COST ACCOUNTING
16th Edition
ISBN: 9781323694008
Author: Horngren
Publisher: PEARSON C
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Textbook Question
Chapter 17, Problem 17.27E
FIFO method, assigning costs (continuation of 17-26).
Required
For the data in Exercise 17-24, use the FIFO method to summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work in process.
17-24 Weighted-average method, equivalent units. The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of
a Degree of completion: direct materials. 80%: conversion costs, 35%.
b Degree of completion: direct materials, 80%; conversion costs, 40%.
Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.
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Students have asked these similar questions
Compute equivalent units of production for materials and for conversion costs. Determine the unit costs of production. (Round unit costs to 2 decimal places,e.g. 2.25 . ) Show the assignment of costs to units transferred out and in process.Units transferred outsUnits in ending work in processseTextbook and MediaBaden Company has gathered the following information.Costs incurred:
Subject - Acounting
Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average
method and it reports the following unit data for the Forming department. Units completed in the forming department are
transferred to the painting department.
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Production cost information for the forming department follows.
Beginning work in process
Direct materials
Units
34,500
490,000
494,500
30,000
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
$ 56,200
22,900
1,800, 200
1, 179,000
Direct
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Percent
Complete
80%
85%
$79,100
2,979,200
$ 3,058, 300
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Percent
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20%
35%
Chapter 17 Solutions
COST ACCOUNTING
Ch. 17 - Give three examples of industries that use...Ch. 17 - In process costing, why are costs often divided...Ch. 17 - Explain equivalent units. Why are equivalent-unit...Ch. 17 - What problems might arise in estimating the degree...Ch. 17 - Name the five steps in process costing when...Ch. 17 - Name the three inventory methods commonly...Ch. 17 - Describe the distinctive characteristic of...Ch. 17 - Describe the distinctive characteristic of FIFO...Ch. 17 - Prob. 17.9QCh. 17 - Identify a major advantage of the FIFO method for...
Ch. 17 - Identify the main difference between journal...Ch. 17 - The standard-costing method is particularly...Ch. 17 - Why should the accountant distinguish between...Ch. 17 - Transferred-in costs are those costs incurred in...Ch. 17 - Theres no reason for me to get excited about the...Ch. 17 - Assuming beginning work in process is zero, the...Ch. 17 - The following information concerns Westheimer...Ch. 17 - Sepulveda Corporation uses a process costing...Ch. 17 - Penn Manufacturing Corporation uses a...Ch. 17 - Kimberly Manufacturing uses a process-costing...Ch. 17 - Equivalent units, zero beginning inventory....Ch. 17 - Journal entries (continuation of 17-21). Refer to...Ch. 17 - Zero beginning inventory, materials introduced in...Ch. 17 - Weighted-average method, equivalent units. The...Ch. 17 - Weighted-average method, assigning costs...Ch. 17 - FIFO method, equivalent units. Refer to the...Ch. 17 - FIFO method, assigning costs (continuation of...Ch. 17 - Operation costing. The Carter Furniture Company...Ch. 17 - Weighted-average method, assigning costs....Ch. 17 - FIFO method, assigning costs. 1. Do Exercise 17-29...Ch. 17 - Transferred-in costs, weighted-average method....Ch. 17 - Transferred-in costs, FIFO method. Refer to the...Ch. 17 - Operation costing. Egyptian Spa produces two...Ch. 17 - Standard-costing with beginning and ending work in...Ch. 17 - Equivalent units, comprehensive. Louisville Sports...Ch. 17 - Weighted-average method. Hoffman Company...Ch. 17 - Journal entries (continuation of 17-36). Required...Ch. 17 - FIFO method (continuation of 17-36). 1. Do Problem...Ch. 17 - Transferred-in costs, weighted-average method...Ch. 17 - Transferred-in costs, FIFO method (continuation of...Ch. 17 - Weighted-average method. McKnight Handcraft is a...Ch. 17 - FIFO method (continuation of 17-41). 1. Complete...Ch. 17 - Transferred-in costs, weighted-average method....Ch. 17 - Transferred-in costs, FIFO method. Refer to the...Ch. 17 - Standard costing, journal entries. The Warner...Ch. 17 - Multiple processes or operations, costing. The...Ch. 17 - Benchmarking, ethics. Amanda McNall is the...
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