Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Drawing Department Winding Department 7,000 units, 35% completed 2,100 units, 75% completed Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 95,100 units 5,300 units, 85% completed 2,900 units, 30% completed Production begins in the Drawing Department and finishes in the Winding Department. a. If all direct materials are placed in process at the beginning of production, determine the direct materials and e production for June for the Drawing Department. If an amount is zero, enter in "0". Inventory in process, June 1 Started and completed in June Drawing Department Direct Materials and Conversion Equivalent Units of Production For June Transferred to Winding Department in June Inventory in process, June 30 Total Inventory in process, June 1 95,900 units b. If all direct materials are placed in process at the beginning of production, determine the direct materials and production for June for the Winding Department. If an amount is zero, enter in "0". Started and completed in June Transferred to finished goods in June Total Winding Department Direct Materials and Conversion Equivalent Units of Production For June Inventory in process, June 30 Whole Units Direct Materials Conversion Equivalent Units Equivalent Units Whole Units Direct Materials Conversion Equivalent Units Equivalent Units
Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Drawing Department Winding Department 7,000 units, 35% completed 2,100 units, 75% completed Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 95,100 units 5,300 units, 85% completed 2,900 units, 30% completed Production begins in the Drawing Department and finishes in the Winding Department. a. If all direct materials are placed in process at the beginning of production, determine the direct materials and e production for June for the Drawing Department. If an amount is zero, enter in "0". Inventory in process, June 1 Started and completed in June Drawing Department Direct Materials and Conversion Equivalent Units of Production For June Transferred to Winding Department in June Inventory in process, June 30 Total Inventory in process, June 1 95,900 units b. If all direct materials are placed in process at the beginning of production, determine the direct materials and production for June for the Winding Department. If an amount is zero, enter in "0". Started and completed in June Transferred to finished goods in June Total Winding Department Direct Materials and Conversion Equivalent Units of Production For June Inventory in process, June 30 Whole Units Direct Materials Conversion Equivalent Units Equivalent Units Whole Units Direct Materials Conversion Equivalent Units Equivalent Units
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.
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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.
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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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Transcribed Image Text:Equivalent Units of Production
Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows:
Drawing Department
Winding Department
7,000 units, 35% completed 2,100 units, 75% completed
(Algorithmic)
Work in process, June 1
Completed and transferred to next
95,900 units
95,100 units
processing department during June
Work in process, June 30
5,300 units, 85% completed 2,900 units, 30% completed
Production begins in the Drawing Department and finishes in the Winding Department.
a. If all direct materials are placed in process at the beginning of production, determine the direct materials and o
production for June for the Drawing Department. If an amount is zero, enter in "0"
Inventory in process, June 1
Drawing Department
Direct Materials and Conversion Equivalent Units of Production
For June
Whole Units
Started and completed in June
Transferred to Winding Department in June
Total
Inventory in process, June 30
b. If all direct materials are placed in process at the beginning of production, determine the direct materials and c
production for June for the Winding Department. If an amount is zero, ender in "0".
Inventory in process, June 1
Winding Department
Direct Materials and Conversion Equivalent Units of Production
For June
Started and completed in June
Total
Transferred to finished goods in June
Direct Materials Conversion
Equivalent Units Equivalent Units
Inventory in process, June 30
Whole Units Direct Materials Conversion
Equivalent Units Equivalent Units
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