Cost of beginning work in process inventory completed

Assignment Help Cost Accounting

Reference no: EM131809921

The following information concerns production in the Forging Department for September. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $50,320 of direct materials.

ACCOUNT Work in Process-Forging Department					ACCOUNT NO.
Date		Item	Debit	Credit	Balance
Date		Item	Debit	Credit	Debit	Credit
Sept.	1	Bal., 3,700 units, 80% completed			61,272
	30	Direct materials, 34,000 units	452,200		513,472
	30	Direct labor	54,490		567,962
	30	Factory overhead	75,242	?	643,204
	30	Goods finished, ? units			?
	30	Bal., 3,000 units, 80% completed			?

Based on the above data, determine each of the following amounts.

If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar.

a. Cost of beginning work in process inventory completed in September.$

b. Cost of units transferred to the next department during September.$

c. Cost of ending work in process inventory on September 30.$

d. Costs per equivalent unit of direct materials and conversion included in the September 1 beginning work in process. If required, round your answers to two decimal places.

Direct materials cost per equivalent unit $

Conversion cost per equivalent unit $

e. The September increase or decrease in costs per equivalent unit for direct materials and conversion from the previous month. If required, round your answers to two decimal places.

Increase or Decrease Amount

Change in direct materials cost per equivalent unit Decrease $

Change in conversion cost per equivalent unit Increase $

Reference no: EM131809921

Questions Cloud

Consider in the establishment of your business : What ethical concerns should you consider in the establishment of your business?

Determine the schedule of amortization of ecobv : Determine the schedule of amortization of ECOBV for the years 2011 to 2015

Competitive wonder or community nightmare : Walmart: Competitive wonder or community nightmare? One of the most successful firm in US retailing during the last decade is Walmart.

Describe a problem in replacement analysis : Describe a problem in replacement analysis in which the replacement was being considered due to reduced performance of the existing equipment.

Cost of beginning work in process inventory completed : Costs per equivalent unit of direct materials and conversion included in the September 1 beginning work in process.

Products are usually made-to-order based on bids in custom : Resources are organized around products (Product Layout) in a standard shop. Products are usually made-to-order based on bids in a custom shop.

Describe a replacement problem : Describe a replacement problem from your personal experience in which the question of cost saving vs. profit making was a key issue.

Why should anyone accept the financial statements issued : Why should anyone accept the financial statements issued by businesses? How do we know the financial statements are accurate?

Probability that exactly three heads appear among the coins : Suppose 1 roll a fair die, then toss as many coins as there are spots on the die.' What is the probability that exactly three heads appear among the coins?

User Account

All Pages