[The following information applies to the questions displayed below] The first production department of Stone Incorporated reports the following for April Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory 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 Total costs -Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Units 62,000 332,000 310,000 84,000 Weighted average: Cost per equivalent unit; costs assigned to output and inventory Completed and transferred out Direct materials Required a Cost per equivalent unit of production: Weighted average method Conversion Total costs completed and transferred out Ending work in process Direct materials $ 126,862 32,560 Conversion Total cost of ending work in process Total costs accounted for 817,858 689,000 a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Direct Materials Percent Complete 70% EUP EUP $ 159,422 1,506,858 $1,666,250 Percent Complete 30% Costs EUP Conversion Cost per EUP 40% Cost per EUP Direct Materials Total cost Total cost Costs EUP Conversion
[The following information applies to the questions displayed below] The first production department of Stone Incorporated reports the following for April Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory 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 Total costs -Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Units 62,000 332,000 310,000 84,000 Weighted average: Cost per equivalent unit; costs assigned to output and inventory Completed and transferred out Direct materials Required a Cost per equivalent unit of production: Weighted average method Conversion Total costs completed and transferred out Ending work in process Direct materials $ 126,862 32,560 Conversion Total cost of ending work in process Total costs accounted for 817,858 689,000 a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Direct Materials Percent Complete 70% EUP EUP $ 159,422 1,506,858 $1,666,250 Percent Complete 30% Costs EUP Conversion Cost per EUP 40% Cost per EUP Direct Materials Total cost Total cost Costs EUP Conversion
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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The first production department of Stone Incorporated reports the following for April
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
The production department had the cost information below.
Beginning work in process inventory
Direct materials
Units
62,000
332,000
Total costs
-Equivalent units of production
Cost per equivalent unit of production (rounded to 2 decimals)
Required b.
Cost assignment-Weighted average
310,000
84,000
Weighted average: Cost per equivalent unit; costs assigned to output and inventory
Completed and transferred out
Direct materials
Conversion
Total costs completed and transferred out
Ending work in process
Direct materials
Required a
Cost per equivalent unit of production: Weighted average method
Conversion
Total cost of ending work in process
Total costs accounted for
$ 126,862
32,560
817,858
689,000
Direct
Materials
Percent
Complete
70%
a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.)
b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next
department and its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.)
EUP
EUP
$ 159,422
1,506,858
$1,666,280
Percent Complete
30%
Costs
EUP
Conversion
Cost per EUP
40%
Cost per EUP
Direct Materials
Total cost
Total cost
Costs
EUP
Conversion](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52615ebc-3deb-446b-94e8-8fddbf33eb42%2F65e01624-d6b9-4625-804b-b0580735eda1%2F73kj6mm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below]
The first production department of Stone Incorporated reports the following for April
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
The production department had the cost information below.
Beginning work in process inventory
Direct materials
Units
62,000
332,000
Total costs
-Equivalent units of production
Cost per equivalent unit of production (rounded to 2 decimals)
Required b.
Cost assignment-Weighted average
310,000
84,000
Weighted average: Cost per equivalent unit; costs assigned to output and inventory
Completed and transferred out
Direct materials
Conversion
Total costs completed and transferred out
Ending work in process
Direct materials
Required a
Cost per equivalent unit of production: Weighted average method
Conversion
Total cost of ending work in process
Total costs accounted for
$ 126,862
32,560
817,858
689,000
Direct
Materials
Percent
Complete
70%
a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.)
b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next
department and its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.)
EUP
EUP
$ 159,422
1,506,858
$1,666,280
Percent Complete
30%
Costs
EUP
Conversion
Cost per EUP
40%
Cost per EUP
Direct Materials
Total cost
Total cost
Costs
EUP
Conversion
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