Beginning work in process (40% complete)Direct materials.Conversion costTotal cost of beginning work in processNumber of units startedNumber of units completed and transferred to finished goodsEnding work in process (75% complete)Current period costsDirect materialsConversion costTotal current period costsa. Reconcile the number of physical units worked on during the period.b. Calculate the number of equivalent units.Required:1. Using FIFO method of process costing, complete each of the following steps:c. Calculate the cost per equivalent unit.d. Reconcile the total cost of work in process.Complete this question by entering your answers in the tabs below.Req 1AReq 1BReq 1CUnitsReq 1D?35,90034,30021,350Costs$ 1,331,500620,800$ 1,952,300$ 2,397,4001,261,500$ 3,658,900Using FIFO method of process costing, reconcile the total cost of work in process.Note: Use Equivalent Units rounded to the nearest whole unit and Cost per Equivalent Unit rounded to 5 decimal places.final apcwors to the nearest whole dollar amount.

Equivalent Cost Of Production Weighted Average Method Of Computing The Units Completed And Started…

Required: 1. Using FIFO method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process.

Required: 1. Using FIFO method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process.

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: Required information [The following information applies to the questions displayed below.] Victory…

A: In this question we Compute cost per equivalent unit of production for both direct materials and…

Q: All of the following are likely to be used as a cost allocation base in activity-based costing…

A: Activity-based costing( ABC) is a going system used in directorial accounting that assigns costs…

Q: Glencove Company makes one model of radar gun used by law enforcement officers. All direct materials…

A: Using the formulas given below we can determine the cost and inventory units: (Beginning Units +…

Q: Which of the following is a characteristic of a process cost accounting system? A. Material, Labor,…

A: The objective of the question is to identify the correct characteristic of a process cost accounting…

Q: All the following can be used as an allocation base , EXCEPT : a All of the given answers can be…

A: Allocation base means base used to allocate costs between various jobs and products.

Q: 2. Compute both the direct material cost and the conversion cost per equivalent unit. Cost per…

A: Process Costing: Process Costing refers to the costing where the costs are assigned to the units of…

Q: All the following can be used as an allocation base, EXCEPT: а. direct labor cost b. direct machine…

A: Allocation Base : Allocation base is that the instrument by that the overhead price of the…

Q: In cost accounting, what is the purpose of job costing? a. To allocate overhead costs to products b.…

A: Cost accounting is a managerial accounting process that deals with capturing, categorising, and…

Q: Activity-based costing (ABC) involves steps, such as: Group of answer choices estimating annual…

A: The Activity-Based Costing (ABC) method is a management technique of assigning factory overheads…

Q: Compute equivalent units of production for both direct materials and conversion. For the first two…

A: Equivalent Unit of Production: Equivalent units of production are the quantity of finished units of…

Q: Using the following terms, complete the production cost report shown below. Ending work in process…

A: Conversion Cost = Direct labor + Applied overhead

Q: Under process costing, the total production costs incurred in each process must be split between the…

A: The objective of the question is to identify the correct option to which the total production costs…

Q: Required: a. Calculate the cost per equivalent unit for direct materials and conversion costs. b.…

Q: Riverbed Company has gathered the following information. Units in beginning work in process…

A: Process costing is used where there is two or more production process includes. Under process…

Q: 4. By reference to the above data, explain the concept of equivalent units in process costing.

A: In process costing, some units may have fully finished but other units may still be under…

Q: Equivalent units of production are the a.number of units in production during a period, whether…

A: The correct answer is option (d).

