! Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. 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 Units 73,000 387,000 365,000 95,000 Conversion Costs added this period Direct materials. Conversion Total costs to account for $ 172,070 17,500 1,165,180 779,000 Direct Materials Percent Complete 75% 85% Percent Complete $ 189,570 Conversion 1,944,180 $ 2,133,750 25% 35% (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.
! Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. 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 Units 73,000 387,000 365,000 95,000 Conversion Costs added this period Direct materials. Conversion Total costs to account for $ 172,070 17,500 1,165,180 779,000 Direct Materials Percent Complete 75% 85% Percent Complete $ 189,570 Conversion 1,944,180 $ 2,133,750 25% 35% (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.
Chapter1: Financial Statements And Business Decisions
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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:Required a.
Cost per equivalent unit of production: FIFO method
→ Equivalent units of production
Cost per equivalent unit of production (rounded to 2 decimals)
Required b.
Cost assignment-FIFO
Beginning work in process
To complete beginning work in process
Direct materials
Conversion
Started and completed
Direct materials
Conversion
Completed and transferred out
Ending work in process
Direct materials
Conversion
Total costs accounted for
EUP
EUP
EUP
Direct Materials Conversion
Cost per EUP
Cost per EUP
$
0.00
0.00
Cost per EUP
$
0.00
0.00
$
$
Total cost
Total cost
Total cost
0
0
0
0
0
![!
Required information
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
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
Units
73,000
387,000
365,000
95,000
Conversion
Costs added this period
Direct materials.
Conversion
Total costs to account for
$ 172,070
17,500
1,165,180
779,000
Direct
Materials
Percent
Complete
75%
85%
Percent Complete
$ 189,570
Conversion
1,944,180
$ 2,133,750
25%
35%
(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%2Fd3824b55-af29-4e78-943b-f923818c94e5%2F127fe6d3-f4ab-468c-b765-054ea74b1356%2F3dzi1s_processed.png&w=3840&q=75)
Transcribed Image Text:!
Required information
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
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
Units
73,000
387,000
365,000
95,000
Conversion
Costs added this period
Direct materials.
Conversion
Total costs to account for
$ 172,070
17,500
1,165,180
779,000
Direct
Materials
Percent
Complete
75%
85%
Percent Complete
$ 189,570
Conversion
1,944,180
$ 2,133,750
25%
35%
(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.
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