Required information Skip to question [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 60,000 Units started this period 322,000 Completed and transferred out 300,000 Ending work in process inventory 82,000 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion $ 118,472 48,594 850,368 649,296 $ 167,066 1,499,664 60% 80% 40% 30% Total costs to account for $1,666,730 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. Note: Round "Cost per EUP" to 2 decimal places. (b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. Note: Round "Cost per EUP" to 2 decimal places.
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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[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Units
Direct Materials Conversion
Percent Complete
Percent Complete
Beginning work in process inventory
60,000
Units started this period
322,000
Completed and transferred out
300,000
Ending work in process inventory
82,000
The production department had the cost information below.
Beginning work in process inventory
Direct materials
Conversion
Costs added this period
Conversion
$ 118,472
48,594
Total costs to account for
850,368
649,296
$ 167,066
60%
80%
40%
30%
1,499,664
$1,666,730
(a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department.
Note: Round "Cost per EUP" to 2 decimal places.
(b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process at
period-end. Use the FIFO method.
Note: Round "Cost per EUP" to 2 decimal places.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F03fffa09-c90e-4a88-b75a-9558047b2c93%2F33108f10-7308-4fd8-a21d-80c0a4d17304%2Fwgon47e_processed.jpeg&w=3840&q=75)
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