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Y anaga Class time П Process Costing (50 points) Our company manufactures Chemical X Assume the company uses weighted average Separate direct materials and conversion costs Chemical X is comprised

Y anaga Class time П Process Costing (50 points) Our company manufactures Chemical X Assume the company uses weighted average Separate direct materials and conversion costs Chemical X is comprised

Y anaga Class time: П. Process Costing (50 points) Our company manufactures Chemical X, Assume the company uses weighted average. Separate direct materials and conversion costs Chemical X is comprised of two ingredients, A and B. A is added at the beginning of the process and is 60 % of the cost of Chemical X. B is added at the end of the process and is 40% of the cost. The estimated direct material cost for Chemical X is $50 per gallon. At the beginning of the month, there was 1,000 gallons in process, 75 % through the process (Chemical X). The total costs in beginning WIP is $40, 400 for materials and $29,300 for conversion costs. ten allen During the month, 10,000 gallons (Chemical X) were started. Conversion costs were $245,000 for the month. At the end of the month, there were 1,500 gallons (Chemical X) in process, 70% through the process a. How many units were started AND completed? Completed? Staried compused- 500 b. Calculate the FIFO equivalent units produced. converst on 10,300 T 75 c. What is the cost for additional direct materials? (hint: use the FIFO 1.7) calculation in b.) Cost For addittohal D 425,000 s,000 M,800 +16.300 Using FIFO, what is the cost per equivalent unit of production COst per eep masenau= 38.63b Cost pereupeonversion 23.7864 Using FIFO, what is the journal entry for cost of the goods manufactured'? e. 00 x 38.6364 = 328.40q 500 x 23.78by 202184 Finsned goods530,sq3 WIP 530.593 f. Using FIFO, what are the costs per unit? (Hint: there are two numbers). marencal cpu 8.6364 convtrsion cpu- 23.7864 0Z 1000 8-6364 0o 10300 z3-78by nal c Using WA, calculate equivalent units produced matevial l,000 converson 10ssO 500 1050 CD 1OSS0 Using WA, calculate the cost per equivalent unit produced. h. madenal CPUP= 38.7215 Conversun 23.592 saz Using WA, what is the journal entry for cost of the goods manufactured? i. Fin isned goads 544573.S 594,573.65 WIp 25 Using WA, what is the unit cost of the finished goods transferred? j. A5004 4 of 4

 
Tripti 14-Feb-2020

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