eBook Show Me HowPrint Item Question Content Area Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit August 1 Bal., 36,000 units, 3⁄4 completed 207,360  31 Direct materials, 200,000 units 450,000   657,360  31 Direct labor 207,900   865,260  31 Factory overhead 680,400   1,545,660  31 Goods finished, 196,000 units 1,361,660 184,000  31 Bal., ? units, 1⁄2 completed 184,000  a.  Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1.  Direct materials cost per equivalent unit $fill in the blank 1 2.  Conversion cost per equivalent unit $fill in the blank 2 3.  Cost of the beginning work in process completed during August $fill in the blank 3 4.  Cost of units started and completed during August $fill in the blank 4 5.  Cost of the ending work in process $fill in the blank 5 b.  Assuming that the direct materials cost is the same for July and August, did the conversion cost p\ Feedback Area Feedback a. & b. Where in the process are direct materials added to the units? Remember that there are two pieces to this manufacturing process, direct materials costs and conversion costs. Recall the definition of work in process.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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eBook Show Me HowPrint Item Question Content Area Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit August 1 Bal., 36,000 units, 3⁄4 completed 207,360  31 Direct materials, 200,000 units 450,000   657,360  31 Direct labor 207,900   865,260  31 Factory overhead 680,400   1,545,660  31 Goods finished, 196,000 units 1,361,660 184,000  31 Bal., ? units, 1⁄2 completed 184,000  a.  Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1.  Direct materials cost per equivalent unit $fill in the blank 1 2.  Conversion cost per equivalent unit $fill in the blank 2 3.  Cost of the beginning work in process completed during August $fill in the blank 3 4.  Cost of units started and completed during August $fill in the blank 4 5.  Cost of the ending work in process $fill in the blank 5 b.  Assuming that the direct materials cost is the same for July and August, did the conversion cost p\ Feedback Area Feedback a. & b. Where in the process are direct materials added to the units? Remember that there are two pieces to this manufacturing process, direct materials costs and conversion costs. Recall the definition of work in process.
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