Question 4: Process Costing: FIFO Cultural Cuisines Pty Ltd uses the first-in, first-out method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion 700 80% 20% $1,814 $1,406 25,200 25,300 $94,125 $619,951 600 60% 50% Required: Using the first-in, first-out method: Determine the equivalent units of production for materials and conversion costs. Determine the cost per equivalent unit for materials and conversion costs. Round your answers to 2 decimal places. a Determine the material, conversion and total cost of ending work in process inventory. Round your final answer to the nearest whole number. In Determine the material, conversion and total cost to complete the units in beginning WIP Round your final answer to the nearest whole number.
Question 4: Process Costing: FIFO Cultural Cuisines Pty Ltd uses the first-in, first-out method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion 700 80% 20% $1,814 $1,406 25,200 25,300 $94,125 $619,951 600 60% 50% Required: Using the first-in, first-out method: Determine the equivalent units of production for materials and conversion costs. Determine the cost per equivalent unit for materials and conversion costs. Round your answers to 2 decimal places. a Determine the material, conversion and total cost of ending work in process inventory. Round your final answer to the nearest whole number. In Determine the material, conversion and total cost to complete the units in beginning WIP Round your final answer to the nearest whole number.
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:Question 4: Process Costing: FIFO
Cultural Cuisines Pty Ltd uses the first-in, first-out method in its process costing
system. The following data concern the operations of the company's first processing
department for a recent month.
Work in process, beginning
Units in process
Percent
complete with respect to materials
Percent complete with respect to conversion
Costs in the beginning inventory:
Materials cost
Conversion cost
Units started into production during the month
Units completed and transferred out
Costs added to production during the month:
Materials cost
Conversion cost
Work in process, ending:
Units in process
Percent complete with respect to materials
Percent complete with respect to conversion
700
80%
20%
$1,814
$1,406
25,200
25,300
$94,125
$619,951
600
inventory. Round your final answer to the nearest whole number. In
Determine the material, conversion and total cost to complete the units in
beginning WIP. Round your final answer to the nearest whole number.
60%
50%
Required:
Using the first-in, first-out method:
Determine the equivalent units of production for materials and conversion costs.
Determine the cost per equivalent unit for materials and conversion costs. Round
your answers to 2 decimal places. a
Determine the material, conversion and total cost of ending work in process
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