[The following information applies to the questions displayed below.]The first production department of Stone Incorporated reports the following for April.DirectMaterialsConversionUnitsBeginning work in process inventory71,000PercentComplete65%PercentComplete35%Units started this period377,000Completed and transferred out355,000Ending work in process inventory93,00090%40%Compute the number of equivalent units of production for both direct materials and conversion for April using the weightedaverage method.Completed and transferred outEnding work in processTotalEquivalent units of production: Weighted average methodDirect MaterialsConversionUnitsPercentCompleteEUPPercentCompleteEUP355,00093,000448,000

Name: [The following information applies to the questions displayed below.]
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: [The following information applies to the questions displayed below.]The first production department of Stone Incorporated reports the following for April.DirectMaterialsConversionUnitsBeginning work in process inventory71,000PercentComplete65%Perce

Equivalent units are those partial completed units which are used in process costing to calculate…

Answered: his displayed below.j The first…

Business

Accounting

his displayed below.j The first production department of Stone Incorporated reports the following for April. Direct

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of…

A: FIFO Method :— Under this method, equivalent units is calculated by adding equivalent units…

Q: Drawing Department Winding Department ork in process, November 1 5,700 units, 40% completed 2,300…

A: a. Drawing Department whole Units Equivalent Units Direct materials conversion…

Q: The following information concerns production in the Baking Department for March. All direct…

A: Closing units = Opening units + Units introduced - Units completed

Q: Required: 1. Enter the balance as of April 1 in a four-column account for Work in Process-Filling.…

A: To understand the calculations and results presented in the cost of production report and the…

Q: The information below was obtained from the records of the first processing department of California…

A: Formula: Equivalent units for material = Units transferred + Ending work in process Sum of both…

Q: Required information Use the following information for the Exercises below. (Algo) [The following…

A: The cost per equivalent unit is computed by dividing the total cost assigned to the operation during…

Q: Recording Standards in Accounts The Assembly Department produced 1,000 units of product during…

A: Standard costing: Under this costing method, the expected costs are used in the accounting records…

Q: es Dittmar Products has provided the following information pertaining to equivalent units of…

A: FIFO METHOD :— Under this method, equivalent units are calculated by adding equivalent units in…

Q: Units of production data for the two departments of Continental Cable and Wire Company for November…

A: Formula: Equivalent units of production = Beginning work in process + units completed during the…

Q: The following information concerns production in the Baking Department for December. All direct…

A: Number of units in ending work in process inventory = Units in beginning WIP + Units Started - Units…

Q: The following information concerns production in the Baking Department for March. All direct…

A: Ending Work-in-process = Beginning Work-in-process + Units Started - Completed and transferred out…

Q: Oslo Company produces large quantities of a standardized product. The following information is…

A: Weighted Average Method :— Under this method, equivalent units is calculated from equivalent units…

Q: variable cost per equivalent unit for conversion for the month.

A: When the percentage of cost incurred for a unit is different we are required to calculate equivalent…

Q: Mark Anthony insured his life with an insurance company. Under the contract, he will pay a monthly…

A: Answer 1:- b. P150,000. Explanation:- The beneficiary of the Mark Anthony will report an income of…

Q: Costs per Equivalent Unit The following information concerns production in the Baking Department…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

Q: Equivalent Units of Production Units of production data for the two departments of Continental…

A: Under process costing, total inputs are equal to total output unless there is some loss. Total…

Q: The debits to Work in Process—Assembly Department for April, together with data concerning…

Q: equivalent units of production for direct materials and conversion costs

A: Process costing is actually a system of costing that uses cost per equivalent unit and equivalent…

Q: department for May. Prepare a production cost report for this process using the weighted average…

Q: Process Costing Journal Entries. Assume a company has two processing departments—Molding and…

A: Process costing is the work of cost accounting wherein the cost are allocated on the basis of…

Q: A company produces two products, A and B, that go through a three-step sequence of fabrication,…

A: DIRECT LABOUR BUDGETDirect Labour Budget is the Estimation of Direct Labour Hour Required to Produce…

Q: Required Information Use the following Information for the Exercises below. (Algo) [The following…

A: WEIGHTED AVERAGE METHOD:— Under this method, equivalent units are calculated by adding equivalent…

Q: The debits to Work in Process-Assembly Department for April, together with data concerning…

A: Material cost refers to the expenses incurred in acquiring the necessary raw materials, components,…

Q: Concord Company had the following department data: Work in process inventory, July 1 Completed and…

A: In the process costing system, the equivalent number of units are obtained by multiplying the number…

Q: The above information (picture) concerns production in the Forging Department for November. All…

A: Since you have asked multiple sub-parts we will solve first three sub-parts for you if you want to…

Q: . The following information concerns production in the Baking Department for March. All direct…

A: Direct material cost is the cost of raw material produced or purchased to produce the final…

Q: Describe how process costing is different than job costing. Identify at least three differences.…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: am. 111.

Q: Determine the over or underapplied overhead for each department at the end of January.

