The assembly division of Stiles Watches, Inc. uses the FIFO method of process costing. Consider the following data for the month of May 2017:E (Click the icon to view the data.)RequirementCompute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.Data table- XPhysical UnitsDirectConversion(Watches)MaterialsCosts$549,300$71,250Beginning work in process (May 1)"Started in May 2017Completed during May 2017Ending work in process (May 31)Total costs added during May 2017"Degree of completion: direct materials, 05% conversion costs, 40%"Degree of completion: direct materials, 66%: conversion costs, 35%100487467120$3,460,200 $1,782.200PrintDone

In process costing, Output of one process is the input of other process. Equivalent unit = Doc *…

Requirement Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Data table - X Physical Units Direct Conversion (Watches) 100 Materials Costs $549,300 $71,250 Beginning work in process (May 1) Started in May 2017 Completed during May 2017 Ending work in process (May 31) Total costs added during May 2017 "Degree of completion: direct materials, 95% conversion costs, 40%. Degree of completion: direct materials, 55% conversion costs, 35% 487 467 120 $3.460,200 $1.782.200 Print Done

Requirement Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Data table - X Physical Units Direct Conversion (Watches) 100 Materials Costs $549,300 $71,250 Beginning work in process (May 1) Started in May 2017 Completed during May 2017 Ending work in process (May 31) Total costs added during May 2017 "Degree of completion: direct materials, 95% conversion costs, 40%. Degree of completion: direct materials, 55% conversion costs, 35% 487 467 120 $3.460,200 $1.782.200 Print Done

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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Q2: Magic Company adds materials at the beginning of the process in Department A. The following information on physical units for Department A for the month of August is available: Work in process, August 1 (60% complete with respect to conversion).... Started in August. Completed Work in process, August 31 (30% complete with respect to conversion). 72,000 480,000 480,000 72,000 Required 1. Compute the equivalent units for materials costs and for conversion costs using the weighted-average method. Solution
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make a cost of production report using process costing fifo method
calculate unit costs and create cost reconcilliation
Study the information provided below and prepare the Process Cost Report for Process 2 using the weighted average method. The report must include the following:1. Quantity Statement 2. Cost Statement 3. Cost Allocation Statement
4. Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the mixing Department. Complete the partial production cost report below for the mixing Department, showing the equivalent units of production for direct materials and for conversion costs.
Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company: Quantity Work in process, May 1 Started in May Completed during May Work in process, May 31 80 500 460 120 Stage of Completion Materials WIP-Beg. 90% 40% WIP-End 60% 30% Conversion Costs Cost Data: Materials P49,336 322,000 Conversion Costs Work in process, May 1 Cost added during May P9,104 139,200 The Assembly Department uses the average method of process costing. What are the equivalent units of production for direct materials and conversion costs? 5. FIFO METHOD -EUP AS TO MATERIALS: 6. FIFO METHOD -EUP AS TO CC:
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Magic Company adds materials at the beginning of the process in Department A. The following information on physical units fo Department A for the month of August is available. Mork in process, August 1 (60% complete with respect to conversion) Started in August Completed Mork In process, hugust 31 (72% complete with respect to conversion) 17,500 119,100 119,100 17,500 Required: a. Compute the equivalent units for materlals costs and for conversion costs using the weighted average method. b. Compute the equivalent units for materials costs and for conversion costs using the FIFO method. Equivalent Units Conversion Costs Materials a Using the weighted average method b Using the FIFO method