If there are no units in process at the beginning of the period, A) then the...
If there are no units in process at the beginning of the period,
A) then the units started into production will equal the number of units transferred out.
B) the units to be accounted for will equal the units transferred out and the units in process at the end of the period.
C) only one computation of equivalent units of production will be necessary.
D) the company must be using a job order cost system.
Homework Answers
Correct answer------------B) the units to be accounted for will equal the units transferred out and the units in process at the end of the period.
.
When there is no beginning Work in process inventory then it does not mean that the units started into production will equal the number of units transferred out because there maybe some units incomplete at the end of the year and all units started are not complete.
Process costing and job order costing are two different costing methods and even they both deal with different products. It also happens in job order costing that some units are incomplete in beginning of the process.
Add Answer to:
If there are no units in process at the beginning of the
period,
A) then the...
What situation is created if there are no units in process at the beginning of the...
What situation is created if there are no units in process at
the beginning of the period?
The company must be using a job-order cost system.
The units to be accounted for will equal the units transferred
out plus the units in process at the end of the period.
The units started into production will equal the number of units
transferred out.
Equivalent units of production for materials and conversion
costs will be the same.
Part A In a process cost system, units to be accounted for in a department are...
Part A
In a process cost system, units to be accounted for in a
department are equal to the
units in the beginning inventory plus the units started or
transferred into the department.
number of units transferred out of the department.
ending inventory plus the units started or transferred into the
department.
number of units started or transferred into the department.
Part B
Sheffield and Miller Manufacturing is trying to determine the
equivalent units for conversion costs with 11900 units...
Chapter 4: Applying Excel Data Beginning work in process inventory: Units in process 200 Completion with...
Chapter 4: Applying Excel Data Beginning work in process inventory: Units in process 200 Completion with respect to materials 100% Completion with respect to conversion 40% Costs in the beginning work in process inventory: Materials cost $2,000 Conversion cost $800 Units started into production during the period 1,800 Costs added to production during the period: Materials cost $18,400 Conversion cost $38,765 Ending work in process inventory: Units in process 100 Completion with respect to materials 100% Completion with respect to...
27. On December 31, 2013, Barnett Tools has a balance in the Work in Process Inventory...
27. On December 31, 2013, Barnett Tools has a balance in the Work in Process Inventory account of $62,000. On January 1, 2013, the balance in Work in Process Inventory was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured? A) $292,000 B) $277,000 C) $285,000 D) $299,000 28. Which one of the following is a costing system commonly used by companies that produce a large...
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The Converting Department of Hopkinsville Company had 800 units in work in process at the beginning of the period, whic...
The Converting Department of Hopkinsville Company had 800 units in work in process at the beginning of the period, which were 40% complete. During the period, 16,800 units were completed and transferred to the Packing Department. There were 880 units in process at the end of the period, which were 70% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs....
There are no units in process at the beginning of the period, 1,500 units in process...
There are no units in process at the beginning of the period, 1,500 units in process at the end of the period that are 40% complete, and 15,000 units transferred out during the period. Based on this information, there were 14,400 equivalent units of production during the period. True False
The Converting Department of Hopkinsville Company had 560 units in work in process at the beginning...
The Converting Department of Hopkinsville Company had 560 units
in work in process at the beginning of the period, which were 70%
complete. During the period, 11,600 units were completed and
transferred to the Packing Department. There were 640 units in
process at the end of the period, which were 40% complete. Direct
materials are placed into the process at the beginning of
production.
Equivalent Units of Production The Converting Department of Hopkinsville Company had 560 units in work in...
The Converting Department of Hopkinsville Company had 760 units in work in process at the beginning...
The Converting Department of Hopkinsville Company had 760 units in work in process at the beginning of the period, which were 70% complete. During the period, 16,000 units were completed and transferred to the Packing Department. There were 840 units in process at the end of the period, which were 75% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs....
The Converting Department of Worley Company had 1,040 units in work in process at the beginning...
The Converting Department of Worley Company had 1,040 units in work in process at the beginning of the period, which were 30% complete. During the period, 21,600 units were completed and transferred to the Packing Department. There were 1,160 units in process at the end of the period, which were 70% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs....
What situation is created if there are no units in process at
the beginning of the period?
The company must be using a job-order cost system.
The units to be accounted for will equal the units transferred
out plus the units in process at the end of the period.
The units started into production will equal the number of units
transferred out.
Equivalent units of production for materials and conversion
costs will be the same.
Part A
In a process cost system, units to be accounted for in a
department are equal to the
units in the beginning inventory plus the units started or
transferred into the department.
number of units transferred out of the department.
ending inventory plus the units started or transferred into the
department.
number of units started or transferred into the department.
Part B
Sheffield and Miller Manufacturing is trying to determine the
equivalent units for conversion costs with 11900 units...
27. On December 31, 2013, Barnett Tools has a balance in the Work in Process Inventory account of $62,000. On January 1, 2013, the balance in Work in Process Inventory was $55,000. Current manufacturing costs for the year are $292,000, and cost of goods sold is $284,000. How much is cost of goods manufactured? A) $292,000 B) $277,000 C) $285,000 D) $299,000 28. Which one of the following is a costing system commonly used by companies that produce a large...
The Converting Department of Hopkinsville Company had 800 units in work in process at the beginning of the period, which were 40% complete. During the period, 16,800 units were completed and transferred to the Packing Department. There were 880 units in process at the end of the period, which were 70% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs....
The Converting Department of Hopkinsville Company had 560 units
in work in process at the beginning of the period, which were 70%
complete. During the period, 11,600 units were completed and
transferred to the Packing Department. There were 640 units in
process at the end of the period, which were 40% complete. Direct
materials are placed into the process at the beginning of
production.
Equivalent Units of Production The Converting Department of Hopkinsville Company had 560 units in work in...
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