Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For Credit ! Required information (The following information applies to the questions displayed below.) The first production department of Stone Incorporated reports the following for

image text in transcribed
image text in transcribed
For Credit ! Required information (The following information applies to the questions displayed below.) The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Percent Complete Complete 404 Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 60,000 322,000 380,000 82,000 BB 3e The production department had the cost information below. $ 118,472 48,594 $ 167,066 Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 850,368 649, 296 1,499,664 $ 1,666,730 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 Direct Materials Conversion Costs EUP Costs EUP 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 EUP Cost per EUP Total cost Required information $ 118,472 48,594 $ 167,066 Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for 850, 368 649,296 1,499,664 $ 1,666,730 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 por equivalent unit of production: Weighted average mothod Direct Materials Conversion Costs Costs EUP EUP EUP Cost per EUP Total cost 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 EUP Cost per EUP Total cost

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

Principles Of Accounting 2

Authors: OpenStax

1st Edition

0357366808, 9780357366806

More Books

Students also viewed these Accounting questions