II. A. The following information is to be used in costing inventory on August 31 August Beginning balance 1,600 units at P6.00 15 Purchased 400 units at P7.00 9 Purchased 400 units at P8.00 16 Issued 800 units 24 Purchased 600 units at P9.00 27 Issued 1.000 units Required: The cost of materials used and the cost assigned to the August 31 inventory by each costing method: 1. First in Firs out (FIFO) 2. Weighted average method 3. Moving average method

II. A. The following information is to be used in costing inventory on August 31 August Beginning balance 1,600 units at P6.00 15 Purchased 400 units at P7.00 9 Purchased 400 units at P8.00 16 Issued 800 units 24 Purchased 600 units at P9.00 27 Issued 1.000 units Required: The cost of materials used and the cost assigned to the August 31 inventory by each costing method: 1. First in Firs out (FIFO) 2. Weighted average method 3. Moving average method

Name: II.A.The following information is to be used in costing inventory on
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Description: II.A.The following information is to be used in costing inventory on August 31August1Beginning balance1.600 units at P6.00Purchased400 units at P7.009Purchased400 units at P8.0016Issued800 units24Purchased600 units at P9.0027Issued1,000 unitsRequire

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter2: Accounting For Materials

Section: Chapter Questions

Problem 8E: LIFO costing Using last-in, first-out perpetual inventory costing and the information presented in...

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LIFO costing Using last-in, first-out perpetual inventory costing and the information presented in E2-7, compute the cost of materials used and the cost of the July 31 inventory.
Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
The following data show the units in beginning work in process inventory, the number of snits started, the number of units transferred, and the penant completion of the beginning of the process. Beginning Transferred Conversion Quarter WIP Started Out (1) 134,200 133,400 132,591 132,490 25 24 20 133,245 133,464 480 134,843 134,132 22 What are the equivalent units for material and conversion costs for each quarter using the weighted average method Assume that the quarters are Quarter 2 Quarter 3 Quarter 4 2 3 524 339 Units for material costs Units for conversion costs Quarter 1
Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion. PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Conversion Units Units Accounted For: Total Units Material Units
Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places)? choices P16,163 P35,670 P28,935 P21,432
a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period. $ 2. Cost of units transferred to finished goods during the period. $ 3. Cost of ending work in process inventory. $ 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent.
Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Using the weighted-average method and following the format in the textbook, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion. PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Units Accounted For: Total Units Material Units Conversion Units
Assuming that all direct materials are placed in process at the beginning of production and that the first-in, first-out method of inventory costing is used, what is the total cost of the departmental work in process inventory at the end of the period (round unit cost calculations to four decimal places)? P16,163 P28,935 P35,670 P21,432
Problem 8-59 (Static) Prepare a Production Cost Report: Weighted-Average Method (LO 8-3, 4) Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier uses the weighted-average process costing method to account for costs of production in all three departments. The following information was obtained for the Fabricating Department for the month of September. Work in process on September 1 had 15,000 units made up of the following: Direct materials Direct labor Prior department costs transferred in from the Extruding Department Costs added by the Fabricating Department Direct materials. Direct labor Manufacturing overhead. Work in process, September 1 During September, 75,000 units were transferred in from the Extruding Department at a cost of $356,250. The Fabricating Department added the following costs: Manufacturing overhead Total costs added $ 214, 200 64,800 33,480 $ 312,480 Direct materials Direct labor…
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5. Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion. PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Units Accounted For: Total Units Material Units Conversion Units
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