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 first production department

image text in transcribed
image text in transcribed
image 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 first production department of a process manufacturing system completed its work on 300,000 units of a product and transferred them to the next department 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 03-9 Weighted average: Costs assigned to output and inventories LO C2 The production department had $850,368 of direct materials and $649,296 of conversion costs charged to it during April. Also, its April beginning inventory of $167,066 consists of $118,472 of direct materials cost and $48,594 of conversion costs. 1. Compute the direct materials cost per equivalent unit for April (Round "Cost per EUP" to 2 decimal places.) 2. Compute the conversion cost per equivalent unit for April. (Round "Cost per EUP" to 2 decimal places.) 3. 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 1. and 2. Equivalent Units of Production (EUP)-Weighted Average Method Units % Materials EUP Materials % Conversion EUP Conversion Equivalent units of production Cost per Equivalent Unit of Production Materials Conversion Costs Costs EUP EUP Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total Costs to Account for: Total costs to account for: Total costs accounted for Difference due to rounding cost/unit Required 3. EUP Cost per EUP Total cost Required 3. Cost Assignment and Reconciliation Cost of units transferred out Direct materials Conversion Total costs transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP Cost per EUP Total cost

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 Audits For Improved Performance

Authors: Dennis R. Arter

2nd Edition

0873892631, 978-0873892636

More Books

Students also viewed these Accounting questions

Question

1 Why might people resist change?

Answered: 1 week ago