During October, McCourt Associates incurred total production costs of $91,450 for copyediting manuscripts and had the following equivalent units schedule: Units completed Units in EWIP x Fraction complete: 25 x 0.6 Equivalent units Required: 295 EWIP 15 1. Calculate the cost of copyediting one manuscript for October. per manuscript Total assigned 310 2. Assign costs to manuscripts completed and to EWIP and then do a cost reconciliation. Manuscripts completed 3. What if the costs assigned to units completed and EWIP total were calculated using a unit cost of $320? Calculate the total costs assigned. What is the discrepancy between the costs assigned and the costs to account for?

During October, McCourt Associates incurred total production costs of $91,450 for copyediting manuscripts and had the following equivalent units schedule: Units completed Units in EWIP x Fraction complete: 25 x 0.6 Equivalent units Required: 295 EWIP 15 1. Calculate the cost of copyediting one manuscript for October. per manuscript Total assigned 310 2. Assign costs to manuscripts completed and to EWIP and then do a cost reconciliation. Manuscripts completed 3. What if the costs assigned to units completed and EWIP total were calculated using a unit cost of $320? Calculate the total costs assigned. What is the discrepancy between the costs assigned and the costs to account for?

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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