the Topic Process Costing using Weighted Average Q) Mr Lumber Company processes rocks for manufacturing construction materials The company employs a process costing system for its manufacturing operations All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process So, Work in Process Inventory is only 50 complete as to conversion cost This is the company's production schedule for December Tons of Pulp Work in Process Inventory, December 1 3,000 Started during December 14,000 Units to account for 17,000 Units from the beginning Work in Process, which were completed and transferred out during December 3,000 Started and completed during December 8,400 Work in Process Inventory, December 31 5,600 Total units accounted for 17,000 The following cost data are available Work in Process Inventory, December 1 Direct materials $ 47,640 Conversion 116,202 Costs incurred during December Direct materials 217,560 Conversion 255,270 Show all calculations 1 Calculate the equivalent units of direct materials and conversion during December Use the weighted average method 2 Calculate the cost per equivalent unit for both direct materials and conversion during December Use the weighted average method 3 Compute the cost of the ending Work in Process 4 Under what conditions will process costing be appropriate to use Support your response with appropriate references Use APA

The Answer is in the image, click to view ...

Question: the Topic: Process Costing using Weighted Average Q) Mr. Lumber Company processes rocks for manufacturing construction materials. The company employs a process costing system for

the Topic: Process Costing using Weighted Average

Q) Mr. Lumber Company processes rocks for manufacturing construction materials. The company employs a process costing system for its manufacturing operations. All direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. So, Work-in-Process Inventory is only 50% complete as to conversion cost.

This is the company's production schedule for December:

	Tons of Pulp

Work-in-Process Inventory, December 1	3,000
Started during December	14,000
Units to account for	17,000
Units from the beginning Work-in-Process, which were completed and transferred out during December	3,000
Started and completed during December	8,400
Work-in-Process Inventory, December 31	5,600
Total units accounted for	17,000

The following cost data are available:

Work-in-Process Inventory, December 1
Direct materials	$ 47,640
Conversion	116,202
Costs incurred during December
Direct materials	217,560
Conversion	255,270

Show all calculations.

1. Calculate the equivalent units of direct materials and conversion during December. Use the weighted-average method.

2. Calculate the cost per equivalent unit for both direct materials and conversion during December. Use the weighted-average method.

3. Compute the cost of the ending Work-in-Process.

4.Under what conditions will process costing be appropriate to use? Support your response with appropriate references. Use APA.

Step by Step Solution

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!

Boots, Inc. is a "C" corporation engaged in the shoe manufacturing business. Boots is a calendar year, accrual method taxpayer with two equal shareholders, Emil and Betty, who are unrelated cash...

Mr. Lumber Company processes rocks for manufacturing construction materials. The company employs a process costing system for its manufacturing operations. All direct materials are added at the...

ACC 601-Managerial Accounting Group Assignment 1 (80 points) Instructions: 1. As a group, complete the following activity in good form. Use excolor word only. Provide all supporting calculations to...

required 1&2 om both pictures thank you:) Exercise 6-31 (Algo) Equivalent Units; Weighted-Average and FIFO Methods [LO 6-2, 6-4, 6-5) Murray Chemical Company refines a variety of petrochemical...

Process Costing Weighted Average and FIFO Carolina Pulp Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing...

Refer to the information in Problem 6-37. Required Complete Problem 6-37 using the FIFO method. In Problem Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The...

URGENT in two hours. Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its manufacturing operations. All direct...

#D: Process Costing using First-in-First-Out (FIFO) Mr. Lumber Company processes rocks for manufacturing construction materials. The company employs a process costing system for its manufacturing...

make sure to use the fifo method and not weighted average Weatherly Lumber Company processes wood pulp for manufacturing various paper products. The company employs a process costing system for its...

Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of $8.00 per unit. During the year, purchases were: Eddings Company uses a periodic inventory system. Sales totaled...

Write a note on Relationship between corporate governance & auditing.

11 Does adding a microorganism to a food chain turn it into a food web? Explain your answer.

1. [10 pts] In the experiment of determining the volume ratio between the sample chamber and the expansion chamber, one first exposes both chambers, via leak, to atmosphere. One then evacuates the...

=+ 7. The president is considering placing a tariff on the import of Japanese luxury cars. Using the model presented in this chapter, discuss

=+ c. How would the change you describe in part

=+the economics and politics of such a policy. In particular, how would the policy affect the U.S. trade defi cit? How would it affect the exchange rate? Who would be hurt by such a policy? Who would...