(ii) Compute the cost per equivalent unit of direct material and conversion cost. (3 marks) (iv) Determine the total cost of completed units (2 marks) (v) Determine the total cost of the January 31st work in process (2 marks)
(b) Explain the primary differences between job costing and process costing (3 marks)
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Question 2- Process costing: Weighted average method (13 Marks) (a) Universal Corporation uses the weighted average...
Pratt Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Pratt Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 500 units. The costs and percentage completion of these units in beginning inventory were: Material cost: 7,100 and 75% completed Conversion Cost: 5,700 and 25% completed A total of 8,100 units were started and 7,500 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during...
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February...
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 30,000 units, 100% complete as to materials and 55% complete as to conversion. Units started and completed: 120,000. Units completed and transferred out: 150,000. Ending Inventory: 32,500 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $48,000. Costs in beginning Work in Process -...
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 2,300 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 7,400 50% Conversion costs $ 3,600 20% A total of 8,700 units were started and 8,000 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department...
1. Darden Corporation uses the weighted-average method in its process costing system. The first processing department,...
1. Darden Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 19,200 units in its beginning work in process inventory that were 10% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $19,200. An additional 90,000 units were started into production during the month. There were 23,000 units in the ending work in process inventory of the Welding Department that...
10. David Corporation uses the weighted-average method in its process costing system. The first processing department,...
10. David Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 20,000 units in its beginning work in process inventory that were 80% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $123,200. An additional 65,000 units were started into production during the month. There were 19,000 units in the ending work in process inventory of the Welding Department that...
QUESTION 15 Paceheco Corporation uses the weighted average method in its process costing system. The Molding...
QUESTION 15 Paceheco Corporation uses the weighted average method in its process costing system. The Molding process. The data below summarize the department's operations in January. Percent Complete with Respect to Units Conversion Beginning work in process inventory 5400 70% Transferred in from the prior department during January 59,300 Completed and transferred to the next department during 57,100 January Ending work in process inventory 7600 40% The accounting records indicate that the conversion cost that had been assigned to beginning...
Paceheco Corporation uses the weighted-average method in its process costing system. The Molding Department is the...
Paceheco Corporation uses the
weighted-average method in its process costing system. The Molding
Department is the second department in its production process. The
data below summarize the department’s operations in January. Units
Percent Complete with Respect to Conversion Beginning work in
process inventory 5,200 70 % Transferred in from the prior
department during January 59,100 Completed and transferred to the
next department during January 56,900 Ending work in process
inventory 7,400 40 % The accounting records indicate that the
conversion...
8. Paxton Corporation uses the weighted-average method in its process costing system. The Molding Department is...
8. Paxton Corporation uses the weighted-average method in its
process costing system. The Molding Department is the second
department in its production process. The data below summarize the
department's operations in January.
The accounting records indicate that the conversion cost that had
been assigned to beginning work in process inventory was $10,973
and a total of $268,107 in conversion costs were incurred in the
department during January.
What was the cost per equivalent unit for conversion costs for
January in...
Harker Corporation uses the weighted-average method in its process costing system. The first processing department, the...
Harker Corporation uses the weighted-average method in its process costing system. The first processing department, the Welding Department, started the month with 16,000 units in its beginning work in process inventory that were 40% complete with respect to conversion costs. The conversion cost in this beginning work in process inventory was $29,440. An additional 59,000 units were started into production during the month and 61,000 units were completed in the Welding Department and transferred to the next processing department. There...
Mundes Corporation uses the weighted-average method in its process costing system. The beginning work in process...
Mundes Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in its Painting Department consisted of 3,200 units that were 60% complete with respect to materials and 40% complete with respect to conversion costs. The cost of the beginning work in process inventory in the department was recorded as $10,000. During the period, 9,200 units were completed and transferred on to the next department. The costs per equivalent unit for the period were...
QUESTION 15 Paceheco Corporation uses the weighted average method in its process costing system. The Molding process. The data below summarize the department's operations in January. Percent Complete with Respect to Units Conversion Beginning work in process inventory 5400 70% Transferred in from the prior department during January 59,300 Completed and transferred to the next department during 57,100 January Ending work in process inventory 7600 40% The accounting records indicate that the conversion cost that had been assigned to beginning...
Paceheco Corporation uses the
weighted-average method in its process costing system. The Molding
Department is the second department in its production process. The
data below summarize the department’s operations in January. Units
Percent Complete with Respect to Conversion Beginning work in
process inventory 5,200 70 % Transferred in from the prior
department during January 59,100 Completed and transferred to the
next department during January 56,900 Ending work in process
inventory 7,400 40 % The accounting records indicate that the
conversion...
8. Paxton Corporation uses the weighted-average method in its
process costing system. The Molding Department is the second
department in its production process. The data below summarize the
department's operations in January.
The accounting records indicate that the conversion cost that had
been assigned to beginning work in process inventory was $10,973
and a total of $268,107 in conversion costs were incurred in the
department during January.
What was the cost per equivalent unit for conversion costs for
January in...
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