31, the Prepping Department beginning Work-in-Process Inventory was 40%...
1. Calculate the following: a. On March 31, the Prepping Department beginning Work-in-Process Inventory was 40% complete for materials and 60% complete for conversion costs. This means that for the beginning inventory __ _% of the materials and _ _% of the conversion costs were added during April. b. On April 30, the Prepping Department ending Work-in-Process Inventory was 40% complete for materials and 45% complete for conversion costs. This means that for the ending inventory _ _% of the...
Equivalent Units of Production The following information concerns production in the Baking Department for March. All...
Equivalent Units of Production The following information concerns production in the Baking Department for March. 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 Mar. 3,060 137,700 140,760 40,540 181,300 1 Bal., 5,100 units, 4/5 completed 31 Direct materials, 91,800 units 31 Direct labor 31 Factory overhead 31 Goods finished, 93,000 units 31 Bal. ? units, 2/5 completed 22,796 197,154 204,096 6,942 6,942...
Equivalent Units of Production The following information concerns production in the Baking Department for March. All di...
Equivalent Units of Production The following information concerns production in the Baking Department for March. 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 Mar. 5,720 1 Bal., 6,600 units, 2/3 completed 31 Direct materials, 118,800 units 160,160 154,440 45,290 31 Direct labor 205,450 25,474 230,924 31 Factory overhead 31 Goods finished, 120,300 units 223,070 7,854 7,854 31 Bal. ? units, 2/5 completed...
Equivalent Units of Production The following information concerns production in the Baking Department for March. All...
Equivalent Units of Production The following information concerns production in the Baking Department for March. 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 Mar. 1 Bal., 7,800 units, 2/3 completed 8,840 31 Direct materials, 140,400 units 31 Direct labor 31 Factory overhead 31 Goods finished, 142,200 units 238,680 63,530 35,730 247,520 311,050 346,780 13,560 13,560 333,220 31 Bal ? units, 4/5 completed...
Stevens Company's inventory on March 1 and the costs charged to Work in Process-Department B during...
Stevens Company's inventory on March 1 and the costs charged to Work in Process-Department B during March are as follows: $62.400 Beginning work in process, 12,000 units, 60% completed From Department A, 55,000 units started this period Direct materials added Direct labor incurred Factory overhead incurred 115,500 384,915 138,000 During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except...
Equivalent Units of Production The following information concerns production in the Baking Department for March. All...
Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 18,000 units, 1⁄4 completed 14,760 31 Direct materials, 336,000 units 252,000 266,760 31 Direct labor 40,000 306,760 31 Factory overhead 60,530 367,290 31 Goods finished, 330,000 units 346,410 20,880 31 Bal. ? units, 2⁄5 completed 20,880...
Equivalent Units of Production The following information concerns production in the Baking Department for March. All...
Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Debit Date Item Credit Debit Credit 1 Bal., 4,200 units, 3/5 completed March 11,760 31 Direct materials, 75,600 units 105,840 117,600 31 Direct labor 28,920 146,520 16,260 31 Factory overhead 162,780 31 Goods finished, 76,500 units 157,368 5,412 31 Bal. ? units, 2/5 completed 5,412...
answer and explanation
24) The following information is available for Department 2 of Lake Corporation during March Units: Work in process inventory, March 1 (80% complete as to direct materials, 30% complete as to conversion costs) Transferred in from Dept. 1 in March Completed during March Work in process inventory, March 31 (50%, complete for direct materials, 10%, complete for conversion costs) 42,000 200,000 228,000 14,000 Costs: Work in process inventory, March 1 Direct materials Conversion Transferred-in Transferred in from...
1. Calculate the following: a. On March 31, the Prepping Department beginning Work-in-Process Inventory was 40% complete for materials and 60% complete for conversion costs. This means that for the beginning inventory __ % of the materials and_ _% of the conversion costs were added during April. b. On April 30, the Prepping Department ending Work-in-Process Inventory was 40% complete for materials and 45% complete for conversion costs. This means that for the ending inventory __ _% of the materials...
1. Calculate the following: a. On March 31, the Prepping Department beginning Work-in-Process Inventory was 40% complete for materials and 60% complete for conversion costs. This means that for the beginning inventory __ _% of the materials and _ _% of the conversion costs were added during April. b. On April 30, the Prepping Department ending Work-in-Process Inventory was 40% complete for materials and 45% complete for conversion costs. This means that for the ending inventory _ _% of the...
Equivalent Units of Production The following information concerns production in the Baking Department for March. 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 Mar. 3,060 137,700 140,760 40,540 181,300 1 Bal., 5,100 units, 4/5 completed 31 Direct materials, 91,800 units 31 Direct labor 31 Factory overhead 31 Goods finished, 93,000 units 31 Bal. ? units, 2/5 completed 22,796 197,154 204,096 6,942 6,942...
Equivalent Units of Production The following information concerns production in the Baking Department for March. 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 Mar. 5,720 1 Bal., 6,600 units, 2/3 completed 31 Direct materials, 118,800 units 160,160 154,440 45,290 31 Direct labor 205,450 25,474 230,924 31 Factory overhead 31 Goods finished, 120,300 units 223,070 7,854 7,854 31 Bal. ? units, 2/5 completed...
Equivalent Units of Production The following information concerns production in the Baking Department for March. 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 Mar. 1 Bal., 7,800 units, 2/3 completed 8,840 31 Direct materials, 140,400 units 31 Direct labor 31 Factory overhead 31 Goods finished, 142,200 units 238,680 63,530 35,730 247,520 311,050 346,780 13,560 13,560 333,220 31 Bal ? units, 4/5 completed...
Stevens Company's inventory on March 1 and the costs charged to Work in Process-Department B during March are as follows: $62.400 Beginning work in process, 12,000 units, 60% completed From Department A, 55,000 units started this period Direct materials added Direct labor incurred Factory overhead incurred 115,500 384,915 138,000 During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except...
Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Debit Date Item Credit Debit Credit 1 Bal., 4,200 units, 3/5 completed March 11,760 31 Direct materials, 75,600 units 105,840 117,600 31 Direct labor 28,920 146,520 16,260 31 Factory overhead 162,780 31 Goods finished, 76,500 units 157,368 5,412 31 Bal. ? units, 2/5 completed 5,412...
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