Question
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)
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[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.)
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