Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required Information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below] The first production department
Required Information Use the following Information for the Exercises below. (Algo) [The following information applies to the questions displayed below] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Beginning work in process inventory 77,000 Complete 70% Percent Complete 30% Units started this period 407,000 completed and transferred out 385,000 Ending work in process inventory 99,000 90% Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion $ 105,006 29,930 $225,016 1,332,0344 915,420 Total costs to account for 2,247,454 $2,472,470 e. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory (Round "Cost per EUP" to 2 decimal places.) Required a. Cost per equivalent unit of production: Weighted average method Direct Materials Conversion Costs incurred this period Costs of beginning inventory Costs of ending inventory Costs of units transferred out Costs EUP EUP Cost per EUP Total cost Costs EUP Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $185,006 39,930 $225,016 1,332,034 915,4201 2,247,454 $2,472,470 a. Compute cost per equivalent unit for both direct materials and conversion. [Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process Inventory (Round "Cost per EUP" to 2 decimal places.) Required a Cost per equivalent unit of production: Weighted average method i Direct Materials Conversion Total costs -Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignmentWeighted average Completed and transfered out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Costs EUP EUP Cost per EUP Total cost EUP Cost per EUP Total cost Costs EUP
Step 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