ACCT 204 Lecture Notes - Lecture 3: Direct Labor Cost, Weighted Arithmetic Mean, Cost Accounting

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19 Nov 2017

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Student: __________________________________________________________________________: a production department"s output for the most recent month consisted of 10,000 units completed and transferred to the next stage of production and 10,000 units in ending goods in process inventory. Calculate the equivalent units of production for the month, assuming the company uses the weighted average method: 10,000 units, 10,300 units, 15,000 units, 15,300 units, 10,700 units, a company uses the weighted average method for inventory costing. The number of equivalent units produced by department a during the period was: 44,000 units, 50,000 units, 54,000 units, 56,000 units, 60,000 units, the machining department started the current month with a beginning goods in process inventory of. Chapter 20 quiz 3 key: a production department"s output for the most recent month consisted of 10,000 units completed and transferred to the next stage of production and 10,000 units in ending goods in process inventory.

Related Questions

A production department's output for the most recent month consisted of 9,400 units completed and transferred to the next stage of production and 6,400 units in ending Work in Process inventory. The units in ending Work in Process inventory were 60% complete with respect to both direct materials and conversion costs. Calculate the equivalent units of production for the month, assuming the company uses the weighted average method.

8,200 units.

12,040 units.

15,800 units.

5,560 units.

13,240 units.

apricotgerbil351

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.]

The production department in a process manufacturing system completed 72,000 units of product and transferred them to finished goods during a recent period. Of these units, 28,800 were in process at the beginning of the period. The other 43,200 units were started and completed during the period. At period-end, 17,100 units were in process.

Exercise 16-4 Weighted average: Computing equivalent units LO C2

Prepare the departmentâs equivalent units of production with respect to direct materials under each of three separate assumptions using the weighted-average method for process costing.

Equivalent Units of Production (EUP)âWeighted Average Method
1. All direct materials are added to products when processing begins.
	Units	% Materials	EUPâMaterials
Total EUP

				2. Beginning inventory is 30% complete as to materials and conversion costs. Ending inventory is 70% complete as to materials and conversion costs.
	Units	% Materials	EUPâMaterials
Total EUP

				3. Beginning inventory is 60% complete as to materials and 40% complete as to conversion costs. Ending inventory is 30% complete as to materials and 60% complete as to conversion costs.
	Units	% Materials	EUPâMaterials
Total EUP

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.]

The Fields Company has two manufacturing departments, forming and painting. The company uses the weighted-average method of process costing. At the beginning of the month, the forming department has 27,000 units in inventory, 70% complete as to materials and 30% complete as to conversion costs. The beginning inventory cost of $56,100 consisted of $40,000 of direct materials costs and $16,100 of conversion costs.

During the month, the forming department started 320,000 units. At the end of the month, the forming department had 35,000 units in ending inventory, 80% complete as to materials and 40% complete as to conversion. Units completed in the forming department are transferred to the painting department.

Cost information for the forming department is as follows:


Beginning work in process inventory	$	62,100
Direct materials added during the month		1,660,000
Conversion added during the month		929,300

Exercise 16-6 Weighted average: Cost per EUP and costs assigned to output LO C2

1.
Calculate the equivalent units of production for the forming department.


Direct Materials
Conversion

2.
Calculate the costs per equivalent unit of production for the forming department.


Direct Materials	per EUP
Conversion	per EUP

3.
Using the weighted-average method, assign costs to the forming departmentâs outputâspecifically, its units transferred to painting and its ending work in process inventory.

Cost Assignment and Reconciliation
Cost of units transferred out	EUP	Cost per EUP	Total cost
Direct materials
Conversion
Total costs transferred out
Costs of ending work in process	EUP	Cost per EUP	Total cost
Direct materials	$0.00	0.00
Conversion	$0.00	0.00
Total cost of ending work in process
Total costs assigned

silvershark655

Harmon Company uses the weighted average method in its processcosting system. The Curing Department of Harmon Company reportedthe following information for the month of November

Work in process, beginning
Units in process, November 1	10,000
Stage of completion with respect toconversion	80%
Costs in the beginninginventory:
Materials cost	$34,500
Conversion costs	$48,600

Units started into production during the month	28,000
Units completed and transferred out	30,000

Costs added to production during the month:
Materials cost	$146,000.
Conversion cost	$194,400

Work in process, ending:
Units in process, November 30	8,000
State of completion with respect toconversion	30%

ALL MATERIALS ARE ADDED AT THE BEGINNING OF THEPROCESS

Required:

Complete the sections below.

Determine equivalent units of production

Equivalent Units

	Materials	Conversion
Transferred to next department
Ending Work in Process: Materials Conversion
Equivalent Units of Production

Compute the costs per equivalent unit

Equivalent Units

	Materials	Conversion
Cost of beginning work in process
Cost added during the period
Total Cost
Equivalent units of production
Cost per equivalent unit

Determine the total cost of ending work in process inventory andthe total cost of units transferred to the next process

Materials

Conversion

Total

Ending work in process inventory:

Equivalent units of production

Cost per equivalent unit

Cost of ending work in process inventory

Units completed and transferred out:

Units transferred to next department

Cost per equivalent unit

Costs of units completed & transferred out

Prepare a report that reconciles the total costs assigned to theending work in process inventory and the units transferred out withthe costs in beginning inventory and costs added during theperiod

Costs to be accounted for:

Cost of beginning work in process inventory

Costs added to production during the period

Total cost to be accounted for:

Costs accounted for as follows:

Cost of ending work in process inventory

Cost of units completed and transferred out

Total cost accounted for

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ACCT 204 Lecture Notes - Lecture 3: Direct Labor Cost, Weighted Arithmetic Mean, Cost Accounting

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Related Questions

Use the following information for the Exercises below.

Exercise 16-6 Weighted average: Cost per EUP and costs assigned to output LO C2