Homework Answers
Solution:
| Equivalent units of production (EUP) - Weighted Average method | |||||
| Units | % material | EUP-Materials | % Conversion | EUP- Conversion | |
| Units Completed and transferred out | 4800 | 100% | 4800 | 100% | 4800 |
| units of Ending work in process | 900 | 100% | 900 | 70% | 630 |
| Equivalent units of production | 5700 | 5430 | |||
| Cost per Equivalent unit: | Material | Conversion | |||
| Cost of Beginning Work in Process | $26,145 | $71,478 | |||
| Cost added | $315,000 | $876,600 | |||
| Total Costs | $341,145 | $948,078 | |||
| /Equivalent units of Production | 5700 | 5430 | |||
| Cost per Equivalent unit of Production | $59.85 | $174.60 | |||
| Cost Assignment and reconciliation | |||||
| Cost of Units Transferred Out | EUP | Cost per EUP | Total Cost | ||
| Material | 4800 | $59.85 | $287,280 | ||
| Conversion | 4800 | $174.60 | $838,080 | ||
| Total transferred out | $1,125,360 | ||||
| Cost of ending work in process | EUP | Cost per EUP | Total Cost | ||
| Material | 900 | $59.85 | $53,865 | ||
| Conversion | 630 | $174.60 | $109,998 | ||
| Total Ending work in process | $163,863 | ||||
| Total costs assigned | $1,289,223 | ||||
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The following data and annotations) are for Joyner Company's processing department work in process account for...
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The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $26,145 Conversion costs 71,478 Current period Direct materials (5,000 units) 315,000 Direct labor 536,400 Manufacturing overhead applied 340,200 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a....
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Equivalent Units and Product Cost Report—Weighted Average Method The following data (and annotations) are for the...
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Method In its first month’s operations (January 2019), Schramski
Company’s Department 1 incurred charges of $120,000 for direct
materials (10,000 units), $29,875 for direct labor, and $58,000 for
manufacturing overhead. At month-end, 9,000 units had been finished
and transferred out. The remaining units were finished with respect
to material but only 25% complete with respect to conversion
costs.
Assuming Schramski uses the weighted average method and that
materials are added at the...
Equivalent Units and Product Cost Report—FIFO Method The following data (and annotations) for March 2016 are...
Equivalent Units and Product Cost Report—FIFO
Method
The following data (and annotations) for March 2016 are for the
work in process account of the first of Olympus Company’s four
departments used in manufacturing its only product.
Work in Process-Department 1
Beginning balance (3,000 units, 40% complete)
$18,200
Transferred to department 2: (23,000 units)
(a)
Direct material (24,000 units)
96,000
Direct labor
77,300
Manufacturing overhead
36,700
Ending balance [ (b) units, 25% complete]
(c)
Assuming that Olympus uses the FIFO method,...
The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $26,145 Conversion costs 71,478 Current period Direct materials (5,000 units) 315,000 Direct labor 536,400 Manufacturing overhead applied 340,200 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a....
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Valley Past Inc., uses the weighted average method for process costing. Valley produces oil products that pass through two sequential departments. All the materials are added at the beginning of the process while conversion costs are incurred evenly throughout the process. The work in process inventory for Department 1 at the beginning of March 2019 consisted of 12,000 gallons. There were beginning costs containing $135,000 of materials and $25,000 of Direct Labor and $10,000 of Manufacturing Overhead. During March 135,000...
Equivalent Units and Product Cost Report-Weighted Average Method The following data (and annotations) are for the work-in-process account of the first of Johnson Company's four departments used in manufacturing its only product for October of 2019. Work in Process-Department 1 Beginning balance (2,000 units, 70% complete) Direct material $15,500 Conversion costs 9,600 Transferred to department 2: (20,000 units) (a) Direct material (21,000 units) 157,000 Direct labor 145,200 Manufacturing overhead 48,135 Ending balance [(b) units, 25% complete] (C) Assuming that Johnson...
E4-3A. Equivalent Units and Product Cost Report—Weighted Average
Method In its first month’s operations (January 2019), Schramski
Company’s Department 1 incurred charges of $120,000 for direct
materials (10,000 units), $29,875 for direct labor, and $58,000 for
manufacturing overhead. At month-end, 9,000 units had been finished
and transferred out. The remaining units were finished with respect
to material but only 25% complete with respect to conversion
costs.
Assuming Schramski uses the weighted average method and that
materials are added at the...
Equivalent Units and Product Cost Report—FIFO
Method
The following data (and annotations) for March 2016 are for the
work in process account of the first of Olympus Company’s four
departments used in manufacturing its only product.
Work in Process-Department 1
Beginning balance (3,000 units, 40% complete)
$18,200
Transferred to department 2: (23,000 units)
(a)
Direct material (24,000 units)
96,000
Direct labor
77,300
Manufacturing overhead
36,700
Ending balance [ (b) units, 25% complete]
(c)
Assuming that Olympus uses the FIFO method,...
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