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Hi-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process. Beginning work in process inventory. Completed and transferred out Ending work in process inventory Beginning work in process Direct materials Conversion Costs added this period i Direct materials. Conversion Total costs to account for Units 4,000 30,000 9,000 Direct Materials Percent Complete. 100% 100% $ 42,500 98,040- 445,000 369,000 Conversion Percent Complete 80% 40% $ 140,540 814,000 $ 954,540 a. Compute the equivalent units of production for both direct materials and conversion. b. Compute the cost per equivalent unit for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory.

Hi-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process. Beginning work in process inventory. Completed and transferred out Ending work in process inventory Beginning work in process Direct materials Conversion Costs added this period i Direct materials. Conversion Total costs to account for Units 4,000 30,000 9,000 Direct Materials Percent Complete. 100% 100% $ 42,500 98,040- 445,000 369,000 Conversion Percent Complete 80% 40% $ 140,540 814,000 $ 954,540 a. Compute the equivalent units of production for both direct materials and conversion. b. Compute the cost per equivalent unit for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Hi-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process. Beginning work in process inventory Completed and transferred out Ending work in process inventory Beginning work in process. Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 4,000 30,000 9,000 Direct Materials Percent Complete 100% 100% $ 42,500 98,040 445,000 369,000 Conversion Percent Complete 80% 40% $ 140,540 Complete this question by entering your answers in the tabs below. 814,000 $ 954,540 a. Compute the equivalent units of production for both direct materials and conversion. b. Compute the cost per equivalent unit for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory.
Transcribed Image Text:Hi-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process. Beginning work in process inventory Completed and transferred out Ending work in process inventory Beginning work in process. Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 4,000 30,000 9,000 Direct Materials Percent Complete 100% 100% $ 42,500 98,040 445,000 369,000 Conversion Percent Complete 80% 40% $ 140,540 Complete this question by entering your answers in the tabs below. 814,000 $ 954,540 a. Compute the equivalent units of production for both direct materials and conversion. b. Compute the cost per equivalent unit for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory.
Complete this question by entering your answers in the tabs below. Required A Required B ♦ Required C Compute the equivalent units of production for both direct materials and conversion. Equivalent Units of Production: Weighted average Direct Materials EUP Completed and transferred out Total Cost per Equivalent Unit of Production Total costs + Equivalent units of production Cost per equivalent unit of production Units Required A Required B Required C Compute the cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Required A Completed and transferred out Direct materials Conversion Total Completed and transferred out Ending work in process Direct materials Conversion Total ending work in process Total costs accounted for Percent Complete EUP Direct Materials < Required A Complete this question by entering your answers in the tabs below. <Required B Required B > Conversion Cost per EUP Required B required C Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places. Cost assignment-Weighted average Conversion Percent Complete Required C > Total cost $ EUP 0
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Required A Required B ♦ Required C Compute the equivalent units of production for both direct materials and conversion. Equivalent Units of Production: Weighted average Direct Materials EUP Completed and transferred out Total Cost per Equivalent Unit of Production Total costs + Equivalent units of production Cost per equivalent unit of production Units Required A Required B Required C Compute the cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Required A Completed and transferred out Direct materials Conversion Total Completed and transferred out Ending work in process Direct materials Conversion Total ending work in process Total costs accounted for Percent Complete EUP Direct Materials < Required A Complete this question by entering your answers in the tabs below. <Required B Required B > Conversion Cost per EUP Required B required C Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places. Cost assignment-Weighted average Conversion Percent Complete Required C > Total cost $ EUP 0
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