Question

Richards Corporation uses the weighted-average method of process costing. The following information is available for October...

Richards Corporation uses the weighted-average method of process costing. The following information is available for October in its Fabricating Department:

Units:
Beginning Inventory: 80,000 units, 60% complete as to materials and 20% complete as to conversion.
Units started and completed: 250,000.
Units completed and transferred out: 330,000.
Ending Inventory: 30,000 units, 40% complete as to materials and 10% complete as to conversion.

Costs:
Costs in beginning Work in Process - Direct Materials: $37,200.
Costs in beginning Work in Process - Conversion: $79,700.
Costs incurred in October - Direct Materials: $646,800.
Costs incurred in October - Conversion: $919,300.

Calculate the cost per equivalent unit of conversion.

Multiple Choice

Multiple Choice

  • $2.90

  • $3.15

  • $2.76

  • $3.68

  • $3.00

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #2

Answer option d $3(explanation below)

Equivalent units of production under weighted average method for conversion

Particular Conversion
Units completed and transferred out

(330000×100%)

330000
Ending inventory

(30000×10%)

3000
Total equivalent units of production for conversion 333000

Cost per Equivalent unit

Total cost/Equivalent unit of Conversion

= $79700+$919300/333000 = $3

​​​​​​ALL THE BEST

PLEASE DO SUPPORT US

ANY DOUBT PLEASE COMMENT BELOW

THANK YOU

answered by: anonymous
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
Richards Corporation uses the weighted-average method of process costing. The following information is available for October...
Richards Corporation uses the weighted-average method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 80,000 units, 60% complete as to materials and 20% complete as to conversion. Units started and completed: 250,000. Units completed and transferred out: 330,000. Ending Inventory: 30,000 units, 40% complete as to materials and 10% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $37,200. Costs in beginning Work in Process -...
Richards Corporation uses the weighted-average method of process costing. The following information is available for October...
Richards Corporation uses the weighted-average method of process costing. The following information is available for October in its Fabricating Department: Units: Beginning Inventory: 95,000 units, 70% complete as to materials and 20% complete as to conversion. Units started and completed: 280,000. Units completed and transferred out: 375,000. Ending Inventory: 37,500 units, 30% complete as to materials and 10% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $52,200. Costs in beginning Work in Process -...
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February...
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 33,000 units, 100% complete as to materials and 60% complete as to conversion. Units started and completed: 124,000. Units completed and transferred out: 157,000. Ending Inventory: 33,500 units, 100% complete as to materials and 25% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $50,000. Costs in beginning Work in Process -...
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February...
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 39,000 units, 100% complete as to materials and 60% complete as to conversion. Units started and completed: 138,000. Units completed and transferred out: 177,000. Ending Inventory: 37,000 units, 100% complete as to materials and 30% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $57,000. Costs in beginning Work in Process -...
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February...
Sparky Corporation uses the weighted-average method of process costing. The following information is available for February in its Molding Department: Units: Beginning Inventory: 37,000 units, 100% complete as to materials and 60% complete as to conversion. Units started and completed: 134,000. Units completed and transferred out: 171,000. Ending Inventory: 36,000 units, 100% complete as to materials and 35% complete as to conversion. Costs: Costs in beginning Work in Process - Direct Materials: $55,000. Costs in beginning Work in Process -...
Andrews Corporation uses the weighted-average method of process costing. The following information is available for February...
Andrews Corporation uses the weighted-average method of process costing. The following information is available for February in its Polishing Department: Equivalent units of production—direct materials 116,000 EUP Equivalent units of production—conversion 100,100 EUP Costs in beginning Work in Process—direct materials $ 57,400 Costs in beginning Work in Process—conversion $ 42,200 Costs incurred in February—direct materials $ 485,300 Costs incurred in February—conversion $ 609,600 The cost per equivalent unit of production for direct materials is: Multiple Choice $4.18 $4.68 $9.44 $5.26...
part a The Duerr Company manufactures a single product. All raw materials used are traceable to...
part a The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the Duerr Company follows: Beginning raw materials inventory $ 16,000 Ending raw materials inventory 19,000 Raw material purchases 93,000 Beginning work in process inventory 28,000 Ending work in process inventory 38,000 Direct labor 118,000 Total factory overhead 93,000 Beginning finished goods inventory 68,000 Ending finished goods inventory 48,000 The company's cost of raw materials used, cost of...
Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing...
Inacio Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 1,500 Materials costs $ 13,600 Conversion costs $ 5,700 Percent complete with respect to materials 75 % Percent complete with respect to conversion 20 % Units started into production during the month 10,200 Units transferred to the next department during the month 9,100...
Ice Cream Corporation uses the weighted-average method in its process costing system. Data concerning the first...
Ice Cream Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent month are listed below: Beginning work in process inventory: Units in beginning work in process inventory 2,500 Materials costs $ 14,600 Conversion costs $ 6,700 Percent complete with respect to materials 75 % Percent complete with respect to conversion 20 % Units started into production during the month 11,200 Units completed and transferred to the next department during...
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory...
Domingo Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 700 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 5,800 50% Conversion costs $ 2,000 20% A total of 7,100 units were started and 6,400 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT