Financial Accounting Computations Using Weighted Average And FIFO Method Homework Help
- September 11, 2017
- Posted by:
- Category: Accounting QA
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1.Estimating Ending Inventory by the Gross Profit Method
Deluxe Auto Parts holds inventory all over the world. Assume that the records for one auto part show the following:
Beginning inventory ..$ 220,000
Net purchases .$ 800,000
Net sales ..$1,100,000
Gross profi t rate . 45%
Suppose this inventory, stored in the United States, was lost in a fire.
Requirement:
Estimate the amount of the loss to Deluxe Auto Parts. Use the gross profit method.
2.Computing Equivalent Units Of Production-Weighted Average
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 37,500 were in process in the production department at the beginning of April and 150,000 were started and completed in April. April’s beginning inventory units were 60% complete with respect to materials and 40% complete with respect to labor. At the end of April, 51,250 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to labor.
a.Compute the number of units transferred to finished goods
b.Compute the number of equivalent units with respect to both materials used and labor used in the production department for April using the weighted-average method.
3.Costs Assigned To Output And Inventories-Weighted Average
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 37,500 were in process in the production department at the beginning of April and 150,000 were started and completed in April. April s beginning inventory units were 60% complete with respect to materials and 40% complete with respect to labor. At the end of April, 51,250 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to labor.
The production department had $531,480 of direct materials and $407,689 of direct labor cost charged to it during April. Also, its beginning inventory included $74,075 of direct materials cost and $28,493 of direct labor.
a.Using the weighted-average method, compute the direct materials cost and the direct labor cost per equivalent unit for the department. (Round your answers to 2 decimal places. Omit the “”$”” sign in your response.)
b.Using the weighted-average method, assign April’s costs to the department s output specifically, its units transferred to finished goods and its ending goods in process inventory.
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4.Computing Equivalent Units Of Production-FIFO
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 37,500 were in process in the production department at the beginning of April and 150,000 were started and completed in April. April’s beginning inventory units were 60% complete with respect to materials and 40% complete with respect to labor. At the end of April, 51,250 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to labor.
a.Compute the number of equivalent units with respect to both materials used and labor used in the production department for April using the FIFO method.
5.Costs Assigned To Output-FIFO
During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 37,500 were in process in the production department at the beginning of April and 150,000 were started and completed in April. April s beginning inventory units were 60% complete with respect to materials and 40% complete with respect to labor. At the end of April, 51,250 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to labor.
The production department had $531,480 of direct materials and $407,689 of direct labor cost charged to it during April. Also, its beginning inventory included $74,075 of direct materials cost and $28,493 of direct labor.
a.Using the FIFO method, compute the direct materials cost and the direct labor cost per equivalent unit for the department. (Round your answers to 2 decimal places. Omit the “”$”” sign in your response.)
b.Using the FIFO method, assign April’s costs to the department s output specifically, its units transferred to finished goods and its ending goods in process inventory. (Round your intermediate calculations and final answer to 2 decimal places. Omit the “”$”” sign in your response.)
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