A: Over or under applied overhead is the difference between applied overhead and actual overhead. If…

Q: White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat…

A: Process costs It is a method of cost accounting, which is used where the production is continuous,…

Q: Work in Process Account Data for Two Months; Cost of Production Reports Pittsburgh Aluminum Company…

A: For direct material 100% unit completed in the previous period. It means the remaining 0% completed…

Q: The following information concerns production in the Forging Department for November. All direct…

Q: The following information concerns production in the Baking Department for August. All direct…

A: The equivalent units are calculated on the basis of the percentage of the work completed during the…

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.

Topic Video

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduce Of Equivalents Units Of Production -

VIEW

Step 2: Equivalent Units Of Production -

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Units of production data for the two departments of Pacific Cable and Wire Company for November of the current fiscal year are as follows: Drawing Department Winding Department 5,700 units, 35% completed 1,700 units, 90% completed Work in process, November 1 Completed and transferred to next processing department during November Work in process, November 30 4,300 units, 60% completed 2,300 units, 20% completed a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and Conversion Equivalent Units of Production For November Inventory in process, November 1 Started and completed in November Transferred to Winding Department in November Inventory in process, November 30 Total 78,100 units Inventory in process, November 1 Started and completed in November Transferred to finished…
Use the following information to calculate the cost of goods manufactured during July. Work in process inventory, 1 July Manufacturing overhead applied during the month Work in process inventory, 31 July Finished goods inventory, 1 July Finished goods inventory, 31 July Cost of goods sold during July 9,000 20,000 14,000 7,500 5,000 75,000
Thank you.
Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department started 12,300 units during November. The following production activity in both units and costs refers to the Assembly department's November activities. Assembly Department Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Cost of beginning work in process Direct materials Conversion Costs added this month Direct materials Conversion Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Units 3,200 12,300 10, 200 5,300 Total costs accounted for Percent Complete for Direct Materials 75% $ 1,143 624 1,143 13,827 17,856 CARLBERG COMPANY Cost assignment-FIFO EUP Assign costs to the Assembly department's output-specifically, the units transferred…
In order to sumarize production fr the past month both broken down by the number of each type of widget produced by each divisin, as well as the total number of each type of widget produced and the total production for each division, you would use
Weighted Average Method, Single-Department AnalysisRefer to the information for Millie Company above.Required:Prepare a production report for the assembly department for June using the weighted averagemethod of costing. The report should disclose the physical flow of units, equivalent units, andunit costs and should track the disposition of manufacturing costs.
Equivalent Units of Production Data for the two departments of Kimble & Pierce Company for June of the current fiscal year are as follows: Work in process, June 1 Completed and transferred to next processing department during June Work in process, June 30 Inventory in process, June 1 Started and completed in June Transferred to Winding Department in June Inventory in process, June 30 Total Drawing Department 6,600 units, 50% completed 5,000 units, 50% completed 2,600 units, 10% Broduction begins in the Drawing Department and finishes h the Winding Department. 90,400 units a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for June for the Drawing Department. If an amount is zero, enter in "0". Drawing Department Direct Materials and onversion Equivalent Units of Production For June Inventory in process, June 1 Started and completed in June Transferred to finished goods in June…
Required information [The following information applies to the questions displayed below.] The following data reports on the July production activities of the Molding department at Ash Company. Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory $ 31,450 3,900 Units 470,050 263, 250 3,000 39,500 39,000 3,500 $ 35,350 733,300 $768,650 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 20% 60% Prepare the Molding department's production cost report using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places.
The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 8,400 units, 2/5 completed 19,656 31 Direct materials, 151,200 units 302,400 322,056 31 Direct labor 88,540 410,596 31 Factory overhead 49,808 460,404 31 Goods finished, 153,300 units 444,402 16,002 31 Bal., ? units, 3/5 completed 16,002 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during August 4. Cost of units started and completed during August 5. Cost of the ending work in process
Friedman Company has a production process that involves three processes. Units move through the processes in this order: cutting, stamping, and then polishing. The company had the following transactions in November: View the transactions. Prepare the joumal entries for Friedman Company. (Record debits first, then credits. Exclude explanations from journal entries.) 1. Cost of units completed in the Cutting Department, $14,000 Date Nov. 30 Accounts Debit Credit Transactions 1. Cost of units completed in the Cutting Department, $14,000 2. Cost of units completed in the Stamping Department, $28,000 $39,000 3. Cost of units completed in the Polishing Department, 4. Sales on account, $40,000 5. Cost of goods sold is 80% of sales - X
Shirley Processing. Incorporated (SPI) makes adhesive tape. The following information on the physical flow of units and costs for month of March: Quantities Beginning work-in-process Started To account for Transferred out Ending work in process Accounted for Cost Beginning work-in-process Current period Total Physical 108,000 957,588 1,065,500 976,588 89,000 1,065,508 Total $ 188,570 1,891,498 $ 2,088,068 Equivalent units Percentage Complete Conversion 48% Materials 100% 100% 100% Required A Direct Materials $ 168,180 1,244,750 $ 1,412,938 Required: a. Compute the equivalent units for the conversion cost calculation for March assuming Shirley Processing, Incorporated uses the weighted-average method. b. Compute the cost per equivalent unit for direct materials and conversion costs for March assuming Shirley Processing, Incorporated uses the weighted-average method. Complete this question by entering your answers in the tabs below. 100% 28% Conversion $ 28,390 646,748 $ 667,138 Required…