Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

! Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] During April, the production department

image text in transcribedimage text in transcribedimage text in transcribed

! Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 60,000 were in process in the production department at the beginning of April and 240,000 were started and completed in April. April's beginning inventory units were 60% complete with respect to materials and 40% complete with respect to conversion. At the end of April, 82,000 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to conversion. Exercise 16-11A FIFO: Costs assigned to output LO C4, P4 The production department had $850,368 of direct materials and $649,296 of conversion costs charged to it during April. Also, its beginning inventory of $167,066 consists of $118,472 of direct materials cost and $48,594 of conversion costs. Using the FIFO method, prepare the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department's output. (Round "Cost per EUP" to 2 decimal places.) Equivalent Units of Production (EUP)- FIFO Method EUP Conversion EUP-Materials% Conversion % Materials Units 0 Equivalent units of production Conversion Cost per Equivalent Unit of Production Materials Total costs Costs Costs Equivalent units of production EUP EUP 0 0 decimals) Cost per equivalent unit of production (rounded to 0 Total Costs to Account for Total costs to account for 0.00 Total costs accounted for 0.00 *Difference due to rounding cost/unit Assignment of Costs to Output of Department Cost of 60,000 units from beginning inventory Beginning inventory Cost per EUP Total cost EUP Materials to complete Conversion to complete Total costs to complete Total cost of 60,000 units in beginning inventory 0.00 Cost per EUP Cost of units started and completed this period Total cost EUP $ Direct materials 0.00 0.00 $ 0.00 Conversion costs 0.00 Total cost of 240,000 units started and completed Total cost of 300,000 units transferred out Cost per EUP Costs of units in ending inventory EUP Total cost $ Direct materials 0.00 0.00 Conversion costs 0.00 0.00 Total cost of 82,000 units in ending inventory Total costs assigned

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

Quality Assessment Manual For The Internal Audit Activity

Authors: The Internal Audit Foundation

2017 Edition

0894139975, 978-0894139970

More Books

Students also viewed these Accounting questions

Question

What are the main differences between rigid and flexible pavements?

Answered: 1 week ago

Question

What is the purpose of a retaining wall, and how is it designed?

Answered: 1 week ago

Question

How do you determine the load-bearing capacity of a soil?

Answered: 1 week ago

Question

what is Edward Lemieux effect / Anomeric effect ?

Answered: 1 week ago

Question

7. Identify six intercultural communication dialectics.

Answered: 1 week ago