Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need detailed information please not just numbers if possible thanks ACC 350 : Cost Accounting NAME(PRINT) Date EXO2 - you se the grape PROBLEM I
need detailed information please not just numbers if possible thanks
ACC 350 : Cost Accounting NAME(PRINT) Date EXO2 - you se the grape PROBLEM I Sumter Company uses the weighted average method in its process costing system. The following data pertain to operations in the first processing department for a recent month: 6.000 60% 20 $78.200 $3,600 Work in process, beginning: Units in process.......... Percent complete with respect to materials....................... Percent complete with respect to conversion..................... Costs in the beginning inventory: Materials cost ............. Conversion cost ....... Units started during the month.......... Units completed and transferred out during the month......... Costs added to production during the month: Materials oost ............. Conversion cost... Work in process, ending: Units in process......................... Percent complete with respect to materials........ Percent complete with respect to conversion..... 70.000 $286.600 $216.000 P1422 8,000 75% 2506 Required: 1) Prepare a worksheet showing 4 steps: number of units to account for, number of equivalent units produced, cost per equivalent unit, and the assignment of cost 2) Answer the following questions from the worksheet you have prepared. . PETR 72 hoo a) What is the number of Equivalent units of direct material under FIFO? 1 b)What is the number of Equivalent units of conversion cost under Weighted Average? c) Determine the total cost per equivalent unit (WA) T UTOCO 2 d) Determine the cost of ending inventory(WA) 4280 300 c) Determine the cost of good units completed and transferred out (W ) S f) How much is total cost accounted for?_549 Seo 584.1 400 to how? bied Averagon .057 73 od 4.80 c) 3.05 281800 t 6100Step 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