Requirement Summarise total costs to account for calculate cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed (and transferred out) and to units in ending work-in-process. Begin by summarising the total costs to account for (Complete the necessary drop downs. Fill in the relevant cells with its corresponding figures) Total Direct Materials Conversion Costs Production Costs Total costs to account for Data table Beginning work-in-process (1 May) Started in May, this year Completed during May, this year Physical Units (Watches) 100 525 480 145 Ending work-in-process (31 May) Total costs added during May, this year "Degree of completion direct materials, 90% conversion costs, 40% Degree of completion direct materials, 60% conversion costs, 40% Direct Conversion Materials Costs €64.500 €738.600 €3,195,000 €1,415,000 Data table Flow of Production Completed and transferred out during current period Work-in-process, ending Accounted for Work done to date Physical Units 400 145 625 Equivalent Units Direct Materials 480 116 506 Conversion Costs 400 58 538

Requirement Summarise total costs to account for calculate cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed (and transferred out) and to units in ending work-in-process. Begin by summarising the total costs to account for (Complete the necessary drop downs. Fill in the relevant cells with its corresponding figures) Total Direct Materials Conversion Costs Production Costs Total costs to account for Data table Beginning work-in-process (1 May) Started in May, this year Completed during May, this year Physical Units (Watches) 100 525 480 145 Ending work-in-process (31 May) Total costs added during May, this year "Degree of completion direct materials, 90% conversion costs, 40% Degree of completion direct materials, 60% conversion costs, 40% Direct Conversion Materials Costs €64.500 €738.600 €3,195,000 €1,415,000 Data table Flow of Production Completed and transferred out during current period Work-in-process, ending Accounted for Work done to date Physical Units 400 145 625 Equivalent Units Direct Materials 480 116 506 Conversion Costs 400 58 538

Name: Consider the following data for the assembly division of Stiles Watch
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Consider the following data for the assembly division of Stiles Watches Company:The assembly division uses the weighted-average method of process costing.(Click the icon to view the data)RequirementSummarise total costs to account for calculate cost

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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The above information (picture) concerns production in the Forging Department for November. All direct materials are placed in process at the beginning of production. What is the Direct Materials Cost Per Equvalent Unit? ________________ What is the Conversion cost per equivalent unit? _____________________ What is the cost of the beginning work in process completed during May? __________________ What is the cost of the ending work in process? ___________________ What is the amount of the costs transfered to Finished Goods (or the next department)? _____________________
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Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 76,00 874,000 750,000 200,000 $ 494,000 87,000 3,306,000 1,653,000 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 80% $ 581,000 4,959,000 $ 5,540,000 Required: 1. Compute equivalent units of production for both direct materials and conversion. 60%
Work in Process Account Data for Two Months; Cost of Production Reports Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process-Rolling on September 1 and debits to the account during September were as follows: Bal., 1,200 units, 60% completed: Direct materials (1,200 x $3.6) $ 4,320 Conversion (1,200 x 60% x $1.5) 1,080 $ 5,400 From Smelting Department, 27,000 units $99,900 Direct labor 25,667 Factory overhead 13,821 During September, 1,200 units in process on September 1 were completed, and of the 27,000 units entering the department, all were completed except 3,500 units that were 20% completed. Charges to Work in Process-Rolling for October were as follows: From Smelting Department, 31,000 units $120,900 Direct labor 35,450 Factory overhead 19,086 During October, the…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
C) what's is the cost per equivalent unit for materials ? ( round your answer to 2 decimal places.) D) what is the cost equivalent unit for conversion? (Round your answer to 2 decimal places.) E) what is the cost of units transferred out? (Round your cost per equivalent unit to 2 decimal places.)
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Subject: acounting