Question

MegaRock produces quick setting concrete mix. Production of 206,860 tons was started in April, 194,760 tons...

MegaRock produces quick setting concrete mix. Production of 206,860 tons was started in April, 194,760 tons were completed. Material costs were $3,251,680 for the month while conversion costs were $593,800. There was no beginning work-in-process; the ending work-in-process was 70% complete. What is the material cost of the product that remains in work-in-process?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Solution

Units in Work in Process = Total Units - Completed units

= 206,860 - 194,760

= 12,100 Units

Equivalent Total Production Units = Completed Units + (Units in work in process * Completion Percentage)

= 194,760 + (12,100 * 70%)

= 194,760 + 8,470

= 203,230 Units

Equivalent material Cost per Unit = Total Cost Incurred / Equivalent production Units

= $3,251,680 / 203,230 Units

= $16 Per unit

Material Cost of the product that remains in work-in-process = (Units in Work in Process * Completion Percentage) * Cost per unit

= (12,100 * 70%) * $16

= $135,520

Therefore, Material Cost of the product that remains in work-in-process is $135,520

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
CoolSips produces soft drinks and sodas. Production of 101,000 liters was started in February, 86,000 liters...
CoolSips produces soft drinks and sodas. Production of 101,000 liters was started in February, 86,000 liters were completed. Material costs were $38,340 for the month while conversion costs were $16,980. There was no beginning work-in-process; the ending work-in-process was 40% complete. What is the number of liters of the product that was completed and transferred to finished goods?
"Refresh produces soft drinks and sodas. Production of 104,000 liters was started in February, 89,000 liters...
"Refresh produces soft drinks and sodas. Production of 104,000 liters was started in February, 89,000 liters were completed. Material costs were $37,620 for the month while conversion costs were $19,380. There was no beginning work-in-process; the ending work-in-process was 100% complete with respect to materials, but required additional labor to complete. What is the cost of materials assigned to ending inventory (Round to the nearest dollar)?"
Montreal Manufacturing Inc. has the following cost and production data for the month of April. Beginning...
Montreal Manufacturing Inc. has the following cost and production data for the month of April. Beginning WIP 17,100 units Started in production 104,500 Completed production 91,300 Ending WIP 30,300 The beginning inventory was 60% complete for conversion costs. The ending inventory was 40% complete for conversion costs. Materials are added at the beginning of the process. Costs pertaining to the month of April are as follows: Beginning inventory costs are:      Materials $66,100      Direct labour 19,500      Factory overhead...
Comfort chair company manufacturers a standard recliner. During​ February, the​ firm's Assembly Department started production of...
Comfort chair company manufacturers a standard recliner. During​ February, the​ firm's Assembly Department started production of 73,600 chairs. During the​ month, the firm completed 78,700 ​chairs, and transferred them to the Finishing Department. The firm ended the month with 10,700 chairs in ending inventory. There were 15,800 chairs in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing...
1) Bethesda Company's April 1, 2019 beginning work in process was 550 units. During April an...
1) Bethesda Company's April 1, 2019 beginning work in process was 550 units. During April an additional 2,300 units were put into production. At the end of April all units were completed except for 525 units. Use this information to determine number of units completed. 2) On March 1, 2019, Baltimore Company's beginning work in process inventory had 9,500 units. This is its only production department. Beginning WIP units were 50% complete as to conversion costs. Baltimore introduces direct materials...
During April, the production department of a process manufacturing system completed a number of units of...
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 66,000 were in process in the production department at the beginning of April and 264,000 were started and completed in April. April's beginning inventory units were 65% complete with respect to materials and 35% complete with respect to conversion. At the end of April, 88,000 additional units were in process in the...
The direct materials are added at the start of the production process while conversion costs are...
The direct materials are added at the start of the production process while conversion costs are added uniformly throughout the production process. September is the first month of operations, and therefore, there was no beginning inventory. Direct materials cost for the month totaled $3,100,000, while conversion costs equaled $3,648,000. Accounting records indicate that 3,100,000 valves were started in September and 3,000,000 valves were completed. Ending inventory was 40% complete as to conversion costs. a. What is the direct materials cost...
During April, the production department of a process manufacturing system completed a number of units of...
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 66,000 were in process in the production department at the beginning of April and 264,000 were started and completed in April. April's beginning inventory units were 65% complete with respect to materials and 35% complete with respect to conversion. At the end of April, 88,000 additional units were in process in the...
[The following information applies to the questions displayed below.] During April, the production department of a...
[The following information applies to the questions displayed below.] During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 82,000 were in process in the production department at the beginning of April and 328,000 were started and completed in April. April's beginning inventory units were 70% complete with respect to materials and 30% complete with respect to conversion. At the end of...
During April, the production department of a process manufacturing system completed a number of units of...
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 75,000 were in process in the production department at the beginning of April and 300,000 were started and completed in April. April's beginning inventory units were 60% complete with respect to materials and 40% complete with respect to conversion. At the end of April, 97,000 additional units were in process in the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT