Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Production cost Information for the forming department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 33,500 470,000 468,500 35,000 Required A Required B Required C $ 55,000 22,100 1,745,000 1,154,020 Units Direct Materials Percent Complete 70% Complete this question by entering your answers in the tabs below. Direct Materials Berpent 90% Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to output LO P1 a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. c. Using the weighted average method, assign costs to the forming department's output-specifically, its units transferred to painting and its ending work in process Inventory. 77,100 2,899,020 $ 2,976,120 Calculate the equivalent units of production for both direct materials and conversion for the forming department. Conversion Conversion Percent Complete 30% 50% Romant
Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Production cost Information for the forming department follows. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 33,500 470,000 468,500 35,000 Required A Required B Required C $ 55,000 22,100 1,745,000 1,154,020 Units Direct Materials Percent Complete 70% Complete this question by entering your answers in the tabs below. Direct Materials Berpent 90% Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to output LO P1 a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department. c. Using the weighted average method, assign costs to the forming department's output-specifically, its units transferred to painting and its ending work in process Inventory. 77,100 2,899,020 $ 2,976,120 Calculate the equivalent units of production for both direct materials and conversion for the forming department. Conversion Conversion Percent Complete 30% 50% Romant
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Question
Transcribed Image Text:Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Production cost Information for the forming department follows.
Beginning work in process
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
Required A
Required B Required C
Units
33,500
470,000
468,500
35,000
Completed and transferred out
Ending work in process
$ 55,000
22,100
Units
1,745,000
1,154,020
Complete this question by entering your answers in the tabs below.
< Required A
Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to output LO P1
a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department.
b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming department.
c. Using the weighted average method, assign costs to the forming department's output-specifically, its units transferred to
painting and its ending work in process Inventory.
Direct
Materials
Percent
Complete
70%
Percent
Complete
90%
$ 77,100
EUP
2,899,020
$ 2,976,120
Calculate the equivalent units of production for both direct materials and conversion for the forming department.
Direct Materials
Conversion
Conversion
Percent
Complete
30%
Percent
Complete
50%
Required B >
EUP
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