The first production department of Stone Incorporated reports the following for April.DirectMaterialsConversionPercentUnitsCompletePercent CompleteBeginning work in process inventory61,00065%35%Units started this period.327,000Completed and transferred out305,000Ending work in process inventory83,00085%35%The production department had the cost information below.Beginning work in process inventoryDirect materialsConversionCosts added this periodDirect materialsConversionTotal costs to account for$122,03241,708$163,740779,288659,7971,439,085$1,602,825(6) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department.Note: Round "Cost per EUP" to 2 decimal places.(b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in processiperiod-end. Use the FIFO method.Note: Round "Cost per EUP" to 2 decimal places.Required aCost per equivalent unit of production: FIFO methodCosts added this periodEquivalent units of productionCost per equivalent unit of production (rounded to 2 decimals)Cost assignment-FIFOBeginning work in processAnswer is not complete.DirectMaterialsConversion779,288$659,797335,900312,700S232$2.11Cost perTo complete beginning work in processEUPTotal costEUPDirect materialsConversion21,35039,6502.3202.1149,53283,662133.194Started and completed iDirect materialsConversionEUPCost perTotal costEUP244,000 $232S244,0002.11566,080514,840$ 1,080,920Completed and transferred outEnding work in processDirect materialsConversionTotal costs accounted forCost perEUPEUP70,550 $232$29,0502.11Total cost163,67661,296224,972

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Description: The first production department of Stone Incorporated reports the following for April.DirectMaterialsConversionPercentUnitsCompletePercent CompleteBeginning work in process inventory61,00065%35%Units started this period.327,000Completed and transfer

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The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Complete Percent Complete Beginning work in process inventory 61,000 65% 35% Units started this period 327,000 Completed and transferred out 305,000 Ending work in process inventory 83,000 85% 35% The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $122,032 41,708 $163,740 779,288 659,797 1,439,085 $1,602,825 (e) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. Note: Round "Cost per EUP" to 2 decimal places. (b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process. period-end. Use the FIFO method. Note: Round "Cost per EUP" to 2 decimal places.

The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Complete Percent Complete Beginning work in process inventory 61,000 65% 35% Units started this period 327,000 Completed and transferred out 305,000 Ending work in process inventory 83,000 85% 35% The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $122,032 41,708 $163,740 779,288 659,797 1,439,085 $1,602,825 (e) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. Note: Round "Cost per EUP" to 2 decimal places. (b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process. period-end. Use the FIFO method. Note: Round "Cost per EUP" to 2 decimal places.

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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