Reference no: EM133061191
Question 1 - On April 1, 2021, Easton Company's beginning work in process inventory had 6,000 units in its only production department. Beginning WIP units were 50% complete as to conversion costs. Easton introduces direct materials at the beginning of the production process. During April, a total of 17,000 units were started and a total of 20,000 units were completed. The remaining units in Easton's ending WIP inventory was 70% complete as to conversion costs. Easton uses the weighted average method. Use this information to determine for April 2021 the equivalent units of production for conversion costs.
Question 2 - For the year 2021, Jones Company budgeted $280,000 for direct labor and $380,000 for factory overhead. Jones also budgeted 11,000 direct labor hours. Jones applies overhead based on direct labor hours. What is the standard overhead rate per hour for 2021?
Question 3 - Atlantis Company, on March 1, 2021 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. During the month 65,000 units were started. At the end of the month all started units were 70% complete with respect to conversion. Direct Materials placed into production had a total cost of $20,000 and the total conversion cost for the month was $16,000. Atlantis uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of direct material for the month of March. Round and enter final answers to the nearest cent.
Question 4 - Atlantis Company, on March 1, 2021 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. On March 1, Atlantis started into production 10,000 units. At the end of the month there were 8,000 units completed and transferred into the Finished Goods Inventory. The ending WIP was 70% complete with respect to conversion. For the month of March the following costs were incurred and recorded in the WIP:
Direct Material $40,000
Direct Labor 15,000
Factory Overhead 38,000
Atlantis uses the weighted-average process costing method. Use this information to determine the cost per unit transferred to finished goods for the month of March: Round and enter final answers to the nearest cent.
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Which statements is incorrect for the given data
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Determine the cost per unit transferred to finished goods
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