Answered step by step
Verified Expert Solution
Link Copied!

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 the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 Percent Complete 1000 Conversion Percent Complete Beginning work in process inventory Completed and transferred out Ending work in process inventory Unito 1,500 30.500 9,500 701 1001 303 $ 54,000 99.900 Beginning work in process Direct materiale Conversion Coats added this period bireet materiala Conversion Total costs to account for 153,900 450,000 367.000 817.000 5 970,900 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 Compute the equivalent units of production for both direct materials and conversion Equivalent units of Production: Weighted average Direct Materials Units Percent EUP Comalata Conversion Percent EUP 817,000 Coats added this period Direct materials 450,000 Conversion 367,000 Total costs to account for $970.900 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 pro Inventory Complete this question by entering your answers in the tabs below. Required A Required B Required Compute the equivalent units of production for both direct materials and conversion. Equivalent Units of Production: Weighted average Direct Materials Units Percent Complete Conversion Percent EUP Completo EUP Total Required Required B > Direct materials Conversion Total costs to account for 450,000 367,000 817,000 $ 970,900 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 worl- 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 (Round "Cost per EUP" to 2 decimal pla Cost per Equivalent Unit of Production Direct Materials Conversion Total costs + Equivalent units of production Cost per equivalent unit of production Costs added this period Direct materiala Conversion Total costs to account for 450,000 367,000 817,000 $ 970,900 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 Inventory Complete this question by entering your answers in the tabs below. Required A Required B Requiredt EUP Total cost Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in proc Inventory. (Round "Cost per EUP" to 2 decimal places) Cost assignment-Weighted average Cost per EUP 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 $ 0

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

New Challenges For Future Sustainability And Wellbeing

Authors: Ercan Özen, Simon Grima, Rebecca Dalli Gonzi

1st Edition

1800439695, 9781800439696

More Books

Students also viewed these Accounting questions