ACCT 344 Week 2 Homework

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ACCT 344 Week 2 Homework

ACCT 344 Week 2 Homework

1. Questions: Kali Manufacturing Inc. began the year with the following. Beginning work-in-process          20,000  20% completeTransferred to finished goods    60,000

Ending inventory              10,000  70% complete

Materials added at the beginning of the process

Required: Calculate the equivalent units for

a. material costs under the weighted average process cost method;

b. conversion costs under the weighted average process cost method;

c. material costs under the FIFO process cost method; and

d. conversion costs under the FIFO process cost method.

2. Questions: Glass Company manufactures a product through a continuous single-step process. All materials are added at the beginning of processing. Production and cost data for the company for the current month are as follows…………………………Required Prepare a cost of production report for current month. Use Weighted Average process costing.

Description

ACCT 344 Week 2 Homework,

Calculate the equivalent units for
a. material costs under the weighted average process cost method;
b. conversion costs under the weighted average process cost method;
c. material costs under the FIFO process cost method; and
d. conversion costs under the FIFO process cost method.

 

 

 

A. Equivalent Units for Materials = (60,000 + 10,000) * 1 = 70,000 (Total Materials Added at Beginning of Process) B. Equivalent Units for Labor = 60,000 + (10,000 * .70) = 67,000 C. Equivalent Materials = (20,000 * 0.00) + (40,000 + 10,000 * 1) = 50,000 D. Equivalent Units for Conversion = (20,000 * .8) + (40,000 + 10,000 * 70) = 63,000
Summary of units in process
  Beginning 2,000
  Units started 8,000
  In process 10,000
  Completed -5,500
  Ending 4,500
Equivalent units in process Materials Conversion
  Units completed 5,500 5,500
  Add: Equivalent units in ending inventory 4,500 2,700
  Equivalent units of Production 10,000 8,200
Total costs to be accounted for Materials Conversion Total
  Beginning WIP  $15,000  $6,450 $21,450
  Current costs $54,000 $141,150 $195,150
  Total costs in process  $69,000  $147,600 $223,290
  Costs per equivalent unit $ 6.90 $ 18.00 $24.90
Points Received: 10 of 10
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