The following information concerns production in the Finishing Department for July. All direct materials are placed...

    

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The following information concerns production in the Finishing Department for July. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Finishing Department Date July Item 1 Bal, 10,000 units, % completed Direct materials, 180,000 units 31 31 Direct labor 31 31 31 Factory overhead Goods finished, 170,000 units Bal-units, completed Debit 396,000 558,480 837,720 Credit 1,709,680 ACCOUNT NO. Balance Debit 67,000 463,000 1,021,480 1,859,200 149,520 149,520 a. Determine the number of units in work in process inventory at the end of the month. a. Based upon the data in Exercise 2-7, determine the following: 1. Direct materials cost per equivalent unit. Credit b. Determine the equivalent units of production for direct materials and conversion costs in July. 2. Conversion cost per equivalent unit. 3. Cost of the beginning work in process completed during July. 4. Cost of units started and completed during July. 5. Cost of the ending work in process. b. Assuming that the direct materials cost is the same for June and July, did the con-tivate version cost per equivalent unit increase, decrease, or remain the same in July? to Settir EXERCISE 2-16 Cost of production report Objective 4 Ⓡ SPREADSHEET ✓d. $7,020 EXERCISE 2-17 Cost of production report Objective 4 rials The debits to Work in Process-Cooking Department for Young Company for Jan- uary 2006, together with information concerning production, are as follows: $ 6,753 Work in process, January 1, 1,500 pounds, 30% complete *Direct materials (1,500 x $2.75) $4,125 Conversion (1,500 x 30% × $5.84) 2,628 $6,753 Beans added during January, 63,500 pounds Conversion costs during January Work in process, January 31, 1,800 pounds, 25% completed Goods finished during January, 63,200 pounds 177,800 278,080 ? All direct materials are placed in process at the beginning of production. Prepare a cost of production report, presenting the following computations: a. Direct materials and conversion equivalent units of production for January. b. Direct materials and conversion cost per equivalent unit for January. c. Cost of goods finished during January. d. Cost of work in process at January 31, 2006. Prepare a cost of production report for the Cutting Department of Velvet Carpet Company for March 2006, using the following data and assuming that all materials are added at the beginning of the process: SPREADSHEET ✓Conversion rate, $4.85 Work in process, March 1, 8,000 units, 75% complete *Direct materials (8,000 x $5.20) Conversion (8,000 x 75% x $4.80) $41,600 28,800 $70,400 Chapter Materials added during March from Weaving Dept, 215,000 units Direct labor for March Factory overhead for March Goods finished during March (includes goods in process, March 1), 214,000 units Work in process, March 31, 9,000 units, 40% completed $ 70,400 1,128,750 423,200 603,060 Within the Casting The following information concerns production in the Finishing Department for July. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Finishing Department Date July Item 1 Bal, 10,000 units, % completed Direct materials, 180,000 units 31 31 Direct labor 31 31 31 Factory overhead Goods finished, 170,000 units Bal-units, completed Debit 396,000 558,480 837,720 Credit 1,709,680 ACCOUNT NO. Balance Debit 67,000 463,000 1,021,480 1,859,200 149,520 149,520 a. Determine the number of units in work in process inventory at the end of the month. a. Based upon the data in Exercise 2-7, determine the following: 1. Direct materials cost per equivalent unit. Credit b. Determine the equivalent units of production for direct materials and conversion costs in July. 2. Conversion cost per equivalent unit. 3. Cost of the beginning work in process completed during July. 4. Cost of units started and completed during July. 5. Cost of the ending work in process. b. Assuming that the direct materials cost is the same for June and July, did the con-tivate version cost per equivalent unit increase, decrease, or remain the same in July? to Settir EXERCISE 2-16 Cost of production report Objective 4 Ⓡ SPREADSHEET ✓d. $7,020 EXERCISE 2-17 Cost of production report Objective 4 rials The debits to Work in Process-Cooking Department for Young Company for Jan- uary 2006, together with information concerning production, are as follows: $ 6,753 Work in process, January 1, 1,500 pounds, 30% complete *Direct materials (1,500 x $2.75) $4,125 Conversion (1,500 x 30% × $5.84) 2,628 $6,753 Beans added during January, 63,500 pounds Conversion costs during January Work in process, January 31, 1,800 pounds, 25% completed Goods finished during January, 63,200 pounds 177,800 278,080 ? All direct materials are placed in process at the beginning of production. Prepare a cost of production report, presenting the following computations: a. Direct materials and conversion equivalent units of production for January. b. Direct materials and conversion cost per equivalent unit for January. c. Cost of goods finished during January. d. Cost of work in process at January 31, 2006. Prepare a cost of production report for the Cutting Department of Velvet Carpet Company for March 2006, using the following data and assuming that all materials are added at the beginning of the process: SPREADSHEET ✓Conversion rate, $4.85 Work in process, March 1, 8,000 units, 75% complete *Direct materials (8,000 x $5.20) Conversion (8,000 x 75% x $4.80) $41,600 28,800 $70,400 Chapter Materials added during March from Weaving Dept, 215,000 units Direct labor for March Factory overhead for March Goods finished during March (includes goods in process, March 1), 214,000 units Work in process, March 31, 9,000 units, 40% completed $ 70,400 1,128,750 423,200 603,060 Within the Casting

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Answer 1 Direct materials cost per equivalent unit 2 60 2 Conversion ... View the full answer