Collins Chemicals produces a compound through two processes. For its first process for a particular period, Collins had an opening WIP inventory of 100 units halfway through the process; 2300 units completed in the period; and a closing WIP inventory of 400 units three-quarters of the way through the process. Materials are added at the beginning of the process and conversion costs are incurred uniformly. Which statement is correct if the firm used weighted average costing?Group of answer choicesEquivalent units of direct material and conversion costs are both 2,600 for the period.Equivalent units of conversion costs are 2,700, and equivalent units of direct materials are 2,600.Equivalent units of direct material and conversion costs are both 2,700 for the period.Equivalent units of direct materials are 2,700, and equivalent units of conversion costs are 2,600.None of above.

During January, the production department of a process operations system completed and transferred to finished goods a total of 59,000 units. At the end of January, 12,000 additional units were in process in the production department and were 45% complete with respect to conversion. The beginning inventory included conversion cost of $39,200 and the production department incurred conversion costs of $311,100 during January. Compute the cost per equivalent unit for conversion for the department using the weighted-average method.

Heara Ltd manufactures metal sheets, and uses the weighted average method process costing. On 1 May the Rolling Department had 3000 units work in progress, which were 50 percent completed as to conversion costs. During May 8000 units were completed and transferred out. The remaining work in progress on 30 May was 2000 units, at 50 percent complete in terms of conversion rate. Materials are added at the beginning of the process and conversion costs are incurred uniformly. What is the equivalent unit of work done to date for direct materials and conversion costs respectively?

manufacturer has two manufacturing departments, Assembly and Painting. The company uses the FIFO method and it reports the following data. Units completed in the Assembly department are transferred to the Painting department.   Units Direct materials Percent Complete Conversion Percent CompleteBeginning work in process inventory 75,000 60% 40%Units started this period 900,000    Units completed and transferred out 885,000    Ending work in process inventory 90,000 80% 30%Production cost information for the Assembly department follows. Beginning work in process    Direct materials $ 134,400  Conversion 45,900 $ 180,300Costs added this period    Direct materials $ 3,693,600  Conversion 2,690,100 $ 6,383,700 Calculate the equivalent units of production for both direct materials and conversion for the Assembly department.

Direct Materials Inventory WIP Inventory Finished Goods Inventory Factory Department Overhead Cost of Goods Sold Additional information is as follows: Cost of direct materials purchased during 20X5 Cost of direct materials requisitioned in 20X5 Cost of goods completed during 20X5 Factory overhead applied (120% of direct labor) LB Company has the following balances as of the year ended December 31, 20X5. ₱15,000 Dr. 34,500 Dr. 49,500 4,000Dr. 74,500 Dr. Dr. ₱41,000 47,000 102,000 48,000 Required: Compute beginning direct materials inventory. Compute beginning WIP inventory. Compute beginning finished goods inventory. Compute actual factory overhead incurred.

Compute the number of equivalent units with respect to direct materials using the weighted-average method.   Units Direct Materials Percent Complete Conversion Percent CompleteBeginning work in process inventory 23,000 100% 50%Units started and completed 130,000    Units completed and transferred out 153,000    Ending work in process inventory 31,000 100% 55%