COST ACCOUNTING
16th Edition
ISBN: 9781323694008
Author: Horngren
Publisher: PEARSON C
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Chapter 17, Problem 17.29E
Weighted-average method, assigning costs. ZanyBrainy Corporation makes interlocking children’s blocks in a single processing department. Direct materials are added at the start of production. Conversion costs are added evenly throughout production. ZanyBrainy uses the weighted-average method of
a Degree of completion: direct materials, 100%; conversion costs, 80%.
b Degree of completion: direct materials, 100%; conversion costs, 30%.
Total Costs for October 2017
| Work in process, beginning | ||
| Direct materials | $ 5,760 | |
| Conversion costs | 14,825 | $ 20,585 |
| Direct materials added during October | 25,440 | |
| Conversion costs added during October | 58,625 | |
| Total costs to account for | $104,650 |
- 1. Calculate the cost per equivalent unit for direct materials and conversion costs.
Required
- 2. Summarize the total costs to account for and assign them to units completed (and transferred out) and to units in ending work in process.
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Weighted-average method, assigning costs. ZanyBrainy Corporation makes interlocking children’s blocks in a single processing department. Direct materials are added at the start of production. Conversion costs are added evenly throughout production. ZanyBrainy uses the weighted-average method of process costing. The following information for October 2017 is available.
Smart Toys Corporation makes interlocking children's blocks in a single processing department. Direct materials are added at the start of production. Conversion costs are added evenly throughout production.
Smart Toys uses the weighted-average method of process costing. The following information for October 2017
is available.
the icon to view the cost information.)
Read the requirements3.
Requirement 1. Summarize total costs to account for and calculate cost per equivalent unit for direct materials and conversion costs.
Begin by summarizing the total costs to account for.
Total
Direct
Conversion
Production Costs
Materials
Costs
(1)
(2)
Total costs to account for
Now calculate cost per equivalent unit for direct materials and conversion costs. (Round the cost per equivalent unit amounts to the nearest cent.)
Direct
Conversion…
Calculate equivalent units of transferred-in costs, direct materials, and conversion costs.
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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