The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June: Beginning inventory (700 units, 40% complete) Direct materials Conversion costs Current period Direct materials (5,000 units) Dizers Direct labor 140,000 238,400 151,200 Manufacturing overhead applied Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out. Where do the units come from? Beginning Inventory Started Total Ending Inventory: Direct Materials Where do the costs come from? Beginning Inventory Current Total Costs to Account For + Total Equivalent Units Average cost/ Equivalent unit Where do the costs go? Complete / Transferred: Direct Materials Comerion m Conversion costs Costs of Goods Manufactured Conversion costs Cost of Ending Inventory Total Costs Allocated $11,620 31,768 Where do the units go? 0 Complete/Transferred 0 Ending Inventory 0 Total Product Cost Report 0 0 0 $ $ S S 0 0 0 0 $ S Direct Materials $ 0 0 0 c 0 0 0 % Work Done? 0 0 0 $ Conversion Costs $ 096 096 0 0 b. S Equivalent Units Direct Materials 0 0 0 0 0 b. 0 0 0 a. % Work Done? 0% 0% Conversion Costs 0 0 0 a.
The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June: Beginning inventory (700 units, 40% complete) Direct materials Conversion costs Current period Direct materials (5,000 units) Dizers Direct labor 140,000 238,400 151,200 Manufacturing overhead applied Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out. Where do the units come from? Beginning Inventory Started Total Ending Inventory: Direct Materials Where do the costs come from? Beginning Inventory Current Total Costs to Account For + Total Equivalent Units Average cost/ Equivalent unit Where do the costs go? Complete / Transferred: Direct Materials Comerion m Conversion costs Costs of Goods Manufactured Conversion costs Cost of Ending Inventory Total Costs Allocated $11,620 31,768 Where do the units go? 0 Complete/Transferred 0 Ending Inventory 0 Total Product Cost Report 0 0 0 $ $ S S 0 0 0 0 $ S Direct Materials $ 0 0 0 c 0 0 0 % Work Done? 0 0 0 $ Conversion Costs $ 096 096 0 0 b. S Equivalent Units Direct Materials 0 0 0 0 0 b. 0 0 0 a. % Work Done? 0% 0% Conversion Costs 0 0 0 a.
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:The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June:
Beginning inventory (700 units, 40% complete)
Direct materials
Conversion costs
Current period
Direct materials (5,000 units)
140,000
Direct labor
238,400
151,200
Manufacturing overhead applied
Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following:
a. Equivalent units for materials and conversion.
b. Cost per equivalent unit for materials and conversion.
c. Total cost assigned to the units transferred out.
Where do the units come from?
Beginning Inventory
Started
Total
Where do the costs come from?
Beginning Inventory
Current
Total Costs to Account For
+ Total Equivalent Units
Average cost / Equivalent unit
Where do the costs go?
Complete / Transferred:
Direct Materials
Conversion costs
Costs of Goods Manufactured
Ending Inventory:
Direct Materials
Conversion costs
Cost of Ending Inventory
Total Costs Allocated
Where do the units go?
0 Complete/Transferred
0 Ending Inventory
0
Total
Product Cost Report
0
$11,620
31,768
0
0
$
$
$
$
0
0
0
0
Direct
Materials
$
$
0
0
0 C.
$
0
0
0
% Work
Done?
0
0
0
$
Conversion
Costs
$
0%
0%
0
0 b. S
Equivalent Units
Direct
Materials
0
0
0
0
0 b.
0
0
0 a.
% Work
Done?
0 %
0 %
Conversion
Costs
0
0
0 a.
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