Equivalent Units and Product Cost Report-Weighted Average Method The following data (and annotations) are for the work in process account of the first of Crocker Company's four departments used in manufacturing its only product for October. Work in Process-Department 1 Beginning balance (2,000 units, 70% complete) Direct material Conversion costs Transferred to department 2 (20,000 units) Direct material (21,000 units) Direct labor Manufacturing overhead Ending balance [(b) units, 25% complete] Assuming that Crocker uses the weighted average method and that materials are added at the beginning of the process and conversion costs are incurred evenly throughout, solve for the three missing numbers. Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Complete/Transferred Ending Inventory b. Total $23,250 19,200 (a) 236,250 290,400 96,600 (c) Crocker Company Department 1 Equivalent Units Calculations, October 0 0 0 % Work done 0% 0% Equivalent Units Direct Materials % Work Done 0 0 0 0% 0% Conversion Costs 0 0 0

Equivalent Units and Product Cost Report-Weighted Average Method The following data (and annotations) are for the work in process account of the first of Crocker Company's four departments used in manufacturing its only product for October. Work in Process-Department 1 Beginning balance (2,000 units, 70% complete) Direct material Conversion costs Transferred to department 2 (20,000 units) Direct material (21,000 units) Direct labor Manufacturing overhead Ending balance [(b) units, 25% complete] Assuming that Crocker uses the weighted average method and that materials are added at the beginning of the process and conversion costs are incurred evenly throughout, solve for the three missing numbers. Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Complete/Transferred Ending Inventory b. Total $23,250 19,200 (a) 236,250 290,400 96,600 (c) Crocker Company Department 1 Equivalent Units Calculations, October 0 0 0 % Work done 0% 0% Equivalent Units Direct Materials % Work Done 0 0 0 0% 0% Conversion Costs 0 0 0

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Description: Equivalent Units and Product Cost Report-Weighted Average MethodThe following data (and annotations) are for the work in process account of the first of Crocker Company's four departments used in manufacturing its only product forOctober.Work in Pro

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 24E

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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

Equivalent Units and Product Cost Report-Weighted Average Method
The following data (and annotations) are for the work in process account of the first of Crocker Company's four departments used in manufacturing its only product for
October.
Work in Process-Department 1
Beginning balance (2,000 units, 70% complete)
Direct material
Conversion costs
Transferred to department 2 (20,000 units)
Direct material (21,000 units)
Direct labor
Manufacturing overhead
Ending balance [(b) units, 25% complete]
Assuming that Crocker uses the weighted average method and that materials are added at the beginning of the process and conversion costs are incurred evenly
throughout, solve for the three missing numbers. Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent
calculations. Round other answers to the nearest whole number.
Complete/Transferred
Ending Inventory b.
Total
$23,250
19,200
(a)
236,250
290,400
96,600
(c)
Crocker Company Department 1
Equivalent Units Calculations, October
0
0
0
% Work
done
0%
0%
Equivalent Units
Direct
Materials
0
0
0
% Work
Done
0%
0%
Conversion
Costs
0
0
0

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