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please help with all sections of Lab assignment Emphasis Heading Strong Subttie OBJECTIVES: In process costing environment Calculate equivalent units of production Determine cost per
please help with all sections of Lab assignment
Emphasis Heading Strong Subttie OBJECTIVES: In process costing environment Calculate equivalent units of production Determine cost per equivalent unit Allocate department cost between goods completed and transferred and goods in ending inventory . Rovex Company uses a process costing system and manufactures a single product. Activity for July has just been completed. Materials are added during processing in the first department. Although overhead is applied on the basis of direct labor, labor and manufacturing overhead cost are determined separately due to the fact that manufacturing overhead represents a significant element of product cost. A partially completed production report for July using the weighted average method for the first processing department is on the template for this assignment REQUIRED Record your answers to the following in the appropriate boxes on the template provided. Your answers to #1-3 should contain formulas that include cell references only. 1. Calculate July equivalent units of production for Department 1 for 2. Calculate July cost per equivalent unit of production for Department 3. Allocate July cost of Department #1 to units completed and 4. Prepare the journal entry required to record the transfer of materials, labor and overhead. #1 for materials, labor and overhead. transferred and units in ending inventory. completed units from Department #1Step by Step Solution
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