Certainly! Below is a transcription suitable for an educational website.---**Understanding Process Costing at Provost Industries**In a discussion between Ruth Scarpino, president of Provost Industries, and Frank Harrop, the operations manager, concerns were raised about a recent report for the Finishing Department. The report details the distribution of costs associated with the department for a specific period.**Report Summary:**- **Beginning Work in Process Inventory (April 1):** - 1,200 units - Costs: $8,663 - Completeness: 100% materials, 88% conversion- **Costs Incurred During the Month:** - Transferred in from preceding department (2,700 units): $30,295 - Materials added: $12,465 - Conversion costs: $26,490- **Total Departmental Costs:** $77,913**Costs Assigned to Production:**1. **Units Completed and Transferred to Finished Goods:** - 3,300 units at a cost of $23.61 per unit - Total: $77,9132. **Ending Work in Process Inventory (April 30):** - 600 units - Completeness: 0% materials, 50% conversion**Clarifications:**- The noted cost for units completed consists of the following: - Transferred in cost: $4,298 - Materials cost: $2,055 - Conversion cost: $2,310**Discussion:**Frank Harrop notes the new assistant controller's struggle with the system, which may relate to the unfamiliarity with the process costing system. The calculated cost per unit ($23.61) was flagged as potentially high, prompting consideration of external factors, such as increased material prices in April.**Requirements:**1. Calculate the equivalent units of production.2. Determine the cost per equivalent unit.3. Assign the total cost to units completed and to the ending work in process inventory.Provost Industries applies the weighted-average method for this process, considering both its Molding and Finishing departments in cost distribution.---This transcription outlines the key points and helps in understanding the cost assignments and calculations within the specific department. The text discusses a scenario from Provost Industries, a company that manufactures a ceramic product using two processing departments: Molding and Finishing. The company applies the weighted-average method of process costing.**Tasks Required:**1-a. **Calculate the equivalent units of production.**1-b. **Calculate the cost per equivalent unit.** - Note: Round your answers to 2 decimal places.1-c. **Determine the cost for ending work in process inventory.** - Note: Round your intermediate calculations to 2 decimal places.1-d. **Calculate the cost of units completed and transferred to finished goods.** - Note: Round your intermediate calculations to 2 decimal places.**Concluding Note:**The answer is deemed complete but not entirely correct.**Table Overview:**The table provides a breakdown of the calculations:- **Equivalent units of production:** - Transferred In: 3,900 - Materials: 3,300 - Conversion: 3,600 - Total: Not provided- **Cost per equivalent unit:** - Transferred In: $8.87 (Correct) - Materials: $4.40 (Correct) - Conversion: $8.64 (Incorrect)- **Cost of ending work in process inventory:** - Transferred In: $5,322 (Correct) - Materials: $0 (Correct) - Conversion: $2,592 - Total: $7,914- **Cost of units completed and transferred out:** - Transferred In: $29,271 (Correct) - Materials: $14,520 (Correct) - Conversion: $28,512 (Incorrect) - Total: $72,303The task requires students to ensure accuracy in calculations, rounding to two decimal places for precision.

Name: Certainly! Below is a transcription suitable for an educational websi
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Certainly! Below is a transcription suitable for an educational website.---**Understanding Process Costing at Provost Industries**In a discussion between Ruth Scarpino, president of Provost Industries, and Frank Harrop, the operations manager, conce