Summarize total costs to account For, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. THE DATA -
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- Data table Beginning work in process (May 1)ª Started in May 2020 Reference Physical Units (Watches) 105 485 445 145 Completed during May 2020 Ending work in process (May 31)b $3,190,000 Total costs added during May 2020 aDegree of completion: direct materials, 80%; conversion costs, 35%. b Degree of completion: direct materials, 60%; conversion costs, 20%. Flow of Production Completed and transferred out during current period Work in process, ending Accounted for Work done to date Physical Units Direct Conversion Materials Costs $480,800 $96,800 445 145 590 Equivalent Units Direct Materials 445 87 $1,420,000 532 I Conversion Costs 445 29 474Compute the equivalent units of production for (1) materials and (2) conversion costs for each month. Materials Conversion Costs January March May July Given: In Shady Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing Department in selected months during 2020 are as follows. BeginningWork in Process EndingWork in Process Month Units ConversionCost% UnitsTransferred Out Units ConversionCost% January 0 — 11,000 2,000 60 March 0 — 12,000 3,000 30 May 0 — 14,000 7,000 80 July 0 — 10,000 1,500 40The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for May 2020: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Read the requirement. Begin by summarizing total costs to account for. Total costs to account for Total Production Costs Direct Materials Conversion Costs Requirement Summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory.
- . In Ramirez Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing Department in selected months during 2020 are as follows. Beginning Work in Process Month Beginning Work in Process Units Transferred Out Units % Complete as to Conversion Cost September 0 2,000 7,000 60 December 0 3,000 12,000 30 Compute the equivalent units of production for (1) materials and (2) conversion costs for each month.Assessment Consider the following data for the Assembly Department of Pink Manufacturing Company: Quantity: Work in Process - May 1 80 Started in May 202A 500 460 120 Completed during May 202A Work in Process - May 31, 202A Stage of Completion: Materials Conversion costs Cost Data Work in Process May 1 90% 40% P Materials 49,336 322,000 Work in Process May 31 60% 30% Conversion Cost P 9,104 139,200 Work in Process - May 1_ Cost added during May The Assembly department uses the average method of process costing. Required: Cost of production report for the month of May.Current Attempt in Progress The Assembly Department of Concord Company has the following production and cost data at the end of May, 2022, its first period of operations. Production: Manufacturing Costs: Prepare a production cost report for the month of May using weighted-average process costing. (Do not leave any answer field blank. Enter O for amounts.) (Round unit costs answers to 2 decimal places, e.g. 52.75.) QUANTITIES Units to be accounted for Work in process inventory, May 1 Started into production 34,200 units started into production; 28,500 units completed and transferred out and 5,700 units 100% completed as to materials and 40 % completed as to conversion costs. Materials added at beginning of process, $112,860; labor, $85,500; overhead $77,634. Total units to be accounted for Units accounted for Completed and transferred out Work in process inventory, May 31 Total units accounted for Q Search Physical Units CONCORD COMPANY Assembly Department-Production Cost Report For the…
- You are provided with the following information for the month of October 2020 O/B WIP unit started C/B wip Number of unit: 2730 27931 1875 Percentage com:25% 60% The material in the production process are added at the following stages: Material A: 0% Material B : 40% Material C : 80% What is the equivalent units of material B in the opening work in progressYou are provided the following production information for the month of October 2020 O/B WIP Units Started C/B WIP Number of Units 2,697 29,845 1,176 Percentage Completed 30% 70% The materials in the production process are added at the following stages Material A 0% Material B 50% Material C 90% What is the equivalent units of Material B in the opening work in process?The following information is available regarding process A for the month of February, 2019 : Production Record ; Units in process as on 1-2-2019 (all materials used, 25% complete for labour and overheads) New units introduced Units completed Units in process as on 28-2-2019 (all materials used, Атоunt ($) 4,000 16,000 14,000 33,% complete for labour and overhead 6,000 Cost Record: WIP as on 1-2-2019 Materials Атоunt ($) 6,000 1,000 1,000 Labour Overheads 8,000 Cost During the Month : Materials Labour Атоunt ($) 25,600 15,000 15,000 Overheads 55,600 Presuming the average method of inventory is used, prepare : (i) Statement of equivalent production (ii) Statement showing cost of each element
- In Sandhill Company, materials are entered at the beginning of each process, and conversion costs are incurred uniformly throughout the process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its Sterilizing Department in selected months during 2022 are as follows. Beginning Work in Process Ending Work in Process Month Units Conversion Cost% Units Completed and Conversion Transferred Out Units Cost% January 0 13,200 2,400 60 March 0 14,400 3,600 30 May 0 16,800 8,400 80 July 0 12,000 1,600 40 (a) For January and May, compute the physical units to be accounted for and the physical units accounted for. January May Units to be accounted for Beginning work in process Started into production Total units Units accounted for Transferred out Ending work in process Total unitsYou are provided the following production information for the month of October 2020: O/B WIP Units Started and Completed C/B WIP Number of Units 2,222 27,718 1,728 Percentage Completed 30% 70% The materials in the production process are added at the following stages: Material A 0% Material B 50% Material C 90% How many equivalent units of Material B were started and completed?From the following information relating to the month of January, 2019, calculate the equivalent production units and the value of finished production and work-in- progress using LIFO method. Opening work-in-progress on lst January 15,000 units; 50% complete. Units introduced in the process : 30,000 units Cost Cost Materials Labour Overheads 18,000 24,000 24,000 Materials Labour Overheads 90,000 1,57,500 2,10,000 66,000 4,57,500 During the period 22,500 units were completed and transferred to the next process. Closing work-in-progress on 31st January : 22,500 units ; 50% complete.