Answered step by step
Verified Expert Solution
Question
1 Approved Answer
HI-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All direct materials are added at
HI-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process. Direct Materials Conversion Unita Beginning work in process inventory Completed and transferred out Ending work in process inventory 6,000 Percent Complete 100% Percent Complete 80% 27,000 11,000 100% 40% Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 60,000 78,460 415,000 358,000 $ 138,460 773,000 $ 911,460 a. Compute the equivalent units of production for both direct materials and conversion. b. Compute the cost per equivalent unit for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process. Inventory. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the equivalent units of production for both direct materials and conversion. Equivalent Units of Production: Weighted average Units Direct Materials Conversion Percent Complete EUP Percent Complete EUP Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 60,000 78,460 $ 138,460 415,000 358,000 773,000 $ 911,460 a. Compute the equivalent units of production for both direct materials and conversion. b. Compute the cost per equivalent unit for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work inventory. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the equivalent units of production for both direct materials and conversion. Equivalent Units of Production: Weighted average Units Direct Materials Conversion EUP Percent Complete EUP Percent Complete Total costs to account for $ 911,460 a. Compute the equivalent units of production for both direct materials and conversic b. Compute the cost per equivalent unit for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out a inventory. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Cost per Equivalent Unit of Production S Total costs Direct Materials Conversion +Equivalent units of production Cost per equivalent unit of production inventory. cally, to the units transferred out and to the units in en Complete this question by entering your answers in the tabs below. Required A Required B Required C Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work inventory. Note: Round "Cost per EUP" to 2 decimal places. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total Completed and transferred out Ending work in process Direct materials Conversion Total 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started