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[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 Units 60,000 322,000 Conversion Costs added this period Direct materials Conversion Total costs to account for 300,000 82,000 The production department had the cost information below. Beginning work in process inventory Direct materials $ 118,472 48,594 850,368 649, 296 Direct Materials Conversion Percent Complete 60% 80% $ 167,066 1,499,664 $1,666,730 Percent Complete 40% 30% . Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) . 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.)

[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 Units 60,000 322,000 Conversion Costs added this period Direct materials Conversion Total costs to account for 300,000 82,000 The production department had the cost information below. Beginning work in process inventory Direct materials $ 118,472 48,594 850,368 649, 296 Direct Materials Conversion Percent Complete 60% 80% $ 167,066 1,499,664 $1,666,730 Percent Complete 40% 30% . Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) . 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.)

FINANCIAL ACCOUNTING
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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[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 Units 60,000 322,000 300,000 82,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 118,472 48,594 850,368 649, 296 Direct Materials Conversion Percent Complete 60% 80% $ 167,066 1,499,664 $ 1,666,730 Percent Complete 40% 30% 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.)
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 The production department had the cost information below. Beginning work in process inventory Direct materials Units 60,000 322,000 300,000 82,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 118,472 48,594 850,368 649, 296 Direct Materials Conversion Percent Complete 60% 80% $ 167,066 1,499,664 $ 1,666,730 Percent Complete 40% 30% 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.)
Required a. Cost per equivalent unit of production: Weighted average method Costs of beginning inventory Costs added this period Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP EUP Direct Materials Costs EUP Cost per EUP Cost per EUP $ 0.00 $ 0.00 $ Total cost Total cost 0 0.00 0.00 Costs EUP Conversion 0
Transcribed Image Text:Required a. Cost per equivalent unit of production: Weighted average method Costs of beginning inventory Costs added this period Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP EUP Direct Materials Costs EUP Cost per EUP Cost per EUP $ 0.00 $ 0.00 $ Total cost Total cost 0 0.00 0.00 Costs EUP Conversion 0
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