Required Information Use the following information for the Exercises below. (Static) [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 60,000 322,000 300,000 82,000 Conversion Costs added this period Direct materials Conversion Total costs to account for The production department had the cost information below. Beginning work in process inventory Direct materials $ 118,472 48,594 Direct Materials 850,368 649,296 Percent Complete 60% Exercise 20-9 (Static) Weighted average: Cost per equivalent unit; costs assigned to output and Inventory LO P1 80% $ 167,066 Conversion Percent Complete 40% $ 1,666,730 30% o. 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 ne department and to ending work in process inventory Note: Round "Cost per EUP" to 2 decimal places.
Required Information Use the following information for the Exercises below. (Static) [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 60,000 322,000 300,000 82,000 Conversion Costs added this period Direct materials Conversion Total costs to account for The production department had the cost information below. Beginning work in process inventory Direct materials $ 118,472 48,594 Direct Materials 850,368 649,296 Percent Complete 60% Exercise 20-9 (Static) Weighted average: Cost per equivalent unit; costs assigned to output and Inventory LO P1 80% $ 167,066 Conversion Percent Complete 40% $ 1,666,730 30% o. 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 ne department and to ending work in process inventory Note: Round "Cost per EUP" to 2 decimal places.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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Transcribed Image Text:Required a
Cost per equivalent unit of production: Weighted average method
Costs of units transferred out
Costs of ending inventory
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
Direct Materials
Costs
EUP
Cost per EUP
$
Cost per EUP
0.00
0.00
$
Total cost
Total cost
0
0.00
0.00
Costs
EUP
Conversion
![Required Information
Use the following information for the Exercises below. (Static)
[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
60,000
322,000
300,000
82,000
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
The production department had the cost information below.
Beginning work in process inventory
Direct materials
Direct
Materials
Percent
Complete
60%
$ 118,472
48,504
850,368
80%
Exercise 20-9 (Static) Weighted average: Cost per equivalent unit; costs assigned to output and
Inventory LO P1
$ 167,066
Conversion
Percent
Complete
40%
$1,666,730
30%
o. 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,](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fecb3ccf8-64a3-4f42-90b5-c9c7edf16923%2F43ded0c8-9d1f-4e9a-b02e-1aa3cfb6b09a%2F1zzk22o_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
Use the following information for the Exercises below. (Static)
[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
60,000
322,000
300,000
82,000
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
The production department had the cost information below.
Beginning work in process inventory
Direct materials
Direct
Materials
Percent
Complete
60%
$ 118,472
48,504
850,368
80%
Exercise 20-9 (Static) Weighted average: Cost per equivalent unit; costs assigned to output and
Inventory LO P1
$ 167,066
Conversion
Percent
Complete
40%
$1,666,730
30%
o. 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,
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