Required information Use the following Information for the Exercises below. (Algo) 1 [The following information applies to the questions displayed below] The first production department in a process manufacturing system reports the following unit data. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Exercise 16-4 (Algo) Weighted average: Computing equivalent units LO P1 Prepare the production department's equivalent units of production for direct materials under each of the following three separate assumptions using the weighted average method for process costing. Total Equivalent Units of Production (EUP) Weighted Average Method 1. All direct materials are added to products when processing begins. 32,000 units 48,000 units 80,000 units 17,500 units Units Units Direct Materials Percent Complete 2. Beginning inventory is 30% complete as to direct materials costs. Ending inventory is 70% complete as to direct materials costs. EUP Direct Materials Percent Complete EUP
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
Use the following Information for the Exercises below. (Algo) 1
[The following information applies to the questions displayed below.]
The first production department in a process manufacturing system reports the following unit data.
Beginning work in process inventory
Units started and completed
Exercise 16-4 (Algo) Weighted average: Computing equivalent units LO P1
Prepare the production department's equivalent units of production for direct materials under each of the following three separate
assumptions using the weighted average method for process costing.
Units completed and transferred out
Ending work in process inventory
Equivalent Units of Production (EUP)-Weighted Average Method
1. All direct materials are added to products when processing begins.
Total
Total
Units
32,000 units
48,000 units
80,000 units
17,500 units
Units
2. Beginning inventory is 30% complete as to direct materials costs. Ending inventory is 70%
complete as to direct materials costs.
Direct Materials
Units
Percent
Complete
EUP
Direct Materials
Percent
Complete
3. Beginning inventory is 60% complete as to direct materials costs. Ending inventory is 20%
complete as to direct materials costs.
EUP
Percent
Complete
Direct Materials
EUP](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F142eef86-4b53-441f-912e-b61c949eb0cf%2Ff4461554-e8a7-4607-8da6-c894b895456c%2F45u4b9l_processed.png&w=3840&q=75)
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