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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 Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory production department had the cost information below. inning work in process inventory Direct materials Conversion Units 79,000 417,000 395,000 101,000 ts added this period Direct materials Conversion cal costs to account for $ 250,325 19,758 1,336,480 970,047 Percent Complete 80% 85% Percent Complete 20% $ 270,083 Conversion 2,306,527 $ 2,576,610 35% alculate the costs per equivalent unit of production for both direct materials and conversion for the department. : Round "Cost per EUP" to 2 decimal places. ssign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process at d-end. Use the FIFO method. : 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. Direct Materials Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory production department had the cost information below. inning work in process inventory Direct materials Conversion Units 79,000 417,000 395,000 101,000 ts added this period Direct materials Conversion cal costs to account for $ 250,325 19,758 1,336,480 970,047 Percent Complete 80% 85% Percent Complete 20% $ 270,083 Conversion 2,306,527 $ 2,576,610 35% alculate the costs per equivalent unit of production for both direct materials and conversion for the department. : Round "Cost per EUP" to 2 decimal places. ssign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process at d-end. Use the FIFO method. : Round "Cost per EUP" to 2 decimal places.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for The production department had the cost information below. Required a. Cost per equivalent unit of production: FIFO method Cost of beginning goods in process + 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 Units 79,000 417,000 Completed and transferred out Ending work in process Direct materials Conversion 395,000 101,000 Total costs accounted for $ 250,325 19,758 1,336,480 970,047 EUP (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. Percent Complete 80% EUP 85% EUP $ 270,083 395,000 395,000 2,306,527 $ 2,576,610 85,850 35,550 Percent Complete 20% Conversion $ Direct Materials 270,083 S 0 Cost per EUP 3.30 2.30 35% Cost per EUP $ 3.30 2.30 Cost per EUP $ 3.30 2.30 Conversion S S Total cost Total cost 100 1,303,500 908,500 0 Total cost 283,305 81,765 0 0 $ 2,212,000 365,070
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. Direct Materials Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for The production department had the cost information below. Required a. Cost per equivalent unit of production: FIFO method Cost of beginning goods in process + 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 Units 79,000 417,000 Completed and transferred out Ending work in process Direct materials Conversion 395,000 101,000 Total costs accounted for $ 250,325 19,758 1,336,480 970,047 EUP (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. Percent Complete 80% EUP 85% EUP $ 270,083 395,000 395,000 2,306,527 $ 2,576,610 85,850 35,550 Percent Complete 20% Conversion $ Direct Materials 270,083 S 0 Cost per EUP 3.30 2.30 35% Cost per EUP $ 3.30 2.30 Cost per EUP $ 3.30 2.30 Conversion S S Total cost Total cost 100 1,303,500 908,500 0 Total cost 283,305 81,765 0 0 $ 2,212,000 365,070
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