REQUIREMENTS Part I- Compute for the Equivalent Units of Production (EUP) for each independent case by preparing a Quantity Schedule. Assume that all product costs (materials and conversion costs) are evenly applied throughout the process. Case 1: In Process, Beg Stage of Completion Placed in Process 10,000 units 1/4 done 50,000 units Transferred Out In Process, End 22,000 units ? units, 5/8 done Note: In process end is equal to 80% of that in beginning work in process In Process, End Stage of Completion 12,000 60% done Case 6: ? units, 30% done 120,000 units 130,000 units 10,000 units ? units, 25% incomplete Note: In process end is equal to 75% of that in Case 2: In Process, Beg In Process, Beg Placed in Process Transferred Out ? units, % incomplete 40,000 units 50,000 units 12,000 units, 50% complete Placed in Process Finished and on Hand In Process, End Transferred Out In Process, End beginning work in process Case 3: In Process, Beg 8,000 units, 40% complete 16,000 units, 5/8 incomplete 80,000 units Case 7: In Process, Beg Placed in Process In Process, End ? units, 3/4 done ? units 4,000 units, 1/8 done 10,000 units In Process, End Total Units to be Accounted For Placed in Process, Completed & Transferred Finished and on Hand Equivalent units of Production 3,000 14,250 Case 4: Transferred Out In Process, Beg Finished and on Hand In Process, End Total Units to be | Accounted For 20,000 units 8,000 units, 1/5 done 4,000 units ? units, 2/3 complete Case 8: In Process, Beg 10,000 units, 70% done 25,000 units ? units, 60% done 27,000 30,000 Transferred Out In Process, End Equivalent units of Production Case 5: In Process, Beg Total Units to be ? units, 1/10 done 30,000 units Accounted For
REQUIREMENTS Part I- Compute for the Equivalent Units of Production (EUP) for each independent case by preparing a Quantity Schedule. Assume that all product costs (materials and conversion costs) are evenly applied throughout the process. Case 1: In Process, Beg Stage of Completion Placed in Process 10,000 units 1/4 done 50,000 units Transferred Out In Process, End 22,000 units ? units, 5/8 done Note: In process end is equal to 80% of that in beginning work in process In Process, End Stage of Completion 12,000 60% done Case 6: ? units, 30% done 120,000 units 130,000 units 10,000 units ? units, 25% incomplete Note: In process end is equal to 75% of that in Case 2: In Process, Beg In Process, Beg Placed in Process Transferred Out ? units, % incomplete 40,000 units 50,000 units 12,000 units, 50% complete Placed in Process Finished and on Hand In Process, End Transferred Out In Process, End beginning work in process Case 3: In Process, Beg 8,000 units, 40% complete 16,000 units, 5/8 incomplete 80,000 units Case 7: In Process, Beg Placed in Process In Process, End ? units, 3/4 done ? units 4,000 units, 1/8 done 10,000 units In Process, End Total Units to be Accounted For Placed in Process, Completed & Transferred Finished and on Hand Equivalent units of Production 3,000 14,250 Case 4: Transferred Out In Process, Beg Finished and on Hand In Process, End Total Units to be | Accounted For 20,000 units 8,000 units, 1/5 done 4,000 units ? units, 2/3 complete Case 8: In Process, Beg 10,000 units, 70% done 25,000 units ? units, 60% done 27,000 30,000 Transferred Out In Process, End Equivalent units of Production Case 5: In Process, Beg Total Units to be ? units, 1/10 done 30,000 units Accounted For
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:REQUIREMENTS
Part I - Compute for the Equivalent Units of Production (EUP) for each independent case by
preparing a Quantity Schedule. Assume that all product costs (materials and conversion costs) are
evenly applied throughout the process.
Transferred Out
In Process, End
Note: In process end is equal to 80% of that in
Case 1:
22,000 units
? units, 5/8 done
In Process, Beg
Stage of Completion
10,000 units
1/4 done
50,000 units
Placed in Process
beginning work in process
In Process, End
Stage of Completion
12,000
60% done
Case 6:
In Process, Beg
Placed in Process
Transferred Out
Finished and on Hand
In Process, End
? units, 30% done
120,000 units
130,000 units
10,000 units
? units, 25%
incomplete
Note: In process end is equal to 75% of that in
Case 2:
In Process, Beg
? units, ¾ incomplete
Placed in Process
40,000 units
50,000 units
12,000 units, 50%
complete
Transferred Out
In Process, End
beginning work in process
Case 3:
In Process, Beg
8,000 units, 40%
complete
16,000 units, 5/8
incomplete
80,000 units
Case 7:
In Process, Beg
Placed in Process
In Process, End
Placed in Process,
Completed & Transferred
Finished and on Hand
Equivalent units of
Production
? units, 3/4 done
? units
4,000 units, 1/8 done
10,000 units
In Process, End
Total Units to be
Accounted For
3,000
14,250
Case 4:
Transferred Out
In Process, Beg
Finished and on Hand
In Process, End
Total Units to be
Accounted For
20,000 units
8,000 units, 1/5 done
4,000 units
? units, 2/3 complete
30,000
Case 8:
In Process, Beg
10,000 units, 70%
done
Transferred Out
In Process, End
Equivalent units of
Production
25,000 units
? units, 60% done
27,000
Case 5:
In Process, Beg
Total Units to be
Accounted For
? units, 1/10 done
30,000 units
Dago LO
Transcribed Image Text:Part III - Compute for the Equivalent Units of Production (EUP) by preparing a Quantity Schedule for
each department.
PROBLEM 1
Department A
? units
Department B
40,000 units
In Process, Sept. 1
Stage of Completion
Placed in Process
Transferred to Stockroom
In Process, Sept. 30
Stage of Completion
40% done
60%
175,000 units
190,000 units
15,000 units
60,000 units
75%
In Department A, all costs (materials and conversion costs) are evenly applied throughout the process.
60%
In Department B, materials are added as follows: 40% at the start, 35% are added when the goods are
3/5 done and the remaining 25% are added at the end.
Requirements:
1. Quantity Schedule
2. Cost of Production Report
3. Journal Entries
4. T-Account for Work in Process
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