Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help i have tried to figure these problems out so many times , thank you! Equivalent Units of Conversion Costs The Rolling Department

i need help i have tried to figure these problems out so many times , thank you!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Equivalent Units of Conversion Costs The Rolling Department of Kraus Steel Company had 3,110 tons in beginning work in process inventory (60% complete) on October 1. During October, 31,100 tons were completed. The ending work in process inventory on October 31 was 2,799 tons (20% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit. 29,793.8 x units Feedback Check My Work Are you determining the equivalent units of materials added or of conversion of materials? When would materials typically be added in the process? When would conversion of these materials take place? Recall the definition of work in process. Equivalent Units of Production The Converting Department of Worley Company had 600 units in work in process at the beginning of the period, which were 60% complete. During the period, 12,400 units were completed and transferred to the Packing Department. There were 680 units in process at the end of the period, which were 75% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs. If an amount is zero, enter in "0" Worley Company Number of Equivalent Units of Production Whole Units Direct Materials Conversion Equivalent Units Equivalent Units Inventory in process, beginning Started and completed Transferred to Packing Department Inventory in process, ending Total Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 12,200 units, 80% completed $142,984 * Direct materials (12,200 x $8.20) $100,040 Conversion (12,200 x 80% x $4.40) 42,944 $142,984 Materials added during January from Weaving Department, 188,000 units $1,560,400 Direct labor for January 371,466 Factory overhead for January 454,014 Goods finished during January (includes goods in process, January 1), 190,200 units Work in process, January 31, 10,000 units, 30% completed a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "o". For the cost per equivalent unit computations, round your answers to two decimal places. Karachi Carpet Company Cost of Production Report-Cutting Department For the Month Ended January 31 Unit Information Units charged to production: Inventory in process, January 1 142,984 Received from Weaving Department Total units accounted for by the Cutting Department Units to be assigned costs: Whole Units Equivalent Units Direct Conversion Materials Inventory in process, January 1 10,000 Started and completed in January Transferred to finished goods in January 190,200 Inventory in process, January 31 Total units to be assigned cost Cost Information Cost per equivalent unit: Direct Materials Conversion $ Total costs for January in Cutting Department Total equivalent units Cost per equivalent unit Costs assigned to production: Direct Materials Total Conversion Direct Materials Total Conversion Inventory in process, January 1 Costs incurred in January Total costs accounted for by the Cutting Department Costs allocated to completed and partially completed units: Inventory in process, January 1 balance To complete inventory in process, January 1 Cost of completed January 1 work in process Started and completed in January Transferred to finished goods in January Inventory in process, January 31 Total costs assigned by the Cutting Department 11. b. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (December). If required, round your answers to two decimal places. Increase or Decrease Change in direct materials cost per equivalent unit Increase Change in conversion cost per equivalent unit Increase Amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting

Authors: Richard E. Baker, Valdean C. Lembke, Thomas E. King

3rd Edition

0070054142, 978-0070054141

More Books

Students also viewed these Accounting questions

Question

Why do waves become taller as they enter shallow water?

Answered: 1 week ago