Process Costing : Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process. Requirement 1 To Determine: Equivalent Units of Production with respect to (a) conversion and (b) Direct Materials.

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Answer 1

Question

Chapter 20, Problem 2PSA

(1) Equivalent units of production with respect to (a) conversion and (b)direct materials.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 1

To Determine:

Equivalent Units of Production with respect to (a) conversion and (b) Direct Materials.

(2) Conversion Cost and Direct Material Cost per unit.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 2

To Determine:

Conversion cost and Direct Material cost per equivalent unit.

Conversion Cost and Direct Material Cost Assigned to (a) completed and transferred units and (b) ending work in process.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 3

Cost Assignment and Reconciliation

Cost of Goods Manufactured
Direct Materials(7000003) 2100000
Conversion(7000004.5) 3150000 5250000
Cost of ending work in process
Direct Materials(1800003) 540000
Conversion(540004.5) 243000 783000
Total Cost Accounted For 6033000

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Answer 2

Question

Chapter 20, Problem 2PSA

(1) Equivalent units of production with respect to (a) conversion and (b)direct materials.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 1

To Determine:

Equivalent Units of Production with respect to (a) conversion and (b) Direct Materials.

(2) Conversion Cost and Direct Material Cost per unit.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 2

To Determine:

Conversion cost and Direct Material cost per equivalent unit.

Conversion Cost and Direct Material Cost Assigned to (a) completed and transferred units and (b) ending work in process.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 3

Cost Assignment and Reconciliation

Cost of Goods Manufactured
Direct Materials(7000003) 2100000
Conversion(7000004.5) 3150000 5250000
Cost of ending work in process
Direct Materials(1800003) 540000
Conversion(540004.5) 243000 783000
Total Cost Accounted For 6033000

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 20, Problem 2PSA

(1) Equivalent units of production with respect to (a) conversion and (b)direct materials.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 1

To Determine:

Equivalent Units of Production with respect to (a) conversion and (b) Direct Materials.

(2) Conversion Cost and Direct Material Cost per unit.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 2

To Determine:

Conversion cost and Direct Material cost per equivalent unit.

Conversion Cost and Direct Material Cost Assigned to (a) completed and transferred units and (b) ending work in process.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 3

Cost Assignment and Reconciliation

Cost of Goods Manufactured
Direct Materials(7000003) 2100000
Conversion(7000004.5) 3150000 5250000
Cost of ending work in process
Direct Materials(1800003) 540000
Conversion(540004.5) 243000 783000
Total Cost Accounted For 6033000

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem 2PSA

(1) Equivalent units of production with respect to (a) conversion and (b)direct materials.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 1

To Determine:

Equivalent Units of Production with respect to (a) conversion and (b) Direct Materials.

(2) Conversion Cost and Direct Material Cost per unit.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 2

To Determine:

Conversion cost and Direct Material cost per equivalent unit.

Conversion Cost and Direct Material Cost Assigned to (a) completed and transferred units and (b) ending work in process.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 3

Cost Assignment and Reconciliation

Cost of Goods Manufactured
Direct Materials(7000003) 2100000
Conversion(7000004.5) 3150000 5250000
Cost of ending work in process
Direct Materials(1800003) 540000
Conversion(540004.5) 243000 783000
Total Cost Accounted For 6033000

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 20, Problem 2PSA

(1) Equivalent units of production with respect to (a) conversion and (b)direct materials.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 1

To Determine:

Equivalent Units of Production with respect to (a) conversion and (b) Direct Materials.

(2) Conversion Cost and Direct Material Cost per unit.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 2

To Determine:

Conversion cost and Direct Material cost per equivalent unit.

Conversion Cost and Direct Material Cost Assigned to (a) completed and transferred units and (b) ending work in process.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 3

Cost Assignment and Reconciliation

Cost of Goods Manufactured
Direct Materials(7000003) 2100000
Conversion(7000004.5) 3150000 5250000
Cost of ending work in process
Direct Materials(1800003) 540000
Conversion(540004.5) 243000 783000
Total Cost Accounted For 6033000

Answer 6

Chapter 20, Problem 2PSA

(1) Equivalent units of production with respect to (a) conversion and (b)direct materials.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 1

To Determine:

Equivalent Units of Production with respect to (a) conversion and (b) Direct Materials.

Answer 7

Chapter 20, Problem 2PSA

(1) Equivalent units of production with respect to (a) conversion and (b)direct materials.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 1

To Determine:

Equivalent Units of Production with respect to (a) conversion and (b) Direct Materials.

Answer 8

(2) Conversion Cost and Direct Material Cost per unit.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 2

To Determine:

Conversion cost and Direct Material cost per equivalent unit.

Answer 9

(2) Conversion Cost and Direct Material Cost per unit.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 2

To Determine:

Conversion cost and Direct Material cost per equivalent unit.

Answer 10

Conversion Cost and Direct Material Cost Assigned to (a) completed and transferred units and (b) ending work in process.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 3

Cost Assignment and Reconciliation

Cost of Goods Manufactured
Direct Materials(7000003) 2100000
Conversion(7000004.5) 3150000 5250000
Cost of ending work in process
Direct Materials(1800003) 540000
Conversion(540004.5) 243000 783000
Total Cost Accounted For 6033000

Answer 11

Conversion Cost and Direct Material Cost Assigned to (a) completed and transferred units and (b) ending work in process.

To determine

Concept Introduction:

Process Costing:

Process costing is mainly used in manufacturing units, wherein bulk units of standard goods are produced at a time in lots. It is used for each department of production to determine the costs assigned to units transferred out and ending work in process.

Requirement 3

Cost Assignment and Reconciliation

Cost of Goods Manufactured
Direct Materials(7000003) 2100000
Conversion(7000004.5) 3150000 5250000
Cost of ending work in process
Direct Materials(1800003) 540000
Conversion(540004.5) 243000 783000
Total Cost Accounted For 6033000

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 20 - Prob. 1QS Ch. 20 - Prob. 2QS Ch. 20 - Process vs. job order operations C1 For each of...Ch. 20 - Physical flow reconciliation C2 Prepare a physical...Ch. 20 - Prob. 5QS Ch. 20 - A FIFO: Computing equivalent units C4 Refer to QS...Ch. 20 - Prob. 7QS Ch. 20 - Prob. 8QS Ch. 20 - Prob. 9QS Ch. 20 - Prob. 10QS

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Cost Assignment and Reconciliation

Cost of Goods Manufactured
Direct Materials(700000*3)	2100000
Conversion(700000*4.5)	3150000	5250000
Cost of ending work in process
Direct Materials(180000*3)	540000
Conversion(54000*4.5)	243000	783000
Total Cost Accounted For		6033000