Question

Use weighted-average method to compute cost per equivalent unit for direct materials, direct labor and factory...

Use weighted-average method to compute cost per equivalent unit for direct materials, direct labor and factory overhead under process costing method. Grayson Company had 8,700 units in beginning inventory with accumulated costs for direct materials of $17,900, $16,500 direct labor, and $13,200 of overhead. During July, the company completed and transferred 50,000 units to finished goods. Costs incurred in the current period-included $45,000 of direct materials, $58,500 of direct labor, and $46,800 of factory overhead. Ending inventory consisted of 12,000 units, which were 90% complete with respect to materials and 50% complete with respect to labor and overhead.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
xercise 5-9 Equivalent Units and Cost per Equivalent Unit-Weighted-Average Method [LO5-2, LO5-3] Pureform, Inc., uses the...
xercise 5-9 Equivalent Units and Cost per Equivalent Unit-Weighted-Average Method [LO5-2, LO5-3] Pureform, Inc., uses the weighted-average method in its process costing system. It manufactures a product that passes through two departments. Data for a recent month for the first department follow: Units Materials Labor Overhead Work in process inventory, beginning 59,000 $ 61,600 $ 15,700 $ 29,100 Units started in process 559,000 Units transferred out 580,000 Work in process inventory, ending 38,000 Cost added during the month $ 815,215...
Harbor Manufacturing Company uses a process cost accounting system. Materials are added at the beginning of...
Harbor Manufacturing Company uses a process cost accounting system. Materials are added at the beginning of the process. Direct labor and overhead are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process cost accounting. The following are the operating and cost data information for October. The October 1 beginning Goods in Process Inventory consisted of 20,000 units. The costs for this inventory are $82,500 of direct materials, $24,400 of direct labor, and $48,800 of...
1. The costs per equivalent unit of direct materials and conversion in the Rolling Department of...
1. The costs per equivalent unit of direct materials and conversion in the Rolling Department of Kraus Steel Company are $1.65 and $0.25, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, October 1 0 3,100 Started and completed during October 52,000 52,000 Transferred out of Rolling (completed) 52,000 55,100 Inventory in process, October 31 3,000 1,200 Total units to be assigned costs 55,000 56,300 The beginning work in process...
Equivalent Units and Product Cost Report—Weighted Average Method In its first month’s op-erations (January 2016), Allred...
Equivalent Units and Product Cost Report—Weighted Average Method In its first month’s op-erations (January 2016), Allred Company’s Department 1 incurred charges of $120,000 for direct materials (10,000 units), $33,000 for direct labor, and $58,000 for manufacturing overhead. At month-end, 8,800 units had been finished and transferred out. The remaining units were finished with respect to material but only 25% complete with respect to conversion costs. Assuming Allred uses the weighted average method and that materials are added at the beginning...
Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Kraus...
Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of Kraus Company is $451,200. The conversion cost for the period in the Rolling Department is $289,750. The total equivalent units for direct materials and conversion are 2,400 tons and 4,750 tons, respectively. Determine the direct materials and conversion costs per equivalent unit. Direct materials cost per equivalent unit: $ per ton Conversion cost per equivalent unit: Cost of Units Transferred Out and Ending Work in...
Calculate Equivalent Units, Unit Costs, and Transferred Costs—Weighted Average Method Kipling Manufacturing, Inc., operates a plant...
Calculate Equivalent Units, Unit Costs, and Transferred Costs—Weighted Average Method Kipling Manufacturing, Inc., operates a plant that produces its own regionally-marketed Super Salad Dressing. The dressing is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the beginning of the process, and labor and overhead are incurred evenly throughout the process. Kipling uses the weighted average method. The Work in Process—Blending Department account for January 2016 follows: Work in Process-Blending Department January 1...
The High Tide Company manufactures gadgets in a single process and uses the weighted average method...
The High Tide Company manufactures gadgets in a single process and uses the weighted average method of process costing. The following information is available: Work in process inventory, Jan 1.                                            0 units Units started in production    2,100 units Units completed and transferred out 1,500 units Work in process inventory, Dec. 31                                     600 units Production costs:    Direct materials $2,871      Direct labor 2,498    Manufacturing overhead    5,767 The units still in process are: 80% complete with respect to direct materials...
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta...
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,200 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $651,720 in total. The ending work in process inventory in January consisted of 3,000 units, which were 60% complete with respect to materials and 40% complete with respect to labor and overhead. The...
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta...
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,700 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $675,255 in total. The ending work in process inventory in January consisted of 2,100 units, which were 50% complete with respect to materials and 30% complete with respect to labor and overhead. The...
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta...
Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,300 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $654,240 in total. The ending work in process inventory in January consisted of 2,500 units, which were 80% complete with respect to materials and 60% complete with respect to labor and overhead. The...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT