The following data appeared in the accounting records of The Beautiful Company: Started in process 12,000 units Completed and transferred 10,500 units Work in process, end of month 1,500 units Stage of completion 2/5 complete Costs: Materials P 72,000 Labor 88,800 Overhead 44,400 One half of the materials are added at the beginning of the process and the balance when the units are one-half completed. Required: Calculate the following: 1. Equivalent production for materials and conversion cost. 2. Cost of the units completed and transferred. 3. Cost of the units in process at the end of the month.
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The remaining half of the materials would be added to the 10,500 units completed and transferred out, as they have gone through the entire process. The 1,500 units still in process at the end of the month would not be considered for the second half of materials Show more…
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Steven Corporation uses the FIFO method in its process costing system. Department A's beginning work in process inventory consisted of 15,000 unit, 100% complete with respect to materials and 40% complete with respect to conversion costs. The total cost of this inventory was $31,000. A total of 40,000 units were transferred out during the month. The costs per equivalent unit were computed to be $1.30 for materials and $2.20 for conversion costs. What was the cost of the units completed and transferred out? A. $140,000 B. $131,700 C. $138,300 D. $118,500
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The following data (in thousands of dollars) have been taken from the accounting records of Karmint Corporation for the just completed year: - Sales: $830 - Raw materials inventory, beginning: $50 - Raw materials inventory, ending: $40 - Purchases of raw materials: $150 - Direct labor: $140 - Manufacturing overhead: $160 - Administrative expenses: $120 - Selling expenses: $150 - Work in process inventory, beginning: $30 - Work in process inventory, ending: $50 - Finished goods inventory, beginning: $80 - Finished goods inventory, ending: $100 The net operating income for the year (in thousands of dollars) was: A) $140 B) $170 C) $110 D) $410
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