HomeworkLib
Question

Coco crisp, the owner of choco cookie company, operated under a process cost system using the...

Coco crisp, the owner of choco cookie company, operated under a process cost system using the weighted average method. The beginning inventory is 80% completed. Following are data for october. All unfinished work at the end for materials in October is 40% completed. All unfinished work at the end for conversion in october is 60% completed Beginning inventories Direct materials $18,000 Conversion costs $8,000 Costs added during October Direct materials $30,000 Conversions costs $10,000 Physical units Units in beginning inventory 2,000 Units started in October 20,000 Total units completed and transferred out 12,000 What is the conversion cost per equivalent unit? $2.00 (wrong) $4.00 $3.00 $1.00

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Equivalent production unit
Material Conversion
Unit completed & transferred 12000 12000
ending WIP inventory 4000 6000
Equivalent production unit 16000 18000
Cost per equivalent unit Material Conversion
Beginning cost 18000 8000
Cost added during october 30000 10000
Total cost 48000 18000
Equivalent production unit 16000 18000
Cost per equivalent unit 3 1
conversion cost per equivalent unit = $1

Please give a thumbs up if it is helpful & let me know if any doubt

0 0
Add a comment
Know the answer?
Add Answer to:
Coco crisp, the owner of choco cookie company, operated under a process cost system using the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Prepare the roasting department's process cost summary for October using the FIFO method.

    Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 25,200 units to the blending department. Of the units completed, 4,500 were from beginning inventory and the remaining 20,700 were started and completed during the month. Beginning work in process was 100%...

  • Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on...

    Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production process is 50% complete. Direct labor and factory...

  • Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum,...

    Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process—Rolling on September 1 and debits to the account during September were as follows: Bal., 800 units, 80% completed: Direct materials (800 x $4.6) $ 3,680 Conversion (800 x 80% x $1.9) 1,216 $ 4,896 From Smelting Department, 18,480...

  • Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum,...

    Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process—Rolling on September 1 and debits to the account during September were as follows: Bal., 800 units, 30% completed: Direct materials (800 x $ 3.8) $ 3,040 Conversion (800 x 30% x $1.6) 384 $ 3,424 From Smelting Department,...

  • Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a...

    Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with concerning production, are as follows. All direct materials are placed in process att production Work in Process-Assembly Department Bal., 9,000 units, 40% completed 72,360 Th Finished Goods, 41,500 units Direct materials, 40,000 units @ 272,000 $6.80 Direct labor 80,000 Factory overhead 40,450 Bal., 2 units, 30% completed Cost per equivalent units of $6.80 for Direct Materials and $3.00 for Conversion Costs....

  • Self-Study Problem 6-1 Weighted-Average Method versus FIFO Method Smith Electronic Company’s chip-mounting production department had 300...

    Self-Study Problem 6-1 Weighted-Average Method versus FIFO Method Smith Electronic Company’s chip-mounting production department had 300 units of unfinished product, each 50% completed on September 30. During October of the same year, this department put another 800 units into production and completed 900 units and transferred them to the next production department. At the end of October, 200 units of unfinished product, 70% completed, were recorded in the ending Work-in-Process Inventory. Smith Electronic introduces all direct materials when the production...

  • The Scooter Company uses a process cost system for making scooter wheels. Materials are added at...

    The Scooter Company uses a process cost system for making scooter wheels. Materials are added at the beginning of the process and conversion costs are uniformly incurred. At the beginning of October the work-in-process is 40 percent complete and at the end of the month it is 60 percent complete. Spoilage is detected at the end of the process. Other data for the month include: Required: 1) Prepare a production cost worksheet assuming that spoilage is recognized and the weighted...

  • Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4,...

    Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 (The following information applies to the questions displayed below.) Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 22,800 units to the blending department....

  • Victory Company uses weighted average process costing to account for its production costs. Conversion cost is...

    Victory Company uses weighted average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the process. During November, the company transferred 705,000 units of product to finished goods. At the end of November, the work in process inventory consists of 204,000 units that are 50% complete with respect to conversion. Beginning inventory had $354,510 of direct materials and version cost. The direct material cost added...

  • ! Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3,...

    ! Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The following information applies to the questions displayed below.) Dengo Co.makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 22,200 units to the blending department...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT