17 universal manufacturing uses a weighted average

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17. Universal Manufacturing uses a weighted-average process-costing system. All materials are introduced at the start of manufacturing, and conversion costs are incurred evenly throughout the process. The company's beginning and ending work-in-process inventories totaled 10,000 units and 15,000 units, respectively, with the latter units being 2/3 complete at the end of the period. Universal started 30,000 units into production and completed 25,000 units. Manufacturing costs follow. a. Beginning work in process: Materials, $60,000; conversion cost, $150,000 Current costs: Materials, $180,000; conversion cost, $480,000 Universal's equivalent-unit cost for conversion cost is: $13.71. $18.00. $21.00. $25.20. some other amount.
18. Universal Manufacturing uses a weighted-average process-costing system. All materials are introduced at the start of manufacturing, and conversion costs are incurred evenly throughout the process. The company's beginning and ending work-in-process inventories totaled 10,000 units and 15,000 units, respectively, with the latter units being 2/3 complete at the end of the period. Universal started 30,000 units into production and completed 25,000 units. Manufacturing costs follow. 19. Beginning work in process: Materials, $60,000; conversion cost, $150,000 20. Current costs: Materials, $180,000; conversion cost, $480,000 21. Universal's equivalent-unit cost for materials is:
22. Cosby uses a weighted-average process-costing system. All materials are added at the beginning of the process; conversion costs are incurred evenly throughout production. The company finished 40,000 units during the period and had 15,000 units in progress
at year-end, the latter at the 40% stage of completion. Total material costs amounted to $220,000; conversion costs were $414,000. 23. The cost of goods completed is:
24. Barrett Corporation had 6,500 units of work in process on April 1. During April, 19,100 units were completed and as of April 30, 5,100 units remained in production. How many units were started during April?
25. Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $68,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing overhead of $450,000 throughout the year. If a review of the accounting records determined that $86,000 of goods were still in production at year- end, Hamilton should make a journal entry on December 31 that includes: a. a debit to Cost of Goods Sold for $432,000. a credit to Finished-Goods Inventory for $432,000. a credit to Work-in-Process Inventory for $432,000. a debit to Finished-Goods Inventory for $86,000. a credit to Work-in-Process Inventory for $86,000.

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