Midway Metal, which uses the weighted average method, produces wire baskets in two departments, Bending and Painting The Work in Process Inventory T-account for the Bending department is shown below. The 3,600 units in beginning work in process inventory had direct materials costs of $4,000 and conversion costs of $3,200. Also shown is unit data for the Bending department this period. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning balance Direct materials Direct labor Overhead Ending balance Units 7,200 15,600 e 22,200 3,600 7,600 8,600 2,600 Work in Process Inventory-Bending (5) Debit Credit 7 Transferred out Direct Materials Percent Complete 100% 100% Conversion Percent Complete 25% 60% a. Compute equivalent units of production for both direct materials and conversion. b. Compute cost per equivalent unit of production 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
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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![Required A Required B
Compute equivalent units of production for both direct materials and conversion.
Equivalent units of production: Weighted average
Direct Materials
Completed and transferred out
Ending work in process
Required A Required B
Required C
Required C
Total costs
+Equivalent units of production
Cost per equivalent unit of production
Completed and transferred out
Direct materials
Conversion
Ending work in process
Direct materials
Conversion
Cost per equivalent unit of production: Weighted average
Total costs accounted for
Units
8,600
2,600
EUP
Percent
Complete
100%
100%
Compute cost per equivalent unit of production for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal
places.)
Direct Materials Conversion
Cost per EUP
EUP
8,600
2,600
11.200
Required A 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. (Round "Cost per EUP" to 2 decimal places.)
Cost assignment-Weighted average
Total cost
$
Conversion
Percent
Complete
0
100%
60%
EUP
4
8,600
1,560
10,160](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F84fefd46-9e74-4d61-9ac5-d103349d245d%2Ff626e31a-69db-4514-a1e2-6fe1aa0c29a8%2Fj2e90jj_processed.jpeg&w=3840&q=75)
![Midway Metal, which uses the weighted average method, produces wire baskets in two departments, Bending and Painting The Work
in Process Inventory T-account for the Bending department is shown below. The 3,600 units in beginning work in process inventory
had direct materials costs of $4,000 and conversion costs of $3,200. Also shown is unit data for the Bending department this period.
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Beginning balance
Direct materials
Direct labor
Overhead
Ending balance
Units
7,200
15,600
0
22,200
3,600
7,600
8,600
2,600
Work in Process Inventory-Bending (5)
Debit
Credit
? Transferred out
Direct
Materials
Percent
Complete
100%
100%
Conversion
Percent
Complete
25%
60%
a. Compute equivalent units of production for both direct materials and conversion.
b. Compute cost per equivalent unit of production 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F84fefd46-9e74-4d61-9ac5-d103349d245d%2Ff626e31a-69db-4514-a1e2-6fe1aa0c29a8%2F2y9xga9_processed.jpeg&w=3840&q=75)
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