Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Homework: Ch18 Ho... Question 2, Exercise 18- HW Score: 0%, 0 of 4 points O Points: 0 of 1 Part 1 of 5 Save Bio

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Homework: Ch18 Ho... Question 2, Exercise 18- HW Score: 0%, 0 of 4 points O Points: 0 of 1 Part 1 of 5 Save Bio Quest Corporation is a biotech company that makes a cancer treatment drug in a single processing department Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Bio Quest uses the weighted average method of process costing The following information for July Click the icon to view the data) Click the icon to view the total costs) Required is available Enter the physical units first and then calculate the equivalent units. (Round your answers to the nearest whole unit) Physical Units Flow of Production Work in process, beginning Started during current period To account for Completed and transferred out during current period Work in process, ending Accounted for Work done to date X Data Equivalent Units Physical Direct Conversion Units Materials Costs Work in process, July 10 12,800 12,800 8,960 Started during July 49,800 Completed and transferred out during July 42,300 42,300 42,300 Work in process, July 31 20,300 20,300 12.180 Degree of completion direct materials. 100% conversion costs 70% Degree of completion direct materials, 100%, conversion costs, 60% Total Costs for July Work in process, beginning Direct materials $ 75,300 88,500 $ Conversion costs 163.800 Direct materials added during July 390,000 462 750 Conversion costs added during July $ 1.0 16,550 Total costs to account for X Required 1. Calculate the cost per equivalent unit for direct materials and conversion costs. 2. Summarize total costs to account for, and assign total costs to units completed (and transferred out) and to units in ending work in process. Print Done

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_2

Step: 3

blur-text-image_3

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

Mcgraw Hills Homework Manager Access Code To Accompany Introduction To Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen

3rd Edition

0073264938, 978-0073264936

More Books

Students also viewed these Accounting questions