The first production department of Stone Incorporated reports the following for April. Direct Materials Units Beginning...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The first production department of Stone Incorporated reports the following for April. Direct Materials Units Beginning work in process inventory 69.000 Percent Complete 80% Conversion Percent Complete 20% Units started this period 367,000 Completed and transferred out 345,000 Ending work in process inventory 91,000 80% 308 $ 208,950 24,705 $ 233,655 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 960,890 738,510 1,699,400 $ 1,933,055 a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Required a. Cost per equivalent unit of production: Weighted average method Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Costs EUP Direct Materials EUP Cost per EUP Total cost Conversion Costs EUP 0 0 EUP Cost per EUP Total cost $ 0.00 $ 0.00 $ 0.00 0.00 S QUAL Ending work in process inventory 91,000 BOW 30% The production department had the cost information below. Beginning work in process inventory Direct materials: Conversion Costs added this period. Direct materials Conversion $ 208,950 24,705 $ 233,655 960,890 738,510 1,699,400 Total costs to account for $ 1,933,055 a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Required a. Cost per equivalent unit of production: Weighted average method Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Costs EUP Direct Materials EUP Cost per EUP Total cost Costs EUP 0 EUP Cost per EUP Total cost $ 0.00 $ 0.00 $ 0.00 0.00 Conversion The first production department of Stone Incorporated reports the following for April. Direct Materials Units Beginning work in process inventory 69.000 Percent Complete 80% Conversion Percent Complete 20% Units started this period 367,000 Completed and transferred out 345,000 Ending work in process inventory 91,000 80% 308 $ 208,950 24,705 $ 233,655 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 960,890 738,510 1,699,400 $ 1,933,055 a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Required a. Cost per equivalent unit of production: Weighted average method Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Costs EUP Direct Materials EUP Cost per EUP Total cost Conversion Costs EUP 0 0 EUP Cost per EUP Total cost $ 0.00 $ 0.00 $ 0.00 0.00 S QUAL Ending work in process inventory 91,000 BOW 30% The production department had the cost information below. Beginning work in process inventory Direct materials: Conversion Costs added this period. Direct materials Conversion $ 208,950 24,705 $ 233,655 960,890 738,510 1,699,400 Total costs to account for $ 1,933,055 a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Required a. Cost per equivalent unit of production: Weighted average method Total costs Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Costs EUP Direct Materials EUP Cost per EUP Total cost Costs EUP 0 EUP Cost per EUP Total cost $ 0.00 $ 0.00 $ 0.00 0.00 Conversion
Expert Answer:
Answer rating: 100% (QA)
To calculate the costs using the weighted average method for process costing you need to follow a se... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Are you able to reflect on any experience that has been encountered or someone else? Explain what happened and how the situation was overcome? Theoretical Inappropriate and Harassing Behaviour...
-
When presenting data in a bar chart: Question 24 options: Graphing more than one set of data on the same chart provides information about the relationship of the two data sets Only one data set can...
-
How many times should a good salesperson use a trial close throughout the sales call? Question 4 options: Never, you can only use a final close at the end One time close to the end of the call...
-
Compare and contrast megaloblastic anemia caused by vitamin B12 deficiency and that caused by folic acid deficiency. (10)
-
Within the Cambridge form of the quantity theory, the demand for money is given by Md = kPY Suppose that income (Y) is given at 300 units and the money supply (M) is fixed at 20(1 units. Also suppose...
-
What are some obstacles to predicting behavior even if we know a persons attitudes?
-
In Maple, one can type simplify(LegendreP(2*n-2,0)-LegendreP(2* \(\mathbf{n}, \mathbf{0})\) ); to find a value for \(P_{2 n-2}(0)-P_{2 n}(0)\). It gives the result in terms of Gamma functions....
-
The computer workstation furniture manufacturing that Adria Lopez started in January is progressing well. As of the end of June, Success Systems job cost sheets show the following total costs...
-
needhelp asap !! Shadee Corporation expects to sell 520 sun shades in May and 440 in fune. Each shades selss for 518 . Shadee's beginning and ending finished goods inventories for May are 85 and 60...
-
please solve accurate with all work. Financial Reporting Theory Cash versus Accrual Bases of Accounting Top Notch Services was founded on January 2 and offers computer consulting and other...
-
What items of information must be included in a notice of deposition?
-
Define auditing, attest, and assurance services. Provide two examples of each type of service.
-
What is the essence of a good preliminary survey?
-
How to draft a pretrial memorandum?
-
How can reports on deficiencies be made more meaningful to management?
-
Do you believe that the labour laws that are currently in place (i.e., the Ontario Labour Relations Act) are sufficient to guarantee workers have adequate voice and equity in the workplace? Explain...
-
A 20-cm-square vertical plate is heated to a temperature of 30oC and submerged in glycerin at 10oC. Calculate the heat lost from both sides of the plate.
-
Valley Companys adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: Sales Salaries Expense, Rent...
-
Refer to the information in Exercise 26-6. B2B Co. requires at least an 8% return on this investment. (a) Compute the net present value of this investment. (b) Should the investment be accepted on...
-
Connor Company sold 30,000 units of its only product for $28 per unit this year. Manufacturing and selling the product required $225,000 of fixed costs. Its per unit variable costs follow. For the...
-
13. ROLE REVERSAL Draft a multiple-choice question that focuses on an issue of copyright law. 4. Result: Parody (especially about politics!) is a fair use of copyrighted material as long as use of...
-
Question: Edo applied for insurance with Geico. In calculating his premium, Geico looked at his credit history and his financial circumstances. It did not offer him the best possible premium but this...
-
Question: Mantra Films sold "Girls Gone Wild" DVDs on the Internet. When customers ordered one DVD, the company would enroll them automatically in a "continuity program" and send them unordered DVDs...
Study smarter with the SolutionInn App