View PoliciesCurrent Attempt in ProgressThe Smelting Department of Kiner Company has the following production data for November.Production: Beginning work in process 2,800 units that are 100% complete as to materials and 24% complete as to conversion costs;units transferred out 9,100 units; and ending work in process 7,200 units that are 100% complete as to materials and 46% completeas to conversion costs.Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November.MaterialsConversion CostsTotal equivalent unitsSave for LaterAttempts: 0 of 3 usedSubmit AnswerO 4)to search

Answered: Department of e eginning work in rred…

Business

Accounting

Department of e eginning work in rred out 9,100ur sion costs. e equivalent units

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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Concept explainers

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit. Overhead expenses depend upon the nature of the business operations.

Question

View Policies
Current Attempt in Progress
The Smelting Department of Kiner Company has the following production data for November.
Production: Beginning work in process 2,800 units that are 100% complete as to materials and 24% complete as to conversion costs;
units transferred out 9,100 units; and ending work in process 7,200 units that are 100% complete as to materials and 46% complete
as to conversion costs.
Compute the equivalent units of production for (a) materials and (b) conversion costs for the month of November.
Materials
Conversion Costs
Total equivalent units
Save for Later
Attempts: 0 of 3 used
Submit Answer
O 4)
to search

Expert Solution

Step 1

When units are completed partially at the beginning and end of the year, percentage of completion is used to calculate it as a whole unit. This is called Equivalent units of production.

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