Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cost per Equivalent Unit - ACCOUNTING Cost per Equivalent Unit The following information concerns production in the Forging Department for November. All direct materials are

Cost per Equivalent Unit - ACCOUNTING

image text in transcribed

Cost per Equivalent Unit The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $17,400 of direct materials. ACCOUNT NO. ACCOUNT Work in Process Department -Forging Balance Debit Credit Debit Credit Date Item Nov. 1 Bal., 1,200 units, 60% completed 20,856 124,500 30 Direct materials, 8,300 units 145,356 30 Direct labor 18,950 164,306 30 Factory overhead 20,196 184,502 30 Goods transferred, units 30 Bal., 900 units, 70% completed a. Determine the number of units transferred to the next department. units b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places. Cost per equivalent unit of direct materials Cost per equivalent unit of conversion c. Determine the cost of units started and completed in November

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing

Authors: Alan Millichamp, John Taylor

11th Edition

1473749301, 978-1473749306

More Books

Students also viewed these Accounting questions

Question

Where is the median of a data set located?

Answered: 1 week ago

Question

Understand the primary objectives of performance appraisals

Answered: 1 week ago