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 equivalent units of production with respect to material using weighted average method when all direct material is added to the products in the beginning:

Question

Want to see the full answer?

Answer 1

Question

Chapter 20, Problem 5E

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 equivalent units of production with respect to material using weighted average method when all direct material is added to the products in the beginning:

To determine

Requirement-2:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

To determine

Requirement-3:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

What is the variable costing unit product cost

what was the gain or loss on the sale of the machine?

General accounting question

Answer 2

Question

Chapter 20, Problem 5E

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 equivalent units of production with respect to material using weighted average method when all direct material is added to the products in the beginning:

To determine

Requirement-2:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

To determine

Requirement-3:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 20, Problem 5E

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 equivalent units of production with respect to material using weighted average method when all direct material is added to the products in the beginning:

To determine

Requirement-2:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

To determine

Requirement-3:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 20, Problem 5E

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 equivalent units of production with respect to material using weighted average method when all direct material is added to the products in the beginning:

To determine

Requirement-2:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

To determine

Requirement-3:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 20, Problem 5E

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 equivalent units of production with respect to material using weighted average method when all direct material is added to the products in the beginning:

To determine

Requirement-2:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

To determine

Requirement-3:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Answer 6

Chapter 20, Problem 5E

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 equivalent units of production with respect to material using weighted average method when all direct material is added to the products in the beginning:

Answer 7

Chapter 20, Problem 5E

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 equivalent units of production with respect to material using weighted average method when all direct material is added to the products in the beginning:

Answer 8

To determine

Requirement-2:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Answer 9

To determine

Requirement-2:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Answer 10

To determine

Requirement-3:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Answer 11

To determine

Requirement-3:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 15

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

Videos

Requirement-2:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Requirement-3:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Want to see the full answer?

Chapter 20 Solutions

Videos

Requirement-2: To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Requirement-3: To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Want to see the full answer?

Chapter 20 Solutions

Requirement-2:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given:

Requirement-3:

To Calculate: The equivalent units of production with respect to material using FIFO method when percentages of completion are given: