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Use the following Information for the Exercises below. (Algo) [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 Costs of beginning inventory Total costs Units 84,000 442,000 420,000 106,000 - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Required a. Cost per equivalent unit of production: Weighted average method Costs incurred this period Completed and transferred out Direct materials Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and Inventory LO P1 Conversion Totall costs completed and transferred out Ending work in process Direct materials $ 339,208 26,430 Conversion Total cost of ending work in process Total costs accounted for 1,452,832 1,035,300 Direct Materials EUP Percent Complete 80% EUP 80% 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 nex department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places. $365,638 2,488,132 $ 2,853,770 Percent Complete Costs EUP Conversion Cost per EUP Cost per EUP $ $ 28% Direct Materials 0.00 0.00 30% $ Total cost Total cost 0 0.00 0.00 Costs EUP Conversion

Use the following Information for the Exercises below. (Algo) [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 Costs of beginning inventory Total costs Units 84,000 442,000 420,000 106,000 - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Required a. Cost per equivalent unit of production: Weighted average method Costs incurred this period Completed and transferred out Direct materials Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and Inventory LO P1 Conversion Totall costs completed and transferred out Ending work in process Direct materials $ 339,208 26,430 Conversion Total cost of ending work in process Total costs accounted for 1,452,832 1,035,300 Direct Materials EUP Percent Complete 80% EUP 80% 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 nex department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places. $365,638 2,488,132 $ 2,853,770 Percent Complete Costs EUP Conversion Cost per EUP Cost per EUP $ $ 28% Direct Materials 0.00 0.00 30% $ Total cost Total cost 0 0.00 0.00 Costs EUP Conversion

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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Use the following Information for the Exercises below. (Algo) [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 Costs of beginning inventory Total costs Units 84,000 442,000 420,000 106,000 - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Required a. Cost per equivalent unit of production: Weighted average method Costs incurred this period Completed and transferred out Direct materials Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and Inventory LO P1 Conversion Totall costs completed and transferred out Ending work in process Direct materials $ 339,208 26,430 Conversion Total cost of ending work in process Total costs accounted for 1,452,832 1,035,300 Direct Materials EUP Percent Complete 80% EUP 80% 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 nex department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places. $365,638 2,488,132 $ 2,853,770 Percent Complete Costs EUP Conversion Cost per EUP Cost per EUP $ $ 28% Direct Materials 0.00 0.00 30% $ Total cost Total cost 0 0.00 0.00 Costs EUP Conversion
Transcribed Image Text:Use the following Information for the Exercises below. (Algo) [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 Costs of beginning inventory Total costs Units 84,000 442,000 420,000 106,000 - Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Required a. Cost per equivalent unit of production: Weighted average method Costs incurred this period Completed and transferred out Direct materials Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and Inventory LO P1 Conversion Totall costs completed and transferred out Ending work in process Direct materials $ 339,208 26,430 Conversion Total cost of ending work in process Total costs accounted for 1,452,832 1,035,300 Direct Materials EUP Percent Complete 80% EUP 80% 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 nex department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places. $365,638 2,488,132 $ 2,853,770 Percent Complete Costs EUP Conversion Cost per EUP Cost per EUP $ $ 28% Direct Materials 0.00 0.00 30% $ Total cost Total cost 0 0.00 0.00 Costs EUP Conversion
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