Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66568f8b1e1cb_87566568f8b16e8d.jpg)
Transcribed Image Text:
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $9,000 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 900 units, 60% completed 10,566 30 Direct materials, 12,900 units 123,840 134,406 30 Direct labor 21,650 156,056 30 Factory overhead 16,870 172,926 30 Goods transferred, 2 units ? 30 Bal., 1,400 units, 70% completed ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process. If required, round your answers to two decimal places. Direct materials cost per equivalent unit Conversion cost per equivalent unit e. The November increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month. If required, round your answers to two decimal places. Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit Increase or Decrease Amount Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $9,000 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 900 units, 60% completed 10,566 30 Direct materials, 12,900 units 123,840 134,406 30 Direct labor 21,650 156,056 30 Factory overhead 16,870 172,926 30 Goods transferred, 2 units ? 30 Bal., 1,400 units, 70% completed ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in process. If required, round your answers to two decimal places. Direct materials cost per equivalent unit Conversion cost per equivalent unit e. The November increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month. If required, round your answers to two decimal places. Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit Increase or Decrease Amount
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
What should be included in a thank-you note after an interview?
-
Use the Scheff test to test each pair of means in Example 12-1 to see if a significant difference exists between each pair of means. Use \(\alpha=0.05\). Example 12-1 A researcher wishes to see if...
-
Next to the following list of eight characteristics of business organizations, write a brief description of how each characteristic applies to general partnerships. Characteristic Application to...
-
XYZ stock price and dividend history are as follows: An investor buys three shares of XYZ at the beginning of 2007, buys another two shares at the beginning of 2008, sells one share at the beginning...
-
Which of the following statements about payroll taxes is true? a. The FICA, federal, and state taxes withheld from the employees' earnings are expenses to the employer. b. The Federal Unemployment...
-
A vector s has initial point 5 3 and terminal point 1 2 Write s in component form S 70
-
Provide the firm name and web page. Does this firm provide highly specialized skills or generic skills? What client need does this firm specialize in? Which phase in the change lifecycle does the...
-
Provide a specific prompting strategies for each number (trainer action) it may be pictorial, written, gestural, modeling, material, verbal or manual explain briefly using the hierarchy or prompting...
-
When Loreen was planning a Caribbean cruise, she decides to purchase all her souvenirs in the Bahamas because the exchange rate would be to her benefit. This means Multiple Choice the currency in the...
-
Here is a list of phobias. Match each of the phobias to one of the 15 statements following the list. Type the letter attached to each phobia you choose next to each statement. The list below contains...
-
A B C D E 1 2 3 4 5 6 7 8 9 10 Kevin, a calendar-year taxpayer, utilizes the cash method of accounting for his small business, which provides various consulting expertise to the railroad industry. At...
-
Which of the following cultural interventions should be used sparingly as it shows that the team needs guidance and can't move forward without outside involvement. Question 20 options: adapt...
-
Sids subordinates are clearly dissatisfied and want to get their concerns known at higher levels. What advice would you give them based on what is known about communication? What advice would you...
-
APT As financial director of Renault SA, you have been tasked with estimating the required return on the companys equity. What risk factors should you use? Explain your choice.
-
Other Alternatives to CAPM You have been given an assignment to calculate the expected return on a listed firm in Malawi. What are the issues you would face and what are some possible solutions to...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App