Q: All of the following is true about process costing except which one? Group of answer choices…

A: The objective of the question is to identify the statement that is not true about process costing.…

Q: Classify each of the following costs as either unit-level, batch-level, product-level, or…

A: Activities that are completed every time a batch of goods or products is created, or a set of…

Q: In Process Costing, before you can calculate the cost to produce a product. you must determine…

A: In process costing, to find out the cost of producing a product, you need to determine the…

Q: Place the following steps required to prepare a process costing production report into their correct…

A: Process Costing: Process costing is a method in which products undergo two or more processes.…

Q: Job order costing and process costing both: a. All the given answers are correct. b. both allocate…

A: Job cost accounting accumulates prices by individual jobs. Method cost accounting accumulates prices…

Q: Baden Company has gathered the following information. Units in beginning work in process 0 Units…

A: Equivalent units of productions material conversion cost 37000 units 65600 units Unit…

Q: For many years, Thomson Company manufactured a single product called LEC 40. Then three years ago,…

A: Manufacturing costs;Manufacturing costs:Manufacturing costs refer to the cost incurred to…

Q: What term refers to a grouping of costs that consists of direct labor and factory overhead costs and…

A: Conversion cost is the total of labour cost and factory overhead cost/manufacturing Overhead cost.…

Q: Please refer to the pictures for parts A and B. Part C is below: Cost assignment—Weighted average…

A: Under weighted average method, the degree of completion of units completed and transferred out with…

Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

Beginning work in process (40% complete)
Direct materials.
Conversion cost
Total cost of beginning work in process
Number of units started
Number of units completed and transferred to finished goods
Ending work in process (75% complete)
Current period costs
Direct materials
Conversion cost
Total current period costs
a. Reconcile the number of physical units worked on during the period.
b. Calculate the number of equivalent units.
Required:
1. Using FIFO method of process costing, complete each of the following steps:
c. Calculate the cost per equivalent unit.
d. Reconcile the total cost of work in process.
Complete this question by entering your answers in the tabs below.
Req 1A
Req 1B
Req 1C
Units
Req 1D
?
35,900
34,300
21,350
Costs
$ 1,331,500
620,800
$ 1,952,300
$ 2,397,400
1,261,500
$ 3,658,900
Using FIFO method of process costing, reconcile the total cost of work in process.
Note: Use Equivalent Units rounded to the nearest whole unit and Cost per Equivalent Unit rounded to 5 decimal places.
final apcwors to the nearest whole dollar amount.

Expert Solution

This question has been solved!

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

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Number Of Physical Units :

VIEW

Step 3: Number Of Equivalent Units

VIEW

Step 4: Cost Per Equivalent Units

VIEW

Step 5: Total Cost Accounted For :

VIEW

Solution

VIEW

Step by step

Solved in 6 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

When using the weighted-average method of process costing, total equivalent units produced for a given period equal: Which of the followubg below is correct and why 1. The number of units started and completed during the period plus the number of units in beginning work in process plus the number of units in ending work in process. 2. The number of units in beginning work in process plus the number of units started during the period plus the number of units remaining in ending work in process times the percentage of work necessary to complete the items. 3. The number of units in beginning work in process times the percentage of work necessary to complete the items plus the number of units started and completed during the period plus the number of units started this period and remaining in ending work in process times the percentage of work necessary to complete the items. 4. The number of units transferred out during the period plus the number of units remaining in ending work in…
In a process cost system total costs are determined when the job is completed. costs are summarized in a job cost sheet. only one work in process account is used. the unit cost is total manufacturing costs for the period divided by the unts produced during the period.
Which of the following is a characteristic of a process cost accounting system? A. Material, Labor, and Overheads are accumulated by orders. B. Companies use this system if they process custom orders. C. Only Closing stock of work in process is restated in terms of completed units. D. Opening and Closing stock of work in process are related in terms of completed units.
In process costing, costs are accounted for by a. year. b. process. c. job. d. batch
For the weighted average method of process costing, the: total cost of completed units equals the total cost of ending work in process. unit cost of materials equals the unit cost for conversion costs. equivalent units for conversion costs are higher than the equivalent units for materials. flow of physical units produces the same results as the computations for equivalent units. None of the above is true.
During production, how are the costs in process costing accumulated?A. to cost of goods soldB. to each individual productC. to manufacturing overheadD. to each individual department
Please explain the statement below thoroughly with examples. (Ture or False) "In activity-based costing, the manufacturing overhead cost per unit will depend partially on the number of units in a batch."