Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Units Percent Complete 84,000 442,000 Percent Complete Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Conversion Costs added this period Direct materials 420,000 Beginning work in process inventory Direct materials Conversion Total costs to account for 106,000 $ 339,208 26,430 1,452,832 1,035,300 80% 80% $365,638 2,488,132 $ 2,853,770 20% 30% a. Compute cost per equivalent unit for both direct materials and conversion. (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. (Round "Cost per EUP" to 2 decimal places.)
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)
Skip to question
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Direct Materials Conversion
Units
Percent Complete
84,000
442,000
420,000
106,000
Percent Complete
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1
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
$ 339,208
26,430
1,452,832
1,035,300
80%
80%
$365,638
2,488,132
$ 2,853,770
20%
30%
a. Compute cost per equivalent unit for both direct materials and conversion. (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. (Round "Cost per EUP" to 2 decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7b1243b-47fb-4bd0-b294-b1dba514b94a%2F8847dfba-8872-45ed-b2ab-3ef398ea4378%2F3yg1ll_processed.jpeg&w=3840&q=75)
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