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Eccles finished good inventory; Yimron ending WIP; Raulot

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See attached file for proper format of the tables.

1. Eccles Corporation uses a job-order costing system and applies overhead to jobs using a predetermined overhead rate. During the year the company's Finished Goods inventory account was debited for $383,000 and credited for $329,900. The ending balance in the Finished Goods inventory account was $70,200. At the end of the year, manufacturing overhead was underapplied by $3,800.

The balance in the Finished Goods inventory account at the beginning of the year was:

a. $3,800

b. $70,200

c. $17,100

d. $53,100

2. Yimron Corporation uses the weighted-average method in its process costing system. Information for the month of March concerning Department A, the first stage of the company's production process, follows:

Materials Conversion Cost
Work in process, beginning $3,900 $2,800
Costs added during March $19,500 $16,600
Cost per equivalent unit $0.29 $0.11
Units completed and transferred to the next department 83,000 units
Work in process, ending 10,400 units

Materials are added at the beginning of the process. The ending work in process is 60% complete with respect to conversion costs. What cost would be recorded for the ending work in process inventory?

a. $3,702.4

b. $1,851

c. $5,202.4

d. $4,160

3. Raulot Corporation uses the weighted-average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January.

Units Percent Complete with Respect to Conversion
Beginning work in process inventory 5,500 76%
Transferred in from the prior department during January 78,900
Completed and transferred to the next department during January 76,800
Ending work in process inventory 7,600 65%

The Molding Department's cost per equivalent unit for conversion cost for January was $1.71.
How much conversion cost was assigned to the ending work in process inventory in the Molding Department for January?

a. $8,447.4

b. $8,947.4

c. $3,119.04

d. $12,996

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Solution Summary

An Eccles finished good inventory for Yimron ending WIP is determined.

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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