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Chapter 17 Process Cost Systems HW-3A (10 points) Fill-in-the-Blank Equations = Total Direct Materials Cost for the Period + Total Equivalent Units of Direct Materials 2. Conversion Cost per Equivalent Unit = Total Conversion Costs for the Period 3. Quantity of Materials Output - Quantity of Materials Input Exercises Determine the main differences between process and job order cost systems. 1. An umbrella manufacturer has three departments for production. The handle is produced in the first department, with the second department attaching the fabric to the handle, and the third department used for packing and distribution. If all umbrellas produced are similar but can vary by size or color, should the business use a job order or process cost system? 2. A manager for a new business is trying to decide which type of cost system to account for the costs incurred during production. The business will manufacture high-quality rugs according to customer specifications. Once the customer specifications are determined for each order the company will acquire the inputs needed. Would a job order or process cost system be best for the manager? 3. A clothing manufacturer produces 10 types of shirts, which are produced on a schedule set by management. Costs incurred in the production facility in a day are allocated to the type of shirt produced on that day. Is the company using a job order or process cost system? Demonstrate how to compute the units to be assigned costs. 4. Shooz Manufacturers has two departments, Production and Packaging. The company's Production Department had 7,500 products in work in process at the beginning of the period and 6,100 at the end of the period. During the period, the Production Department transferred 9,300 products to Packaging Determine the amount of products started and completed by the Production Department during the period and the total units to be assigned costs. Show how to compute the equivalent units of production, 5. Shooz Manufacturers (information in Exercise 4) adds direct materials at the beginning of the process in the Production Department. The inventory at the beginning of the period was 40% complete with respect to conversion costs, which are incurred evenly throughout the manufacturing process. The ending inventory in process was 30% complete with respect to conversion costs. a. Determine the direct materials equivalent units b. Determine the conversion equivalent units. Demonstrate how to compute the cost per equivalent unit. 6. During the period, the Production Department of Shooz Manufacturers incurred $31,600 in direct materials cost and $13,260 in conversion costs. Using the information found in Exercise 5, compute the direct materials and conversion costs per equivalent unit (EU)
