Question

Penny, Inc. employs a process costing system. Direct materials are added at the beginning of the...

Penny, Inc. employs a process costing system. Direct materials are added at the beginning of the process. Here is information about the July activities:

On July 1:
Beginning inventories 850 units, 60% complete
Direct materials cost $5,000
Conversion costs $4,000
During July:
Number of units started 15,000
Direct materials added $155,000
Conversion costs added $83,520
On July 31:
Ending inventories 1,600 units, 40% complete


Using the FIFO method, the number of equivalent units of conversion costs was

a.15,850

b.14,400

c.14,550

d.14,380

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Beginning WIP 850 Completed 14250
units started during the year 15000 ending wip 1600
units to be accounted 15850 units accounted for 15850
Equivalent units for Conversion
% EUP
Beginning WIP 850 40% 340
Started & completed during year 13400 100% 13400
total transferred out 14250
Ending WIP 1600 40% 640
Equivalent units 14380
answer) option D
14,380
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
A department uses the FIFO method of process costing. All direct materials are added at the...
A department uses the FIFO method of process costing. All direct materials are added at the beginning of the process. This department has the following data for this month. 214 units in beginning WIP (73% complete with respect to conversion costs). 8,477 units started 119 units in ending WIP (67% complete with respect to conversion costs). $2,087 beginning WIP direct materials costs $1,702 beginning WIP conversion costs $112,915 current month direct materials costs $92,268 current month conversion costs What is...
A department uses the FIFO method of process costing. All direct materials are added at the...
A department uses the FIFO method of process costing. All direct materials are added at the beginning of the process. This department has the following data for this month. 217 units in beginning WIP (73% complete with respect to conversion costs). 11,662 units started 154 units in ending WIP (70% complete with respect to conversion costs). $23 direct material cost per equivalent unit $14 conversion cost per equivalent unit $1,321 beginning WIP direct materials costs $3,324 beginning WIP conversion costs...
A department uses the weighted average method of process costing. All direct materials are added at...
A department uses the weighted average method of process costing. All direct materials are added at the beginning of the process. This department has the following data for this month. 193 units in beginning WIP (52% complete with respect to conversion costs). 10,513 units started 116 units in ending WIP (38% complete with respect to conversion costs). $1,994 beginning WIP direct materials costs $2,481 beginning WIP conversion costs $85,136 current month direct materials costs $105,996 current month conversion costs What...
The ABBA Company began uses FIFO process costing in its only department. All direct materials are...
The ABBA Company began uses FIFO process costing in its only department. All direct materials are added at the beginning of processing. The ending Work in Process for June consisted of 1,500 units that were 20% complete as to processing. These 1,500 units were charged a total of $12,000 for direct materials and $1,800 for conversion costs during June. In July, the company started 13,500 units and completed 12,000 units. The ending Work in Process for July consisted of 1,000...
Materials are added at the beginning of the production process at Campo Company. The following information...
Materials are added at the beginning of the production process at Campo Company. The following information on the physical flow of units is available for the month of November. Beginning work in process (58% complete) 65,000 Started in November 590,000 Completed in November and transferred out 565,000 Ending work in process (70% complete) 90,000 Cost data for November show the following. Beginning WIP inventory Direct materials costs $ 27,300 Conversion costs 55,700 Current period costs Direct materials costs $ 340,950...
Greenworks, Inc. mass-produces goods in three processes. In the first process, direct materials are added 20%...
Greenworks, Inc. mass-produces goods in three processes. In the first process, direct materials are added 20% of the way through the process, conversion costs are incurred evenly throughout the process, and the normal spoilage rate is 5%. This period, 100,000 units were started in the first process. The 25,000 units in beginning work-in-process inventory (40% complete) were worth $100,000 ($50,000 in conversion costs and $50,000 in direct materials costs). During the period, the first process cost $130,000 for direct materials...
Materials are added at the beginning of the production process at Campo Company. The following information...
Materials are added at the beginning of the production process at Campo Company. The following information on the physical flow of units is available for the month of November: Beginning work in process (48% complete) 45,000 Started in November 600,000 Completed in November and transferred out 560,000 Ending work in process (60% complete) 85,000 Cost data for November show the following: Beginning WIP inventory Direct materials costs $ 27,300 Conversion costs 52,700 Current period costs Direct materials costs $ 310,950...
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...
At Trapeze​ Corporation, direct materials are added at the beginning of the process and conversions costs...
At Trapeze​ Corporation, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details​ include: WIP beginning​ (50% for​ conversion) 26,200 units Units started 128,500 units Units completed and transferred out 113,700 units WIP ending​ (60% for​ conversion) 41,000 units Beginning WIP direct materials $38,000 Beginning WIP conversion costs $27,500 Costs of materials added $385,100 Costs of conversion added $262,125 What is the total cost of units completed and transferred​ out? (Round intermediate...
At Opal​ Incorporated, direct materials are added at the beginning of the process and conversions costs...
At Opal​ Incorporated, direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details​ include: WIP beginning​ (70% for​ conversion) 23 comma 200 units Units started 156 comma 000 units Units completed and transferred out 110 comma 000 units WIP ending​ (50% for​ conversion) 69 comma 200 units Beginning WIP direct materials $ 45 comma 500 Beginning WIP conversion costs $ 26 comma 200 Costs of materials added $ 438 comma 100 Costs...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT