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 [units, 25% complete) Complete/Transferred Ending Inventory b Total 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. Beginning Inventory Current Conversion costs Cost of Goods Manufactured Ending Inventory: Direct Materials $62.000 28,800 (8) 630.000 435,600 144,900 (C) Crocker Company Department 1 Equivalent Units Calculations, October Conversion costs Cost of Ending Inventory Total Costs Allocated Total Costs to Account For Total Equivalent Units Average cost/Equivalent unit (round four decimal places) Complete/Transferred: Direct Materials % Work done Equivalent Units Direct Materials Product Cost Report S S S S $ % Work Done Direct Conversion Materials Costs S S Conversion Costs S S $
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 [units, 25% complete) Complete/Transferred Ending Inventory b Total 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. Beginning Inventory Current Conversion costs Cost of Goods Manufactured Ending Inventory: Direct Materials $62.000 28,800 (8) 630.000 435,600 144,900 (C) Crocker Company Department 1 Equivalent Units Calculations, October Conversion costs Cost of Ending Inventory Total Costs Allocated Total Costs to Account For Total Equivalent Units Average cost/Equivalent unit (round four decimal places) Complete/Transferred: Direct Materials % Work done Equivalent Units Direct Materials Product Cost Report S S S S $ % Work Done Direct Conversion Materials Costs S S Conversion Costs S S $
Chapter1: Financial Statements And Business Decisions
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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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![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
Beginning Inventory
Current
Conversion costs
Cost of Goods Manufactured
Ending Inventory:
Direct Materials
$62,000
28,800
(a)
630,000
435,600
144,900
(C)
Crocker Company Department 1
Equivalent Units Calculations, October
Conversion costs
Cost of Ending Inventory
Total Costs Allocated
Total Costs to Account For
+ Total Equivalent Units
Average cost / Equivalent unit (round four decimal places)
Complete / Transferred:
Direct Materials
% Work
done
Equivalent Units
Direct
Materials
Product Cost Report
$
$
$
$
$
$
$
% Work
Done
$
Direct
Materials
$
96
$
Conversion
Costs
Conversion
Costs
$
$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffc5dd71d-51fa-441f-9ebc-9ba33f9dfb0d%2Fa954ec46-6339-4693-9c9d-02cbf7b07087%2Fyrs57ks_processed.png&w=3840&q=75)
Transcribed Image Text: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
Beginning Inventory
Current
Conversion costs
Cost of Goods Manufactured
Ending Inventory:
Direct Materials
$62,000
28,800
(a)
630,000
435,600
144,900
(C)
Crocker Company Department 1
Equivalent Units Calculations, October
Conversion costs
Cost of Ending Inventory
Total Costs Allocated
Total Costs to Account For
+ Total Equivalent Units
Average cost / Equivalent unit (round four decimal places)
Complete / Transferred:
Direct Materials
% Work
done
Equivalent Units
Direct
Materials
Product Cost Report
$
$
$
$
$
$
$
% Work
Done
$
Direct
Materials
$
96
$
Conversion
Costs
Conversion
Costs
$
$
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