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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 6,000 27,000 11,000 Direct Materials Percent Complete 100% 100% $ 60,000 78,460 415,000 358,000 Conversion Percent Complete 80% 40% $ 138,460 773,000 $ 911,460 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 Direct materials Conversion Total costs to account for Units 6,000 27,000 11,000 Direct Materials Percent Complete 100% 100% $ 60,000 78,460 415,000 358,000 Conversion Percent Complete 80% 40% $ 138,460 773,000 $ 911,460 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
Problem 1Q
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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 Required A Required B Required C 6,000 27,000 11,000 Total Direct Materials Percent Complete 100% 100% $ 60,000 78,460 Units 415,000 358,000 Complete this question by entering your answers in the tabs below. 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. Required A Conversion Percent Complete 80% Percent Complete $ 138,460 Compute the equivalent units of production for both direct materials and conversion. Equivalent Units of Production: Weighted average Direct Materials 40% 773,000 $ 911,460 EUP Required B > Conversion Percent Complete 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 period Direct materials Conversion Total costs to account for Units Required A Required B Required C 6,000 27,000 11,000 Total Direct Materials Percent Complete 100% 100% $ 60,000 78,460 Units 415,000 358,000 Complete this question by entering your answers in the tabs below. 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. Required A Conversion Percent Complete 80% Percent Complete $ 138,460 Compute the equivalent units of production for both direct materials and conversion. Equivalent Units of Production: Weighted average Direct Materials 40% 773,000 $ 911,460 EUP Required B > Conversion Percent Complete EUP
Required A Required B Required C Compute the cost per equivalent unit for both direct materials and conversion. (Round "Cost p Cost per Equivalent Unit of Production Direct Materials Total costs + Equivalent units of production Cost per equivalent unit of production Required A Required B Required C Completed and transferred out Direct materials Conversion Total Completed and transferred out Ending work in process Direct materials Conversion < Required A Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Cost assignment-Weighted average Total ending work in process Total costs accounted for EUP Conversion < Required B Required C > Cost per EUP Total cost Required C > $ 0
Transcribed Image Text:Required A Required B Required C Compute the cost per equivalent unit for both direct materials and conversion. (Round "Cost p Cost per Equivalent Unit of Production Direct Materials Total costs + Equivalent units of production Cost per equivalent unit of production Required A Required B Required C Completed and transferred out Direct materials Conversion Total Completed and transferred out Ending work in process Direct materials Conversion < Required A Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Cost assignment-Weighted average Total ending work in process Total costs accounted for EUP Conversion < Required B Required C > Cost per EUP Total cost Required C > $ 0
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