[The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete 80% 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 69,000 367,000 345,000 91,000 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 208,950 24,705 960,890 738,510 80% Percent Complete 20% $ 233,655 Conversion 1,699,400 $ 1,933,055 30% a. Compute cost per equivalent unit for both direct materials and conversion. Note: 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. Note: Round "Cost per EUP" to 2 decimal places.
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 following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Direct
Materials
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
69,000
367,000
345,000
91,000
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
$ 208,950
24,705
960,890
738,510
Percent
Complete
80%
80%
Percent Complete
$ 233,655
Conversion
1,699,400
$ 1,933,055
20%
30%
a. Compute cost per equivalent unit for both direct materials and conversion.
Note: 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.
Note: Round "Cost per EUP" to 2 decimal places.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5f430791-8e7e-4a91-b386-8dd7c8153eac%2Fac236f2f-eb2a-4c02-b269-7fc8121c193f%2F5te4mtk_processed.jpeg&w=3840&q=75)
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