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
[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 | 82,000 | 70% | 30% |
Units started this period | 432,000 | ||
Completed and transferred out | 410,000 | ||
Ending work in process inventory | 104,000 | 85% | 35% |
The production department had the cost information below.
Beginning work in process inventory | ||
---|---|---|
Direct materials | $ 206,850 | |
Conversion | 35,490 | $ 242,340 |
Costs added this period | ||
Direct materials | 1,512,630 | |
Conversion | 991,230 | 2,503,860 |
Total costs to account for | $ 2,746,200 |
Required: 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 Aprils costs to the departments outputspecifically, its units transferred to the next department and its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.)
c. Compute the number of units started and completed this period for the first production department
d. Compute the number of equivalent units of production for both direct materials and conversion for the first production department for April using the FIFO method.
e. 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.) f. 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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