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 5,000 units, 10% completed Winding Department 3,200 units, 65% completed 67,300 units Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 68,500 units 3,800 units, 75% completed Production begins in the Drawing Department and finishes in the Winding Department. Inventory in process, June 1 Started and completed in June Transferred to Winding Department in June. Inventory in process, June 30 a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and Conversion Equivalent Units of Production For June Total 4,400 units, 30% completed Conversion Equivalent Units Equivalent Units Whole Units Direct Materials b. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Winding Department. If an amount is zero, enter in "D".
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 5,000 units, 10% completed Winding Department 3,200 units, 65% completed 67,300 units Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 68,500 units 3,800 units, 75% completed Production begins in the Drawing Department and finishes in the Winding Department. Inventory in process, June 1 Started and completed in June Transferred to Winding Department in June. Inventory in process, June 30 a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and Conversion Equivalent Units of Production For June Total 4,400 units, 30% completed Conversion Equivalent Units Equivalent Units Whole Units Direct Materials b. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Winding Department. If an amount is zero, enter in "D".
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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Transcribed Image Text:b. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Winding Department. If an amount is zero, enter in "0".
Winding Department
Direct Materials and Conversion Equivalent Units of Production
For June
Inventory in process, June 1
Started and completed in June
Transferred to finished goods in June
Inventory in process, June 30
Total
Whole Units
Direct Materials Conversion
Equivalent Units Equivalent Units
1000
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
5,000 units, 40% completed
Winding Department
3,200 units, 65% completed
Work in process, June 1
Completed and transferred to next
processing department during June
Work in process, June 30
68,500 units
67,300 units
3,800 units, 75% completed.
Production begins in the Drawing Department and finishes in the Winding Department.
Inventory in process, June 1
Started and completed in June
Transferred to Winding Department in June
Inventory in process, June 30
Total
4,400 units, 30% completed
a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0".
Drawing Department
Direct Materials and Conversion Equivalent Units of Production
For June
Direct Materials
Conversion
Whole Units Equivalent Units Equivalent Units
b. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Winding Department. If an amount is zero, enter in "0".
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