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 3,000 29,000 8,000 Required C Direct Materials Percent Complete 100% 100% $ 83,000 92,680 Units 435,000 371,000 Conversion Percent Complete 80% 40% 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. $ 175,680 Required A Required B Compute the equivalent units of production for both direct materials and conversion. Equivalent Units of Production: Weighted average Direct Materials EUP Percent Complete 806,000 $981,680 Conversion Percent Complete EUP
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 3,000 29,000 8,000 Required C Direct Materials Percent Complete 100% 100% $ 83,000 92,680 Units 435,000 371,000 Conversion Percent Complete 80% 40% 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. $ 175,680 Required A Required B Compute the equivalent units of production for both direct materials and conversion. Equivalent Units of Production: Weighted average Direct Materials EUP Percent Complete 806,000 $981,680 Conversion Percent Complete EUP
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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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
Total
Total costs
+ Equivalent units of production
Cost per equivalent unit of production
Complete this question by entering your answers in the tabs below.
Required A Required B
Required A Required B
Compute the cost per equivalent unit for both direct materials and conversion.
Note: Round "Cost per EUP" to 2 decimal places.
Cost per Equivalent Unit of Production
Required C
Required C
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
Units
+
Complete this question by entering your answers in the tabs below.
Percent
Complete
Direct
Materials
EUP
< Required A
EUP
< Required B
Conversion
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
Cost per EUP
Percent
Complete
Conversion
Total cost
Required >
Required C >
EUP
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 periodi
Direct materials
Conversion
Total costs to account for
Required A
Units
3,000
29,000
8,000
Required B
Required C
Direct
Materials
Percent
Complete
100%
100%
$ 83,000
92,688
435,000
371,000
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.
Units
Conversion
Percent
Complete
80%
40%
$ 175,688
806,000
$ 981,680
Percent
Complete
Compute the equivalent units of production for both direct materials and conversion.
Equivalent Units of Production: Weighted average
Direct Materials
EUP
Conversion
Percent
Complete
EUP
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