Question: Kramer Corp. has the following information: Beginning WIP inventory had 15,300 units that were 100% complete as to materials and 70% complete as to

c. Calculate cust per equivalent unit. (Round to 2 danimal a d. Calculate the cost of Ending WIP inventory and the cost of un

Kramer Corp. has the following information: Beginning WIP inventory had 15,300 units that were 100% complete as to materials and 70% complete as to conversion. 61,300 units were started into production during this period. Ending WIP had 11,800 units. (80% complete for materials: 40% complete for conversion) Cost of Beginning Inventory was $46,400 for Direct Materials and $23,100 for Conversion During the period, Kramer added $191,740 in direct materials, and $145,000 in Conversion. . . WIP (UNITS) a. How many units were completed and transferred to Finished Goods? (1 Mark) b. Using the Weighted Average Method, calculate equivalent units. (8 Marks) Materials Units Complete & Transferred Out WIP (S DOLLARS) Work in Process (ENDING balance) % % Total Equivalent Units Conversic c. Calculate cost per equivalent unit. (Round to 2 decimal places) (6 Marks) Materials Conversion Cost per Equivalent Unit d. Calculate the cost of Ending WIP inventory and the cost of units Transferred Out: (6 Marks) Cost of Ending WIP inventory Cost of units Transferred OUT Materials Conversion Total

Step by Step Solution

★★★★★

3.44 Rating (160 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A tank is fitted with a manometer on the side, as shown. The liquid in the bottom of the tank and in the manometer has a specific gravity (SG) of 3.0. Th e depth of this bottom liquid is 20 cm. A 15...

This exercise relates to the Double Diamond Skis' Shaping and Milling Department that was discussed earlier in the chapter. The Excel worksheet form that appears below consolidates data from Exhibits...

Chapman corporation the following information is available for chapman corporation for the current month: started this month 80,000 units beginning wip (40% complete) 7,500 units normal spoilage...

The Fields Company has two manufacturing departments, forming and painting. The company uses the weighted-average method of process costing. At the beginning of the month, the forming department has...

. Tiger Federal Savings and Loan The following is a description of various factors that affected the operations of Tiger Federal Savings and Loan, a New York savings and loan (S&L). It was a sub...

( 5 ) In Robert K . Merton's famous article "The Self - Fulfilling Prophecy" ( 1 9 4 8 ) the author describes dramatic feedback tendencies underlying the dynamics of prejudice. when the gentleman...

FIFO METHOD PRODUCTION REPORT (MUST SHOW CALCULATIONS OR NO CREDIT) The accounting and production records for the company show the following information: Work in Process, June 1 10,000 units (Direct...

Tremendous Furniture manufactures plastic lawn furniture in a continuous process. The company pours molten plastic into molds and then cools the plastic. Materials are added at the beginning of the...

Stabu: 2 tecom O octavamed Groupe Corporation manufactures a product in a two-stage production process (Department A and Department B). The following data is given for Department A for November Units...

Problem 1. Xavier Corporation manufactures a plastic toy product in a two-stage production process. Plastic material is brought into the Forming Department where it is shaped. Shaped products are...

Groupe Corporation manufactures a product in a two-stage production process (Department A and Department B). The following data is given for Department A for November Units for November Work in...

Prove the following using L' hospital rule. lim X1 X+X-2 13.

The subdimension of who participates in buying decisions may be of importance to the channel manager. Under what conditions might this be the case?

For international business situations, which of the following is a transaction motivated by financial gains? political favor Coeporate social responsibility Triple bottom line Exporting products to...

A statistics class at Wilmington College has 25 students of which 15 are math majors and 10 are business majors. The processor randomly selects five students to work together on a group project. What...

3/234 A particle moves on the inside surface of a smooth conical shell and is given an initial velocity vo tan- gent to the horizontal rim of the surface at A. As the particle slides past point B, a...

I will ask only 223 other question unnecessary. 3/221 The rigid assembly which consists of light rods and two 1.2-kg spheres rotates freely about a vertical axis. The assembly is initially at rest...

3/204 The ice-hockey puck with a mass of 0.20 kg has a velocity of 12 m/s before being struck by the hockey stick. After the impact the puck moves in the new direction shown with a velocity of 18...

3/203 The 1.62-oz golf ball is struck by the five-iron and acquires the velocity shown in a time period of 0.001 sec. Determine the magnitude R of the average force exerted by the club on the ball....

Simplify each expression. Assume that all variables are positive 15.(-64)^(-(2)/(3))

Determine which of the following are most likely to be considered as a job and which as a job lot. ___________ 1. Hats imprinted with company logo. ___________ 2. Little League trophies. ___________...

Hockey Pro budgets production of 3,900 hockey pucks during May. The company assigns variable overhead at the rate of $1.50 per unit. Fixed overhead equals $46,000 per month. Prepare a factory...

Refer to the information in Problem and assume the periodic inventory system is used. In Problem Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and...

The owner of a health food store has decided to intentionally allow' shortage of a food supplement. The annual demand is 500 bottles, the ordering cost is $10 per order, and the holding cost is $ I...

The South Texas Center for Pediatric Care in San Antonio wants to reduce its inventory costs. The Centre carries vaccines (e.g., for whooping cough), non-injectable medical supplies (such as...

The distribution of daily demand for rug-cleaning machines at a rental store is shown in the following table. Machines are rented by the day only. Profit on a rug cleaner is $10 per day. The store...