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

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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.

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Step 2: Number Of Physical Units :

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Step 3: Number Of Equivalent Units

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Step 4: Cost Per Equivalent Units

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Step 5: Total Cost Accounted For :

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