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 Conversion Costs added this period Direct materials Conversion Total costs to account for Required b. Cost assignment Weighted average Completed and transferred out Direct materials Conversion + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs completed and transferred out Units Required a. Cost per equivalent unit of production: Weighted average method Costs of beginning inventory Costs added this period Total costs Ending work in process Direct materials 60,000 322,000 300,000 82,000 Conversion $ 118,472 48,594 Total cost of ending work in process 850,368 649,296 Total costs accounted for a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. b. Using the weighted average method, assign April's costs to the department's output-specifically. Its units transferred to the next department and its ending work in process Inventory. Note: Round "Cost per EUP" to 2 decimal places. EUP Direct Materials Conversion 300,000 300,000 Percent Complete 60% EUP 80% $ 167,066 1,499,664 $ 1,666,730 Costs $ EUP Percent Complete 40% Direct Materials $ Cost per EUP Cost per EUP $ $ 30% 0.00 $ 0.00 118,472 850,368 968,840 Total cost Total cost 0 0.00 0.00 Costs EUP Conversion $ $ 48,594 649,296 697,890 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 Conversion Costs added this period Direct materials Conversion Total costs to account for Required b. Cost assignment Weighted average Completed and transferred out Direct materials Conversion + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs completed and transferred out Units Required a. Cost per equivalent unit of production: Weighted average method Costs of beginning inventory Costs added this period Total costs Ending work in process Direct materials 60,000 322,000 300,000 82,000 Conversion $ 118,472 48,594 Total cost of ending work in process 850,368 649,296 Total costs accounted for a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. b. Using the weighted average method, assign April's costs to the department's output-specifically. Its units transferred to the next department and its ending work in process Inventory. Note: Round "Cost per EUP" to 2 decimal places. EUP Direct Materials Conversion 300,000 300,000 Percent Complete 60% EUP 80% $ 167,066 1,499,664 $ 1,666,730 Costs $ EUP Percent Complete 40% Direct Materials $ Cost per EUP Cost per EUP $ $ 30% 0.00 $ 0.00 118,472 850,368 968,840 Total cost Total cost 0 0.00 0.00 Costs EUP Conversion $ $ 48,594 649,296 697,890 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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![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
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
Required b.
Cost assignment-Weighted average
+ Equivalent units of production
Cost per equivalent unit of production (rounded to 2 decimals)
Completed and transferred out
Direct materials
Conversion
Required a.
Cost per equivalent unit of production: Weighted average method
Costs of beginning inventory
Costs added this period
Total costs
Total costs completed and transferred out
Units
Ending work in process
Direct materials
60,000
322,000
300,000
82,000
Conversion
$ 118,472
48,594
Total cost of ending work in process
850,368
649,296
a. Compute cost per equivalent unit for both direct materials and conversion.
Note: Round "Cost per EUP" to 2 decimal places.
Total costs accounted for
b. Using the weighted average method, assign Aprill's costs to the department's output-specifically. Its units transferred to the next
department and its ending work in process inventory.
Note: Round "Cost per EUP" to 2 decimal places.
EUP
Direct
Materials Conversion
300,000
300,000
Percent
Complete
60%
EUP
80%
$ 167,066
1,499,664
$ 1,666,730
Costs $
EUP
Percent
Complete
40%
Direct Materials
$
Cost per EUP
Cost per EUP
$
$
30%
0.00 $
0.00
118,472
850,368
968,840
Total cost
Total cost
0
0.00
0.00
Costs
EUP
Conversion
$
$
48,594
649,296
697,890
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F71ce8e5a-a520-47c6-9f2e-d028b6184b03%2F67f38402-75f0-4cdc-a03a-bb2754833f34%2Fffhkic_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
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
Required b.
Cost assignment-Weighted average
+ Equivalent units of production
Cost per equivalent unit of production (rounded to 2 decimals)
Completed and transferred out
Direct materials
Conversion
Required a.
Cost per equivalent unit of production: Weighted average method
Costs of beginning inventory
Costs added this period
Total costs
Total costs completed and transferred out
Units
Ending work in process
Direct materials
60,000
322,000
300,000
82,000
Conversion
$ 118,472
48,594
Total cost of ending work in process
850,368
649,296
a. Compute cost per equivalent unit for both direct materials and conversion.
Note: Round "Cost per EUP" to 2 decimal places.
Total costs accounted for
b. Using the weighted average method, assign Aprill's costs to the department's output-specifically. Its units transferred to the next
department and its ending work in process inventory.
Note: Round "Cost per EUP" to 2 decimal places.
EUP
Direct
Materials Conversion
300,000
300,000
Percent
Complete
60%
EUP
80%
$ 167,066
1,499,664
$ 1,666,730
Costs $
EUP
Percent
Complete
40%
Direct Materials
$
Cost per EUP
Cost per EUP
$
$
30%
0.00 $
0.00
118,472
850,368
968,840
Total cost
Total cost
0
0.00
0.00
Costs
EUP
Conversion
$
$
48,594
649,296
697,890
0
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