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 a Cost per equivalent unit of production: FIFO method Costs added this period - 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 Units 80,000 422,000 400,000 102,000 Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion. $ 196,304 68,624 Total costs accounted for 1,451,226 989,296 EUP Direct Materials (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (Round "Cost per EUP" to 2 decimal places.) EUP Percent Complete Gex (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. (Round "Cost per EUP" to 2 decimal places.) EUP 98% $ 264,928 Percent Complete 48% 2,448,522 $ 2,705,450 Conversion $ 48%% Direct Materials $ 1,451,220 $ 139,800 10.38 S Cost per EUP Cost per EUP $ 0.00 0.00 Cost per EUP $ Conversion $ 0.00 $ 0.00 989,296 72,800 13.59 Total cost Total cost Total cost 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 Conversion Costs added this period Direct materials Conversion Total costs to account for Required a Cost per equivalent unit of production: FIFO method Costs added this period - 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 Units 80,000 422,000 400,000 102,000 Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion. $ 196,304 68,624 Total costs accounted for 1,451,226 989,296 EUP Direct Materials (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (Round "Cost per EUP" to 2 decimal places.) EUP Percent Complete Gex (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. (Round "Cost per EUP" to 2 decimal places.) EUP 98% $ 264,928 Percent Complete 48% 2,448,522 $ 2,705,450 Conversion $ 48%% Direct Materials $ 1,451,220 $ 139,800 10.38 S Cost per EUP Cost per EUP $ 0.00 0.00 Cost per EUP $ Conversion $ 0.00 $ 0.00 989,296 72,800 13.59 Total cost Total cost Total cost 0 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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
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
Costs added this period
- 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
80,000
422,000
Completed and transferred out
Ending work in process
Direct materials
Conversion.
400,000
102,000
Total costs accounted for
$ 196,304
68,624
1,451,226
989,296
EUP
(a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (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. (Round "Cost per EUP" to 2 decimal places.)
EUP
Direct
Materials
EUP
Percent
Complete
Gex
98%
$ 264,928
Percent Complete
48%
2,448,522
$ 2,705,450
Conversion
$
Direct Materials
$ 1,451,220 $
139,800
10.38 S
Cost per EUP
48%%
Cost per EUP
$
0.00
0.00
Cost per EUP
$
Conversion
$
0.00 $
0.00
989,296
72,800
13.59
Total cost
Total cost
Total cost
0
0
0
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2625a59d-b2cd-4b14-b45d-d982de32dbe4%2F6c39c3cf-5a73-4033-b37a-2d940cee477a%2Fx57fpvc_processed.jpeg&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
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
Costs added this period
- 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
80,000
422,000
Completed and transferred out
Ending work in process
Direct materials
Conversion.
400,000
102,000
Total costs accounted for
$ 196,304
68,624
1,451,226
989,296
EUP
(a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (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. (Round "Cost per EUP" to 2 decimal places.)
EUP
Direct
Materials
EUP
Percent
Complete
Gex
98%
$ 264,928
Percent Complete
48%
2,448,522
$ 2,705,450
Conversion
$
Direct Materials
$ 1,451,220 $
139,800
10.38 S
Cost per EUP
48%%
Cost per EUP
$
0.00
0.00
Cost per EUP
$
Conversion
$
0.00 $
0.00
989,296
72,800
13.59
Total cost
Total cost
Total cost
0
0
0
0
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