eginning Work-in-Process is 4,300 units; 48,600 units completed, and ending Work-in-Process is 3,850 units, which are 100% complete for direct materials and 50% complete for conversion costs. The beginning WIP Inventory is 100% complete for direct materials and 50% complete for conversion. What are the equivalent units for materials and conversion using the FIFO method?

eginning Work-in-Process is 4,300 units; 48,600 units completed, and ending Work-in-Process is 3,850 units, which are 100% complete for direct materials and 50% complete for conversion costs. The beginning WIP Inventory is 100% complete for direct materials and 50% complete for conversion. What are the equivalent units for materials and conversion using the FIFO method?

Name: Keep in mind this is just the FIFO method; I already figured out the W
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Description: Keep in mind this is just the FIFO method; I already figured out the Weighted average method. Beginning Work-in-Process is 4,300 units; 48,600 units completed, and ending Work-in-Process is 3,850 units, which are 100% complete for direct materials an

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 8PB: The following data show the units in beginning work in process inventory, the number of units...

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Beginning Work-in-Process is 6,700 units; 50,400 units completed, and ending Work-in-Process is 3,200 units, which are 100% complete for direct materials and 50% complete for conversion costs. The beginning WIP Inventory is 100% complete for direct materials and 50% complete for conversion. Required: 1. What are the equivalent units for materials and conversion using the weighted-average method? 2. What are the equivalent units for materials and conversion using the FIFO method?
Beginning Work-in-Process is 2,000 units; 44,000 units completed, and ending Work-in-Process is3,000 units, which are 100% complete for direct materials and 50% complete for conversion costs. Thebeginning WIP Inventory is 100% complete for direct materials and 50% complete for conversion.Required1. What are the equivalent units for materials and conversion using the weighted-average method2. What are the equivalent units for materials and conversion using the FIFO method?
Jackson Company has the following information for the current period for the Mixing Department: Costs of beginning work-in-process: Direct materials Conversion costs Costs added during the period: Direct materials Conversion costs Equivalent units of production for: Direct materials Conversion costs $15,000 26,000 100,000 150,000 12,600 units 9,100 units Using the weighted-average method, what is the cost per equivalent unit for conversion costs? A.$ 3.25 B.$ 9.13 C.$ 19.84 D.S 19.34
(USE WEIGHTED AVERAGE METHOD)Direct materials are added at the beginning of the process and conversions costs are uniformly applied. Otherdetails include:WIP beginning (50% for conversion) 28,400 unitsUnits started 124,000 unitsUnits completed and transferred out 107,000 unitsWIP ending (50% for conversion) 45,400 unitsBeginning WIP direct materials $53,200Beginning WIP conversion costs $19,600Costs of materials added $442,100Costs of conversion added $304,650Required:a. What are the total equivalent units for direct materials?b. What are the total equivalent units for conversion costs?c. What is the cost per equivalent unit for direct materials?
(USE WEIGHTED AVERAGE METHOD)Direct materials are added at the beginning of the process and conversions costs are uniformly applied. Otherdetails include:WIP beginning (50% for conversion) 28,400 unitsUnits started 124,000 unitsUnits completed and transferred out 107,000 unitsWIP ending (50% for conversion) 45,400 unitsBeginning WIP direct materials $53,200Beginning WIP conversion costs $19,600Costs of materials added $442,100Costs of conversion added $304,650Required:d. What is the cost per equivalent unit for conversion costs?e. What is the total cost of units completed and transferred out?f. What is the total cost of units remaining in ending WIP?
Hollins Company uses the FIFO method to compute equivalent units. It has 2,000 units in beginning work in process, 20% complete as to conversion costs, 25,000 units started and completed, and 3,000 units in ending work in process, 30% complete as to conversion costs. All units are 100% complete as to materials. Equivalent units for materials and conversion costs are, respectively
Wilco Inc. uses a process costing system with two cost categories (Materials and Conversion). Wilco completed and transferred out 45,000 units during the most recent period. Wilco also computed that they had 50,000 equivalent units of materials and 47,500 equivalent units of conversion. If the material cost per equivalent unit was $2.50 and the conversion cost per equivalent unit is $3.00, what is the cost of goods completed and transferred out?
Use this information about Department W to answer the question that follow. Department W had 2,760 units, one-third completed at the beginning of the period. 13,200 units were transferred to Department X from Department W during the period, and 950 units were one-half completed at the end of the period. Assume the completion ratios apply to direct materials and conversion costs. What is the total number of units to be assigned costs on the cost of production report for Department W?
The Bottling Department of Mountain Springs Water Company had 4,400 liters in beginning work in process inventory (25% complete). During the period, 55,400 liters were completed. The ending work in process inventory was 3,000 liters (65% complete). All inventories are costed by the first-in, first-out method. What are the equivalent units for conversion costs under the FIFO method? what are the equivalent units for conversion costs
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Kramer Corporation began the period with 5,200 units in process that were 100% complete for materials and 60% complete for conversion, and ended the period with 26,000 units completed and 6,500 units still in process. Work in process was 100% complete for materials and 70% complete for conversion costs. Using the weighted-average method, compute the equivalent units of production for materials and conversion for the period. Equivalent Units Direct Materials Conversion Costs
13. Solis Company uses the FIFO method to compute equivalent units. It has 4,000 units in beginning work in process, 20% complete as to conversion costs and 50% complete as to materials costs, 55,000 units started, and 6,000 units in ending work in process, 30% complete as to conversion costs, and 80% complete as to materials cost. How much are the equivalent units for materials under the FIFO method?