Following is a partial production cost report for Mitchell MarEquivalent units of production (EUP) Direct MaterialsUnitsCompleted and transferred outEnding Work in ProcessCost per EUPCost of beginning work in process $40,500Costs added this period136,000Total costs$ 176,500% EUP from part (a)Cost per EUPO $135,500.O $136,000.O $176,500.50,00015,000O $176,150.O $196,000.Conversion65,000$2.71Percent Complete EUP Percent Complete EUP100%50,000 100%50,000100%15,000 80%12,00065,00062,000Direct Materials ConversionThe total direct materials costs transferred out of the Canning department equals:per EUP$ 59,700183,100$ 242,80062,000$3.92per EUP

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Description: Following is a partial production cost report for Mitchell MarEquivalent units of production (EUP) Direct MaterialsUnitsCompleted and transferred outEnding Work in ProcessCost per EUPCost of beginning work in process $40,500Costs added this period13

Total material cost transferred out is a measure of the cost of raw materials and components used in…

Business

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Equivalent units of production (EUP) Direct Materials Units Completed and transferred out 50,000 Ending Work in Process 15,000 Cost per EUP Cost of beginning work in process $ 40,500 Costs added this period 136,000 Total costs $ 176,500 % EUP from part (a) Cost per EUP Conversion Direct Materials Conversion 65,000 $2.71 Percent Complete EUP Percent Complete EUP 100% 50,000 100% 50,000 100% 15,000 80% 12,000 65,000 62,000 per EUP $59,700 183,100 $ 242,800 62,000 $ 3.92 per EUP

Equivalent units of production (EUP) Direct Materials Units Completed and transferred out 50,000 Ending Work in Process 15,000 Cost per EUP Cost of beginning work in process $ 40,500 Costs added this period 136,000 Total costs $ 176,500 % EUP from part (a) Cost per EUP Conversion Direct Materials Conversion 65,000 $2.71 Percent Complete EUP Percent Complete EUP 100% 50,000 100% 50,000 100% 15,000 80% 12,000 65,000 62,000 per EUP $59,700 183,100 $ 242,800 62,000 $ 3.92 per EUP

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ces Beginning work in process inventory Units started this period Beginning work in process Direct materials Completed and transferred out Ending work in process inventory Production cost information for the forming department follows. Conversion Costs added this period Direct materials Conversion Total costs to account for Required A Required B Required C Units Costs of beginning work in process Costs added this period Total costs Equivalent units of production (from part a) Cost per equivalent unit of production 320,000 312,000 35,000 $ $ $ 40,000 16,100 Complete this question by entering your answers in the tabs below. 1,660,000 929,300 a. Calculate the equivalent units of production for both direct materials and conversion for the Forming department. b. Calculate the costs per equivalent unit of production for both direct materials and conversion for the Forming departm c. Using the weighted average method, assign costs to the forming department's output-specifically, its units…