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Required information Use the following information for the Exercises below. (Algo) [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. Units 77,000 407,000 385,000 99,000 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 $ 185,086 39,930 Direct Materials Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 1,332,034 915,420 Percent Complete 70% 90% $ 225,016 2,247,454 $ 2,472,470 Conversion Percent Complete 30% a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. 40% 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.

Required information Use the following information for the Exercises below. (Algo) [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. Units 77,000 407,000 385,000 99,000 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 $ 185,086 39,930 Direct Materials Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 1,332,034 915,420 Percent Complete 70% 90% $ 225,016 2,247,454 $ 2,472,470 Conversion Percent Complete 30% a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. 40% 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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! Required information Use the following information for the Exercises below. (Algo) [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 Units 77,000 407,000 385,000 99,000 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 Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 $ 185,086 39,930 Direct Materials Percent Complete 70% 1,332,034 915,420 90% $ 225,016 Conversion Percent Complete 30% 2,247,454 $ 2,472,470 40% 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.
Transcribed Image Text:! Required information Use the following information for the Exercises below. (Algo) [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 Units 77,000 407,000 385,000 99,000 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 Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 $ 185,086 39,930 Direct Materials Percent Complete 70% 1,332,034 915,420 90% $ 225,016 Conversion Percent Complete 30% 2,247,454 $ 2,472,470 40% 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.
Required a. Cost per equivalent unit of production: Weighted average method Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP EUP Costs EUP Direct Materials Cost per EUP Cost per EUP Total cost Total cost Costs EUP Conversion
Transcribed Image Text:Required a. Cost per equivalent unit of production: Weighted average method Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP EUP Costs EUP Direct Materials Cost per EUP Cost per EUP Total cost Total cost Costs EUP Conversion
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