Required information [The following information applies to the questions displayed below] The first production department of Stone Incorporated reports the following for April Direct Materials Percent Complete 70% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 72,000 382,000 360,000 94,000 Required a Cost per equivalent unit of production: FIFO method Equivalent units of production $ 167,920 38,028 1,115,920 777,192 BON $ 205,948 1993,112 $7,099,068 Conversion Percent Complete 30% (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. 30% Direct Materiale Conversion

Required information [The following information applies to the questions displayed below] The first production department of Stone Incorporated reports the following for April Direct Materials Percent Complete 70% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 72,000 382,000 360,000 94,000 Required a Cost per equivalent unit of production: FIFO method Equivalent units of production $ 167,920 38,028 1,115,920 777,192 BON $ 205,948 1993,112 $7,099,068 Conversion Percent Complete 30% (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. 30% Direct Materiale Conversion

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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