The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 4,000 units, 75% completed 17,100 To Finished Goods, 92,000 units ? Direct materials, 94,000 units @ $1.50 141,000 Direct labor 264,100 Factory overhead 102,700 Bal., ? units, 45% completed ? Question Content Area Determine the following: a. The number of units in work in process inventory at the end of the period. fill in the blank b622ae01203302a_1 units Feedback Area Feedback Units in ending work in process represent units that have been started in the department but have not been completed, and therefore have not been transferred out to finished goods. Question Content Area b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0". Work in Process-Assembly DepartmentEquivalent Units of Production for Direct Materials and Conversion Costs Whole Units Equivalent Units Direct Materials Equivalent Units Conversion Inventory in process, beginning fill in the blank 77a79d023fbd05d_1 fill in the blank 77a79d023fbd05d_2 fill in the blank 77a79d023fbd05d_3 Started and completed fill in the blank 77a79d023fbd05d_4 fill in the blank 77a79d023fbd05d_5 fill in the blank 77a79d023fbd05d_6 Transferred to finished goods fill in the blank 77a79d023fbd05d_7 fill in the blank 77a79d023fbd05d_8 fill in the blank 77a79d023fbd05d_9 Inventory in process, ending fill in the blank 77a79d023fbd05d_10 fill in the blank 77a79d023fbd05d_11 fill in the blank 77a79d023fbd05d_12 Total units fill in the blank 77a79d023fbd05d_13 fill in the blank 77a79d023fbd05d_14 fill in the blank 77a79d023fbd05d_15 Feedback Area Feedback When are materials added in the process? How does that affect the number of equivalent units in beginning work in process, units that have been started and completed and units in ending work in process? For units to be completed they have to be complete with respect to both materials and conversion. Question Content Area c. Costs per equivalent unit for direct materials and conversion. If required, round your answers to the nearest cent. Costs Per Equivalent Unit Direct Materials $fill in the blank 8c0d96faafbbfea_1 Conversion $fill in the blank 8c0d96faafbbfea_2
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.
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.
| Work in Process-Assembly Department | |||
|---|---|---|---|
| Bal., 4,000 units, 75% completed | 17,100 | To Finished Goods, 92,000 units | ? |
| Direct materials, 94,000 units @ $1.50 | 141,000 | ||
| Direct labor | 264,100 | ||
| Factory overhead | 102,700 | ||
| Bal., ? units, 45% completed | ? |
Question Content Area
Determine the following:
a. The number of units in work in process inventory at the end of the period.
fill in the blank b622ae01203302a_1 units
Feedback Area
Units in ending work in process represent units that have been started in the department but have not been completed, and therefore have not been transferred out to finished goods.
Question Content Area
b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0".
| Whole Units |
Equivalent Units Direct Materials |
Equivalent Units Conversion |
|
| Inventory in process, beginning | fill in the blank 77a79d023fbd05d_1 | fill in the blank 77a79d023fbd05d_2 | fill in the blank 77a79d023fbd05d_3 |
| Started and completed | fill in the blank 77a79d023fbd05d_4 | fill in the blank 77a79d023fbd05d_5 | fill in the blank 77a79d023fbd05d_6 |
| Transferred to finished goods | fill in the blank 77a79d023fbd05d_7 | fill in the blank 77a79d023fbd05d_8 | fill in the blank 77a79d023fbd05d_9 |
| Inventory in process, ending | fill in the blank 77a79d023fbd05d_10 | fill in the blank 77a79d023fbd05d_11 | fill in the blank 77a79d023fbd05d_12 |
| Total units | fill in the blank 77a79d023fbd05d_13 | fill in the blank 77a79d023fbd05d_14 | fill in the blank 77a79d023fbd05d_15 |
Feedback Area
When are materials added in the process? How does that affect the number of equivalent units in beginning work in process, units that have been started and completed and units in ending work in process? For units to be completed they have to be complete with respect to both materials and conversion.
Question Content Area
c. Costs per equivalent unit for direct materials and conversion. If required, round your answers to the nearest cent.
| Costs Per Equivalent Unit | |
| Direct Materials | $fill in the blank 8c0d96faafbbfea_1 |
| Conversion | $fill in the blank 8c0d96faafbbfea_2 |
d. Cost of the units started and completed during the period.
$fill in the blank 8c0d96faafbbfea_3
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