-T Company uses the weighted average method of process costing. Information for the company's first production process foll All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process Beginning work in process inventory Completed and transferred out Ending work in process inventory Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 2,000 28,000 7,000 Direct Materials Percent Complete 100% 100% $ 58,000 97,160 425,000 371,000 Conversion Percent Complete 80% 40% $ 155,160 796,000 $ 951,160 Complete this question by entering your answers in the tabs below. a. Compute the equivalent units of production for both direct materials and conversion b. Compute the cost per equivalent unit for both direct materials and conversion c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process Inventory.

-T Company uses the weighted average method of process costing. Information for the company's first production process foll All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process Beginning work in process inventory Completed and transferred out Ending work in process inventory Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units 2,000 28,000 7,000 Direct Materials Percent Complete 100% 100% $ 58,000 97,160 425,000 371,000 Conversion Percent Complete 80% 40% $ 155,160 796,000 $ 951,160 Complete this question by entering your answers in the tabs below. a. Compute the equivalent units of production for both direct materials and conversion b. Compute the cost per equivalent unit for both direct materials and conversion c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process Inventory.

Name: HI-T Company uses the weighted average method of process costing. Inf
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Description: HI-T Company uses the weighted average method of process costing. Information for the company's first production process follows.All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the

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 following details are provided for a company operating a process costing system: - Process 1 Opening work in process (WIP) Nil Units introduced into the process 15,000 Units completed and transferred to next Process 2 10,000 Closing WIP (50% complete) 5,000 Materials cost (introduced at start of process) 70,000 Conversion cost 50,000 Process 2 Opening WIP Nil Units transferred from Process 1 10,000 Closing WIP (50% complete) 1,000 Completed units transferred to finished goods stock 9,000 Previous…
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