Question
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
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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 $103,660 of direct materials.
ACCOUNT Work in ProcessForging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 7,300 units, 80% completed 120,012 30 Direct materials, 66,000 units 917,400 1,037,412 30 Direct labor 81,460 1,118,872 30 Factory overhead 112,492 ? 1,231,364 30 Goods finished, ? units ? 30 Bal., 5,800 units, 90% completed ?
Cost per equivalent units of $13.90 for Direct Materials and $2.90 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. $fill in the blank 1
b. Cost of units transferred to the next department during November. $fill in the blank 2
c. Cost of ending work in process inventory on November 30. $fill in the blank 3
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 $fill in the blank 4 Conversion cost per equivalent unit $fill in the blank 5
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.
Increase or Decrease Amount Change in direct materials cost per equivalent unit Decrease $fill in the blank 7 Change in conversion cost per equivalent unit Increase $fill in the blank 9
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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 $103,660 of direct materials.
ACCOUNT Work in ProcessForging Department | ACCOUNT NO. | ||||||||
Date | Item | Debit | Credit | Balance | |||||
Debit | Credit | ||||||||
Nov. | 1 | Bal., 7,300 units, 80% completed | 120,012 | ||||||
30 | Direct materials, 66,000 units | 917,400 | 1,037,412 | ||||||
30 | Direct labor | 81,460 | 1,118,872 | ||||||
30 | Factory overhead | 112,492 | ? | 1,231,364 | |||||
30 | Goods finished, ? units | ? | |||||||
30 | Bal., 5,800 units, 90% completed | ? |
Cost per equivalent units of $13.90 for Direct Materials and $2.90 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. $fill in the blank 1
b. Cost of units transferred to the next department during November. $fill in the blank 2
c. Cost of ending work in process inventory on November 30. $fill in the blank 3
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 | $fill in the blank 4 |
Conversion cost per equivalent unit | $fill in the blank 5 |
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.
Increase or Decrease | Amount | |
Change in direct materials cost per equivalent unit | Decrease | $fill in the blank 7 |
Change in conversion cost per equivalent unit | Increase | $fill in the blank 9 |
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