Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] The first

Required information

Use the following information for the Exercises below. (Algo)

Skip to question

[The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April.

Units Direct Materials Conversion
Percent Complete Percent Complete
Beginning work in process inventory 68,000 75% 25%
Units started this period 362,000
Completed and transferred out 340,000
Ending work in process inventory 90,000 90% 40%

Exercise 16-11A (Algo) FIFO: Costs assigned to output LO C2

The production department had the cost information below.

Beginning work in process inventory
Direct materials $ 151,350
Conversion 23,230 $ 174,580
Costs added this period
Direct materials 1,006,400
Conversion 728,770 1,735,170
Total costs to account for $ 1,909,750

(a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (Round "Cost per EUP" to 2 decimal places.) (b) Assign costs to the departments outputspecifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. (Round "Cost per EUP" to 2 decimal places.)

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_2

Step: 3

blur-text-image_3

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

Study Guide With Working Papers, Chapters 1-9 For Heintz/Parrys College Accounting

Authors: James A. Heintz, Robert W. Parry

21st Edition

1285059379, 9781285059372

Students also viewed these Accounting questions

Question

Have you laid out a timeframe for refreshing the data regularly?

Answered: 1 week ago

Question

Have you laid out the information as clearly as possible?

Answered: 1 week ago

Question

Have you tested your findings with those closest to the market?

Answered: 1 week ago