Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process. Equivalent units : Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit. FIFO method: FIFO is one of the methods of process costing, under this method the cost and units of beginning work in process inventory are accounted separately. Requirement-1: To Calculate: The cost per equivalent unit for direct material costs and conversion costs using the FIFO method

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Answer 1

Question

Chapter 20, Problem 11E

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

FIFO method: FIFO is one of the methods of process costing, under this method the cost and units of beginning work in process inventory are accounted separately.

Requirement-1:

To Calculate: The cost per equivalent unit for direct material costs and conversion costs using the FIFO method

To determine

Requirement-2:

To Calculate: The Costs assigned to units transferred and units in ending work in process inventory using the FIFO method

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On May 1, 2020, Jolie Corporation has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. During the month, 35,800 units were started. At the end of the month, all started units were 75% complete with respect to conversion. Direct Materials placed into production had a total cost of $286,400, and the total conversion cost for the month was $429,600. Jolie Corporation uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of conversion for the month of May. (Round the answer to the nearest cent.)

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Answer 2

Question

Chapter 20, Problem 11E

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

FIFO method: FIFO is one of the methods of process costing, under this method the cost and units of beginning work in process inventory are accounted separately.

Requirement-1:

To Calculate: The cost per equivalent unit for direct material costs and conversion costs using the FIFO method

To determine

Requirement-2:

To Calculate: The Costs assigned to units transferred and units in ending work in process inventory using the FIFO method

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 20, Problem 11E

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

FIFO method: FIFO is one of the methods of process costing, under this method the cost and units of beginning work in process inventory are accounted separately.

Requirement-1:

To Calculate: The cost per equivalent unit for direct material costs and conversion costs using the FIFO method

To determine

Requirement-2:

To Calculate: The Costs assigned to units transferred and units in ending work in process inventory using the FIFO method

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem 11E

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

FIFO method: FIFO is one of the methods of process costing, under this method the cost and units of beginning work in process inventory are accounted separately.

Requirement-1:

To Calculate: The cost per equivalent unit for direct material costs and conversion costs using the FIFO method

To determine

Requirement-2:

To Calculate: The Costs assigned to units transferred and units in ending work in process inventory using the FIFO method

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 20, Problem 11E

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

FIFO method: FIFO is one of the methods of process costing, under this method the cost and units of beginning work in process inventory are accounted separately.

Requirement-1:

To Calculate: The cost per equivalent unit for direct material costs and conversion costs using the FIFO method

To determine

Requirement-2:

To Calculate: The Costs assigned to units transferred and units in ending work in process inventory using the FIFO method

Answer 6

Chapter 20, Problem 11E

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

FIFO method: FIFO is one of the methods of process costing, under this method the cost and units of beginning work in process inventory are accounted separately.

Requirement-1:

To Calculate: The cost per equivalent unit for direct material costs and conversion costs using the FIFO method

Answer 7

Chapter 20, Problem 11E

To determine

Introduction:

Process costing system: Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.

Equivalent units: Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.

FIFO method: FIFO is one of the methods of process costing, under this method the cost and units of beginning work in process inventory are accounted separately.

Requirement-1:

To Calculate: The cost per equivalent unit for direct material costs and conversion costs using the FIFO method

Answer 8

To determine

Requirement-2:

To Calculate: The Costs assigned to units transferred and units in ending work in process inventory using the FIFO method

Answer 9

To determine

Requirement-2:

To Calculate: The Costs assigned to units transferred and units in ending work in process inventory using the FIFO method

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

Ch. 20 - Prob. 1DQ Ch. 20 - Prob. 2DQ Ch. 20 - Prob. 3DQ Ch. 20 - Prob. 4DQ Ch. 20 - Prob. 5DQ Ch. 20 - Prob. 6DQ Ch. 20 - Prob. 7DQ Ch. 20 - Prob. 8DQ Ch. 20 - Prob. 9DQ Ch. 20 - Prob. 10DQ

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Requirement-2:

To Calculate: The Costs assigned to units transferred and units in ending work in process inventory using the FIFO method

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Requirement-2: To Calculate: The Costs assigned to units transferred and units in ending work in process inventory using the FIFO method

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Chapter 20 Solutions

Requirement-2:

To Calculate: The Costs assigned to units transferred and units in ending work in process inventory using the FIFO method