Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow. Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May Units 57,000 37,000 Percent Complete Materials 100% 100% Conversion 50% 30% $ 48,600 $ 13,300 244,800 264,800 $ 72,120 $ 190,866 Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May 2. Compute the first production department's cost per equivalent unit for materials and conversion for May 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May

Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow. Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May Units 57,000 37,000 Percent Complete Materials 100% 100% Conversion 50% 30% $ 48,600 $ 13,300 244,800 264,800 $ 72,120 $ 190,866 Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May 2. Compute the first production department's cost per equivalent unit for materials and conversion for May 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May

Name: Exercise 5-8 (Algo) Equivalent Units; Cost per Equivalent Unit; Assig
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Description: Exercise 5-8 (Algo) Equivalent Units; Cost per Equivalent Unit; Assigning Costs to Units-Weighted-Average Method [LO5-2, LO5-3, LO5-4]Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated floorin

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 4CMA: A company is using process costing with the first-in, first-out (FIFO) method, and all costs are...

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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

Exercise 5-8 (Algo) Equivalent Units; Cost per Equivalent Unit; Assigning Costs to Units-Weighted-
Average Method [LO5-2, LO5-3, LO5-4]
Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of
steps carried out in production departments. All of the material that is used in the first production department is added at the
beginning of processing in that department. Data for May for the first production department follow
Work in process inventory, May 1
Work in process inventory, May 31
Materials cost in work in process inventory, May 1
Conversion cost in work in process inventory, May 1
Units started into production
Units transferred to the next production department
Materials cost added during May
Conversion cost added during May
Units
57,000
37,000
Percent Complete
Conversion
50%
30%
Materials
100%
100%
$ 48,600
$ 13,300
244,800
264,800
$ 72,120
$ 190,866
Required:
1. Calculate the first production department's equivalent units of production for materials and conversion for May
2. Compute the first production department's cost per equivalent unit for materials and conversion for May
3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May

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