The first production department of Stone Incorporated reports the following for April. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 60,000 60% 40% Units started this period 322,000 Completed and transferred out 300,000 Ending work in process inventory 82,000 80% 30% The production department had the cost information below. Beginning work in process inventory Direct materials $ 118,472 Conversion 48,594 $ 167,066 Costs added this period Direct materials 850,368 Conversion 649,296 1,499,664 Total costs to account for $ 1,666,730 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (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 at period-end. Use the FIFO method. (Round "Cost per EUP" to 2 decimal places.)
The first production department of Stone Incorporated reports the following for April. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 60,000 60% 40% Units started this period 322,000 Completed and transferred out 300,000 Ending work in process inventory 82,000 80% 30% The production department had the cost information below. Beginning work in process inventory Direct materials $ 118,472 Conversion 48,594 $ 167,066 Costs added this period Direct materials 850,368 Conversion 649,296 1,499,664 Total costs to account for $ 1,666,730 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (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 at period-end. Use the FIFO method. (Round "Cost per EUP" to 2 decimal places.)
Chapter1: Financial Statements And Business Decisions
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The first production department of Stone Incorporated reports the following for April.
| Units | Direct Materials | Conversion | |
|---|---|---|---|
| Percent Complete | Percent Complete | ||
| Beginning work in process inventory | 60,000 | 60% | 40% |
| Units started this period | 322,000 | ||
| Completed and transferred out | 300,000 | ||
| Ending work in process inventory | 82,000 | 80% | 30% |
The production department had the cost information below.
| Beginning work in process inventory | ||
|---|---|---|
| Direct materials | $ 118,472 | |
| Conversion | 48,594 | $ 167,066 |
| Costs added this period | ||
| Direct materials | 850,368 | |
| Conversion | 649,296 | 1,499,664 |
| Total costs to account for | $ 1,666,730 |
(a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (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 at period-end. Use the FIFO method. (Round "Cost per EUP" to 2 decimal places.)
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