ACCT 212 Connect Homework 3 Liberty Solution

Question 1

The production department in a process manufacturing system completed 90,000 units of product and transferred them to finished goods during a recent period. Of these units, 27,000 were in process at the beginning of the period. The other 63,000 units were started and completed during the period. At period-end, 16,500 units were in process.

Prepare the department’s equivalent units of production with respect to direct materials under each of three separate assumptions using the weighted-average method for process costing.

Question 2

Prepare the department’s equivalent units of production with respect to direct materials under each of the three separate assumptions using the FIFO method for process costing.

Question 3

The Fields Company has two manufacturing departments, forming and painting. The company uses the weighted-average method of process costing. At the beginning of the month, the forming department has 30,000 units in inventory, 60% complete as to materials and 40% complete as to conversion costs. The beginning inventory cost of $75,100 consisted of $53,800 of direct materials costs and $21,300 of conversion costs.

During the month, the forming department started 450,000 units. At the end of the month, the forming department had 35,000 units in ending inventory, 80% complete as to materials and 40% complete as to conversion. Units completed in the forming department are transferred to the painting department.

Question 5

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, 61,000 were in process in the production department at the beginning of April and 244,000 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, 83,000 additional units were in process in the production department and were 85% complete with respect to materials and 35% complete with respect to conversion.

Question 6

The production department had $779,288 of direct materials and $659,797 of conversion costs charged to it during April. Also, its beginning inventory of $163,740 consists of $122,032 of direct materials cost and $41,708 of conversion costs.

1&2. Using the weighted-average method, compute the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department’s output. (Round "Cost per EUP" to 2 decimal places.)

Question 7

Prepare the number of equivalent units with respect to both materials used and conversion costs in the production department for April using the FIFO method.

Question 8

The production department had $779,288 of direct materials and $659,797 of conversion costs charged to it during April. Also, its beginning inventory of $163,740 consists of $122,032 of direct materials cost and $41,708 of conversion costs.

Question 9

The following partially completed process cost summary describes the July production activities of Ashad Company. Its production output is sent to its warehouse for shipping. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion.