Question
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
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 | 70,000 | 60% | 40% |
| Units started this period | 372,000 | ||
| Completed and transferred out | 350,000 | ||
| Ending work in process inventory | 92,000 | 85% | 35% |
Exercise 16-10A (Algo) FIFO: Computing equivalent units of production LO C2
A.Compute the number of units started and completed this period for the first production department.
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B. 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.
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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 | 70,000 | 60% | 40% |
| Units started this period | 372,000 | ||
| Completed and transferred out | 350,000 | ||
| Ending work in process inventory | 92,000 | 85% | 35% |
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 | $ 158,320 | |
| Conversion | 51,716 | $ 210,036 |
| Costs added this period | ||
| Direct materials | 1,062,050 | |
| Conversion | 750,904 | 1,812,954 |
| Total costs to account for | $ 2,022,990 |
(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.)
| Required a. | ||||
| Cost per equivalent unit of production: FIFO method | Direct Materials | Conversion | ||
| Equivalent units of production | 1 | |||
| Cost per equivalent unit of production (rounded to 2 decimals) | $0.00 | 0 | ||
| Required b. | ||||
| Cost assignmentFIFO | ||||
| Beginning work in process | ||||
| To complete beginning work in process | EUP | Cost per EUP | Total cost | |
| Direct materials | ||||
| Conversion | ||||
| Started and completed | EUP | Cost per EUP | Total cost | |
| Direct materials | $0.00 | $0 | ||
| Conversion | 0.00 | 0 | ||
| Completed and transferred out | ||||
| Ending work in process | EUP | Cost per EUP | Total cost | |
| Direct materials | $0.00 | $0 | ||
| Conversion | 0.00 | 0 | ||
| Total costs accounted for | ||||
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