Zia Company makes flowerpots from recycled plastic in two departments, Molding and Packaging. Zia uses the weighted average method, and units completed in the Molding department are transferred to the Packaging department. Production unit Information for the Molding department follows. Molding-Direct Materials Beginning work in process inventory Units started this period Ending work in process inventory Production cost information for the Molding department for the same period follows. Beginning work in process inventory (direct materials) Direct materials added this period. Units 3,900 27,500 3,000 Req A QS 16-18 (Algo) Weighted average: Computing equivalent units and cost per EUP (direct materials) LO P1 (b) Equivalent units of production (c) Cost per equivalent unit of production Percent Complete 70% Compute the Molding department's (a) units completed and transferred out, (b) equivalent units of production for direct materials, and c) cost per equivalent unit of production for direct materials. Complete this question by entering your answers in the tabs below. 80% < Req A Req B and C Compute the Molding department's (b) equivalent units of production for direct materials, and (c) cost per equivalent unit of production for direct materials. Note: Round "cost per equivalent unit of production" to 2 decimal places. Direct Materials EUP per EUP $ 3,100 30,780 Req B and C >
Zia Company makes flowerpots from recycled plastic in two departments, Molding and Packaging. Zia uses the weighted average method, and units completed in the Molding department are transferred to the Packaging department. Production unit Information for the Molding department follows. Molding-Direct Materials Beginning work in process inventory Units started this period Ending work in process inventory Production cost information for the Molding department for the same period follows. Beginning work in process inventory (direct materials) Direct materials added this period. Units 3,900 27,500 3,000 Req A QS 16-18 (Algo) Weighted average: Computing equivalent units and cost per EUP (direct materials) LO P1 (b) Equivalent units of production (c) Cost per equivalent unit of production Percent Complete 70% Compute the Molding department's (a) units completed and transferred out, (b) equivalent units of production for direct materials, and c) cost per equivalent unit of production for direct materials. Complete this question by entering your answers in the tabs below. 80% < Req A Req B and C Compute the Molding department's (b) equivalent units of production for direct materials, and (c) cost per equivalent unit of production for direct materials. Note: Round "cost per equivalent unit of production" to 2 decimal places. Direct Materials EUP per EUP $ 3,100 30,780 Req B and C >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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:Zia Company makes flowerpots from recycled plastic in two departments, Molding and Packaging. Zia uses the weighted
average method, and units completed in the Molding department are transferred to the Packaging department. Production
unit Information for the Molding department follows.
Molding-Direct Materials
Beginning work in process inventory
Units started this period
Ending work in process inventory
Production cost Information for the Molding department for the same period follows.
Units
Beginning work in process inventory (direct materials)
Direct materials added this period
3,900
27,500
3,000
(b) Equivalent units of production
(c) Cost per equivalent unit of production
Percent Complete
70%
QS 16-18 (Algo) Weighted average: Computing equivalent units and cost per EUP (direct materials) LO
P1
80%
Compute the Molding department's (a) units completed and transferred out, (b) equivalent units of production for direct materials, and
c) cost per equivalent unit of production for direct materials.
Complete this question by entering your answers in the tabs below.
< Req A
Direct Materials
EUP
per EUP
$ 3,100
30,780
Req A
Req B and C
Compute the Molding department's (b) equivalent units of production for direct materials, and (c) cost per equivalent unit of
production for direct materials.
Note: Round "cost per equivalent unit of production" to 2 decimal places.
Req B and C >
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