Assad Company uses the process costing method with the following data for the month of July. Work - in - process, July 1, 30,000 units: Direct material: 100% completed $ 65, 500 Conversion: 30% completed 51,910 Balance in work in process, July 1 $ 117,410 Units started during July 40,000 Units finished 50,000 Work in process, July 31, 20,000 units: Direct material: 100% completed Conversion: 60% completed Cost incurred during July: Direct materials $ 120,000 Conversion costs 199, 810 Total $ 319,810 Required: (1 Compute cost per equivalent unit under the weighted average method. (2) Compute cost per equivalent unit under FIFO method.

Assad Company uses the process costing method with the following data for the month of July. Work - in - process, July 1, 30,000 units: Direct material: 100% completed $ 65, 500 Conversion: 30% completed 51,910 Balance in work in process, July 1 $ 117,410 Units started during July 40,000 Units finished 50,000 Work in process, July 31, 20,000 units: Direct material: 100% completed Conversion: 60% completed Cost incurred during July: Direct materials $ 120,000 Conversion costs 199, 810 Total $ 319,810 Required: (1 Compute cost per equivalent unit under the weighted average method. (2) Compute cost per equivalent unit under FIFO method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: Units 52,000 32,000 Equivalent units of production Percent Completed Conversion 60% 50% Work in process, October 1 Work in process, October 31 The department started 395,000 units into production during the month and transferred 415,000 completed units to the next department. Materials 90% 73% Required: Compute the equivalent units of production for October. Materials Conversion
Dimahirap company adds all materials at the beginning of the process in the first department. Conversion costs were 75% complete as to 8,000 units in Work in process, beginning and 50% complete as to 6,000 units in Work in process, end. During the month, 12,000 units were completed and transferred to the next department. Analysis of the costs relating to production for october follows: work in process beginning: materials 9,600, conversion cost 4,800; costs added this month: materials 15,600, conversion cost 14,400. How much is the cost per equivalent unit for the month using fifo costing?
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Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: Units 51,000 26,000 Percent Completed Conversion 60 46 Materials 90 Work in process, October 1 Work in process, October 31 711 The department started 388,000 units into production dering the month and transferred 413,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion Equivalent units of production
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