Homework Answers
Under FIFO ,units started first are transferred first so out of the units transferred 126000 ,14000 is from beginning WIP and remaining is transferred from units started and completed during the year [126000-14000= 112000]
Ending WIP = 14000+129500-126000=17500
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Ferris corporation Flow of units and equivalent unit calculation ,march 2016 |
|||||
| Equivalent unit | |||||
| % in march | Direct material | % of March | conversion cost | ||
| completed and transferred | |||||
| Beginning Inventory | 14000 | 0% | 0 | 35% | 4900 |
| started and completed | 112000 | 100% | 112000 | 100% | 112000 |
| Ending inventory | 17500 | 100% | 17500 | 65% | 11375 |
| Total | 143500 | 129500 | 128275 | ||
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e.com/platform/mod/quiz/attempt.php?attempt-23468068cid 1691668page 58scrollpos-440 nu Equivalent Units Calculations-FIFO Method Ferris Corporation makes a powdered rug shampoo in...
I guess I am just confused with mostly how to get the Ending Inventory column. Any...
I guess I am just confused with mostly how to get the Ending
Inventory column. Any help is appreciated
Equivalent Units Calculations-FIFO Method Ferris Corporation makes a powdered rug shampoo in two sequential departments, Compounding and Drying. Materials are added at the beginning of the process in the Compounding Department. Conversion costs are added evenly throughout each process. Ferris uses the FIFO method of process costing. In the Compounding Department, beginning work in process was 4,000 pounds (70% processed), 37,000...
Ferris Corporation Flow of Units and Equivalent Units Calculation, March 2019 Equivalents Units Where do the...
Ferris Corporation
Flow of Units and Equivalent Units Calculation,
March 2019
Equivalents Units
Where do the units come from?
Where do the units go?
% Work
Done?
Direct
Materials
% Work
Done?
Conversion
Costs
Beginning Inventory
Answer
Completed/Transferred
Answer
Answer
Answer
Answer
Answer
Started
Answer
Ending Inventory
Answer
Answer
Answer
Answer
Answer
Total
Answer
Total
Answer
Answer
Answer
EXERCISES-SET A E4-1A. Equivalent Units Calculations-Weighted Average Method Ferris Corporation makes a powdered L03 rug shampoo in two sequential departments, Compounding and...
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Equivalent Units and Product Cost Report—FIFO Method The following data (and annotations) for March 2016 are...
Equivalent Units and Product Cost Report—FIFO
Method
The following data (and annotations) for March 2016 are for the
work in process account of the first of Olympus Company’s four
departments used in manufacturing its only product.
Work in Process-Department 1
Beginning balance (3,000 units, 40% complete)
$18,200
Transferred to department 2: (23,000 units)
(a)
Direct material (24,000 units)
96,000
Direct labor
77,300
Manufacturing overhead
36,700
Ending balance [ (b) units, 25% complete]
(c)
Assuming that Olympus uses the FIFO method,...
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Calculate Equivalent Units, Unit Costs, and Transferred Costs—FIFO Method Godfrey Manufacturing, Inc., operates a plant that produces its own regionally marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the start of the process, and labor and overhead are incurred evenly throughout the process. Godfrey uses the FIFO method. The following data from the Work in Process—Blending Department account for January 2016 is missing a few...
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Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: All materials are added at the beginning of the process. Beginning work in process had 81,400 units, 30 percent complete with respect to conversion costs. Ending work in process had 12,100 units, 25 percent complete with respect to conversion costs. Started in process, 110,000 units. Required: 1....
I guess I am just confused with mostly how to get the Ending
Inventory column. Any help is appreciated
Equivalent Units Calculations-FIFO Method Ferris Corporation makes a powdered rug shampoo in two sequential departments, Compounding and Drying. Materials are added at the beginning of the process in the Compounding Department. Conversion costs are added evenly throughout each process. Ferris uses the FIFO method of process costing. In the Compounding Department, beginning work in process was 4,000 pounds (70% processed), 37,000...
Ferris Corporation
Flow of Units and Equivalent Units Calculation,
March 2019
Equivalents Units
Where do the units come from?
Where do the units go?
% Work
Done?
Direct
Materials
% Work
Done?
Conversion
Costs
Beginning Inventory
Answer
Completed/Transferred
Answer
Answer
Answer
Answer
Answer
Started
Answer
Ending Inventory
Answer
Answer
Answer
Answer
Answer
Total
Answer
Total
Answer
Answer
Answer
EXERCISES-SET A E4-1A. Equivalent Units Calculations-Weighted Average Method Ferris Corporation makes a powdered L03 rug shampoo in two sequential departments, Compounding and...
Equivalent Units and Product Cost Report—FIFO
Method
The following data (and annotations) for March 2016 are for the
work in process account of the first of Olympus Company’s four
departments used in manufacturing its only product.
Work in Process-Department 1
Beginning balance (3,000 units, 40% complete)
$18,200
Transferred to department 2: (23,000 units)
(a)
Direct material (24,000 units)
96,000
Direct labor
77,300
Manufacturing overhead
36,700
Ending balance [ (b) units, 25% complete]
(c)
Assuming that Olympus uses the FIFO method,...
Equivalent Units calculations-FIFO Method The following selected operating data are for Jackson Company's Blending Department for the month of April 2019. Tinting and packaging operations are carried out subsequently in other departments Beginning inventory N complete 4.000 V 56000 UN Started and cord Linding inventory 000 to complete Calculate the equivalent units accomplished using the FIFO method, assuming that the materials are added at the beginning of the process and conversion costs are incurred every throughout Equivalent Units Direct Work...
Calculate Equivalent Units, Unit Costs, and Transferred Costs-FIFO Method Godfrey Manufacturing, Inc., operates a plant that produces its own regionally marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the start of the process, and labor and overhead are incurred evenly throughout the process. Godfrey uses the FIFO method. The following data from the Work in Process-Blending Department account for January 2016 is missing a few...
Product Cost Report-FIFO Method Gomer Manufacturing Corporation produces a dandruff shampoo in three consecutive processes. The costs of Department for June 2016 were as follows Cost of being inventory 33640 Contacted in Department Director 54140 Direct labor 722.600 Manufacturing overhead 312.300 1,474760 Department 1 handled the following units during June Units in process. June 1 2.000 Units started in Department 5.000 Units transferred to Department 2 65.000 Un processes 1000 complete Materials are added at the beginning of the process...
Calculate Equivalent Units, Unit Costs, and Transferred Costs—FIFO Method Kipling Manufacturing, Inc., operates a plant that produces its own regionally-marketed Super Salad Dressing. The dressing is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the beginning of the process, and labor and overhead are incurred evenly throughout the process. Kipling uses the FIFO method. The Work in Process- Blending Department account for January 2016 follows: Work in Process - Blending Department January...
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