The equivalent production under weighted average costing method is arrived at as follows: Finished and transferred 20,000 x 100% 3,000 x 2/3 20,000 In process, Feb. 28 2,000 22,000 With beginning work in process consisting of 5,000 units, 1/5 done, what should be the equivalent production under FIFO? а. 23,000 b. 21,000 C. 22,000 d. 19.000
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- Compute the equivalent units of production of conversion cost: a. In Process, beginning (3/5 additional work to be done), 24,000 units b. Completed and Transferred-out units, 150,000 units (Of the units started in process, ½ represents work in process at the end, which were 40% completed during the current period) EUP using Average costing: a. 174,000 b. 200,400 c. 190,800 d. 158,400The following table was taken from Firm X's Production Cost Report: Completed and transferred out units 38,000 Ending work-in-process equivalent units 5,400 Beginning work-in-process equivalent units 11,600 What is the number of FIFO equivalent units? Multiple Choice 31,800. 43,400. 44,200. 32,600. 49,600.Information on equivalent production quantities and unit equivalent product costs of the production phase in a production company that applies the phase cost system are as follows: Production Completed and Transferred Equivalent Production Quantity: 30,000 Units Period End Stocks of Semi-finished Products Equivalent Production Quantity: Direct Primary Material and Material: 9.000 Units Equivalent Production Quantity: Direct Labor: 8,000 Units Equivalent Production Amount: General Production Expenses: 8.000 Units Unit equivalent product costs are 0.7 TL for direct raw materials and materials, 0.3 TL for direct labor and 0.5 TL for general production expenses. According to this information, what is the share of the total cost of the end-of-period semi-finished products? a) 2,400 TL B) 45.000 TL NS) 6.300 TL D) 12,700 TL TO) 4,000 TL
- ssume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 394,500 686,100 Total cost $ 301,600 $ 409,500 $ 711,100 Assume the equivalent units of production for materials and conversion, when using the weighted-average method, are 5,200 units and 5,000 units, respectively. If the equivalent units in ending work in process inventory for materials and conversion are 400 units and 200 units, respectively, then what is the total cost of ending work in process for the Milling Department?Given the following information, calculate the direct materials equivalent units for the period (assume all materials are added at the beginning of the process): % Complete as to Conversion costs Beginning work in process 15,000 units 25% Ending work in process 20,000 units 70% Units started during the period 53,000 units Units completed and transferred out 48,000 units Multiple choice question. A. 62,000 B. 50,000 C. 68,000 D. 42,000[The following information applies to the questions displayed below.) The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Complete Percent Complete 35% Beginning work in process inventory Units started this period. 76,000 65% 402,000 Completed and transferred out 350,000 Ending work in process inventory 98,000 85% 35% Exercise 20-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials 5.180,444 45,559 Conversion $ 226,003 Costs added this period, Direct materials Conversion 1,278,951 845,186 Total costs to account for 2.124,137 $2,350,140 a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically,…
- Albany Company accumulates costs for its product using process costing. Direct material is addedat the beginning of the production process, and conversion activity occurs uniformly throughoutthe process. Production ReportFor August 20x1 Percentage of Equivalent UnitsCompletion Physical with Respect DirectUnits to Conversion Material Conversion Work in process, August.............................. 140,000 80%Units started during August ......................... 80,000Total units to account for............................. 120,000Units completed andtransferred out during August ..................... 100,000 100,000 100,000Work in process, August 31......................... 20,000 30% 20,000 6,000Total units accounted for ............................. 120,000 DirectMaterial Conversion TotalWork in process, August 1.............................................. $ 42,000 $ 305,280 $ 347,280Costs incurred during August ......................................... 96,000 784,400 880,400Total…Use the following data from a company using a process costing system to answer the question below. Conversion cost per equivalent unit for materials $2.50 Cost per equivalent unit for conversion $3.75 Beginning inventory costs $1, 200 Equivalent units for beginning inventory conversion 2, 400 Equivalent Units started and completed for both materials and conversion 10,000 Compute cost of good manufactured A. $10, 200 B. $72, 700 C. $71,500 D. $62, 500Product X is obtained after it passes through three distinct processes. The following cost information is available for the operation. Total Process 1 Process 2 Process 3 Direct materials added $15,084 $5,200 $3,960 $5,924 Direct wages 18,000 4,000 6,000 8,000 Production overhead 18,000 1,000 units @ $6.00 per unit were introduced in Process 1. Production overhead is to be distributed as a percentage of direct wages. Actual Output Units Normal Loss Scrap Value per Unit Process 1 950 5% $4.00 Process 2 840 10% $8.00 Process 3 750 15% $10.00 Prepare the process accounts and post your responses in the Discussion Forum.
- Cumulaaim bws Lid operatea à standard costing system. The standard direct materials to produce 600 units of output is as follows Alateral Grade Imput quantity (titres) Standard price per litre(E) 200 1.10 300 0.55 120 1.20 180 1.50 During December 2021 the actual output of the product was 10,500 units. The actual Materials issued to production were: Material Grade Quantity (litres) E 2,000 F 5,000 2,000 H 3,000 You are required to: a. Calculate the material mix and yield variance for each material and in total. Comment on the figures calculated. b. Explain briefly, with examples, your understanding of the following terms: I. Planning Variance ii. Goal Congruence iii. Sub-OptimalityAssuming a weighted average method of process costing, compute the average cost per unit for Material A. Beginning inventory (30% complete as to Material B and 60% complete for conversion) Started this cycle Ending inventory (50% complete as to Material B and 80% complete for conversion) 700 units 2,000 units 500 units Beginning inventory costs: Material A P14,270 5,950 5,640 Material B Conversion Current Period costs: Material A P40,000 70,000 98,100 Material B Conversion Material A is added at the start of production, while Material B is added uniformly throughout the process. P20.10 P20.00 P31.25 P31.00If 28,000 units are 80% complete with respect to direct materials, then the equivalent units of production for direct materials are ________. The weighted−average method is used. A. 5,600 units B. 28,000 units C. 22,400 units D. 33,600 units
