Logic Co is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly durin the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero net disposal value. LogicCo uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the weighted average data) Read the requirements Requirement 1. For each cost category, compute equivalent units. Show physical units in the first column of your schedule. Enter the physical units in first, then calculate the equivalent units (Complete all answer boxes Enter a "0" for applicable zero amounts) 1 Data Table Work in proces Started during Conversion Costs $10,368 30% To account for Completed and From begin Started and Normal spoilag Abnormal spol Work in proces Work in process, beginning inventory (September 1) Degree of completion of beginning work in process Started during September Good units completed and transferred out during September Work in process, ending inventory (September 30) Degree of completion of ending work in process Total costs added during September Normal spoilage as a percentage of good units Degree of completion of normal spolage Degree of completion of abnormal spolage Physical Units Direct (Computer Chips) Materials 500 $125.766 100% 2.754 2,500 490 100% 5619,650 15% 100% 100% 10% $253,098 100% 100% Choose from a Print Done Save for Late Logic Co is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero nel disposal value. LogicCo uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the weighted average data.) Read the requirements ( Weighted average data Requirement 1. For eac Enter the physical units i Total Production Direct Conversion Costs Materials Costs Flow of Cost per equivalent unit for work done to date 204.00 $ 82.00 Work in process beginni Started during current pe Cost of units completed and transferred out 822,250 $ 506,500 $ 235,750 Abnormal spoilage 82,654 58,956 23,698 To account for Work in process, ending 103,978 99,960 4,018 Completed and transfer Total costs accounted for 1,000,882 $ 745,416 $ 263,466 From beginning work Started and complet Done Normal spoilage Abnormal spoilage Work in process, ending Print Choose from any list or enter any number in the input fields and then continue to the next question Save for Later LogicCo is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at 200 net disposal value LogicCo uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the weighted average data) Read the requirements Enter the physical units in first, then calculate the equivalent units (Complete all answer boxes. Entora for applicable zero amounts) Equivalent Units Physical Direct Conversion Flow of Production Units Materials Costs Work in process beginning Started during current period To account for Completed and transferred out during current period From boginning work in process Started and completed Normal spoilage Abnormal spoilage Work in process, ending Accounted for Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Logic Co is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of atzernet disposal value Logic Co uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the weighted average data) Read the resuirements Requirement 2. Summarize total costs to account for calculate the cost per equivalent unit for each cost category, and assign total costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process Begin by summarizing the total costs to account for Total Direct Conversion Production Costs Materials Costs Total costs to account for Next calculate cool por equivalent unit for each cost category Enter your answers to the nearest cont.) Direct Conversion Materials Costs Divide by Costnerennivalent unit for work done to date Choose from any est or enter any number in the input fields and then continue to the next question Save for Later LogicCo is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero nel disposal value LogicCo uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data) Click the icon to view the weighted average data) Read the requirements Cost per equivalent unit for work done to date Finally assign total costs to units completed and transferred out (including normal spoilage) to abnormal sporlage, and to unitsin ending work in process (Complete all answer baxos, Round your answers to the nearest whole dollar. Note that the total costs accounted for may not equal the total costs to account for due to rounding.) Total Direct Conversion Production Costs Materials Costs Completed and transferred out Total from beginning inventory before normal spoilage Total costs of units completed and transferred out Choose from any list or enter any number in the input helds and then continue to the next question Save for Later Logic Co is a fast growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero net disposal value. Logic Co uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the weighted average data) Read the requirements Total costs of units completed and transferred out Total costs accounted for Requirement 3. Should LogicCo's managers choose the weighted average method or the FIFO method? Explain briety The FIFO ending inventory is than the weighted average ending inventory by The FIFO method also assigns S in costs to spoilage. As a result, the FIFO method results in a relatively cost of units completed and transferred out and a L e nding work-in-process inventory Logic Co's managers should consider the because it leads to a higher cost of goods completed and transferred and sold) thereby lowering taxes. The managers may have an incentive, however, to use the and show a higher level of current income their compensation increases with higher operating income or if there are debt covenants that would be violated by showing lower income Logic Co's managers may also consider an advantage of the V which is that it provides better information for managing the business because it keeps separate the costs of the current period from costs incurred in previous periods. Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Logic Co is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly durin the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero net disposal value. LogicCo uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the weighted average data) Read the requirements Requirement 1. For each cost category, compute equivalent units. Show physical units in the first column of your schedule. Enter the physical units in first, then calculate the equivalent units (Complete all answer boxes Enter a "0" for applicable zero amounts) 1 Data Table Work in proces Started during Conversion Costs $10,368 30% To account for Completed and From begin Started and Normal spoilag Abnormal spol Work in proces Work in process, beginning inventory (September 1) Degree of completion of beginning work in process Started during September Good units completed and transferred out during September Work in process, ending inventory (September 30) Degree of completion of ending work in process Total costs added during September Normal spoilage as a percentage of good units Degree of completion of normal spolage Degree of completion of abnormal spolage Physical Units Direct (Computer Chips) Materials 500 $125.766 100% 2.754 2,500 490 100% 5619,650 15% 100% 100% 10% $253,098 100% 100% Choose from a Print Done Save for Late Logic Co is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero nel disposal value. LogicCo uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the weighted average data.) Read the requirements ( Weighted average data Requirement 1. For eac Enter the physical units i Total Production Direct Conversion Costs Materials Costs Flow of Cost per equivalent unit for work done to date 204.00 $ 82.00 Work in process beginni Started during current pe Cost of units completed and transferred out 822,250 $ 506,500 $ 235,750 Abnormal spoilage 82,654 58,956 23,698 To account for Work in process, ending 103,978 99,960 4,018 Completed and transfer Total costs accounted for 1,000,882 $ 745,416 $ 263,466 From beginning work Started and complet Done Normal spoilage Abnormal spoilage Work in process, ending Print Choose from any list or enter any number in the input fields and then continue to the next question Save for Later LogicCo is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at 200 net disposal value LogicCo uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the weighted average data) Read the requirements Enter the physical units in first, then calculate the equivalent units (Complete all answer boxes. Entora for applicable zero amounts) Equivalent Units Physical Direct Conversion Flow of Production Units Materials Costs Work in process beginning Started during current period To account for Completed and transferred out during current period From boginning work in process Started and completed Normal spoilage Abnormal spoilage Work in process, ending Accounted for Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Logic Co is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of atzernet disposal value Logic Co uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the weighted average data) Read the resuirements Requirement 2. Summarize total costs to account for calculate the cost per equivalent unit for each cost category, and assign total costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process Begin by summarizing the total costs to account for Total Direct Conversion Production Costs Materials Costs Total costs to account for Next calculate cool por equivalent unit for each cost category Enter your answers to the nearest cont.) Direct Conversion Materials Costs Divide by Costnerennivalent unit for work done to date Choose from any est or enter any number in the input fields and then continue to the next question Save for Later LogicCo is a fast-growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero nel disposal value LogicCo uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data) Click the icon to view the weighted average data) Read the requirements Cost per equivalent unit for work done to date Finally assign total costs to units completed and transferred out (including normal spoilage) to abnormal sporlage, and to unitsin ending work in process (Complete all answer baxos, Round your answers to the nearest whole dollar. Note that the total costs accounted for may not equal the total costs to account for due to rounding.) Total Direct Conversion Production Costs Materials Costs Completed and transferred out Total from beginning inventory before normal spoilage Total costs of units completed and transferred out Choose from any list or enter any number in the input helds and then continue to the next question Save for Later Logic Co is a fast growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero net disposal value. Logic Co uses the FIFO method of process costing Summary data and weighted average data for September 2017 are as follows: (Click the icon to view the data.) (Click the icon to view the weighted average data) Read the requirements Total costs of units completed and transferred out Total costs accounted for Requirement 3. Should LogicCo's managers choose the weighted average method or the FIFO method? Explain briety The FIFO ending inventory is than the weighted average ending inventory by The FIFO method also assigns S in costs to spoilage. As a result, the FIFO method results in a relatively cost of units completed and transferred out and a L e nding work-in-process inventory Logic Co's managers should consider the because it leads to a higher cost of goods completed and transferred and sold) thereby lowering taxes. The managers may have an incentive, however, to use the and show a higher level of current income their compensation increases with higher operating income or if there are debt covenants that would be violated by showing lower income Logic Co's managers may also consider an advantage of the V which is that it provides better information for managing the business because it keeps separate the costs of the current period from costs incurred in previous periods. Choose from any list or enter any number in the input fields and then continue to the next question Save for Later