Production Cost report under Process Costing : The Production cost report is prepared with a view that some of the units started in the process might not have completed at the end of the period. This will result in the difficulty in cost allocation among the units completed and units in process at the end of process. Therefore, for such purposes the units incomplete shall be converted in to equivalent units of units completed as if whole of the units have been completed. This will help in computing the cost per equivalent unit for each element of cost. The last step is to compute the cost of units completed and transferred out to the next process and the cost of ending work in process inventory. Requirement1: The preparation of Statement of Equivalent production unit for blending department.

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Answer 1

Question

Chapter 20, Problem E20.19E

To determine

Production Cost report under Process Costing:

The Production cost report is prepared with a view that some of the units started in the process might not have completed at the end of the period. This will result in the difficulty in cost allocation among the units completed and units in process at the end of process.

Therefore, for such purposes the units incomplete shall be converted in to equivalent units of units completed as if whole of the units have been completed. This will help in computing the cost per equivalent unit for each element of cost.

The last step is to compute the cost of units completed and transferred out to the next process and the cost of ending work in process inventory.

Requirement1:

The preparation of Statement of Equivalent production unit for blending department.

To determine

Requirement2:

The computation of total cost of units completed and transferred out and cost of ending work in process inventory.

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Acorn Construction (calendar-year-end C corporation) has had rapid expansion during the last half of the current year due to the housing market's recovery. The company has record income and would like to maximize its cost recovery deduction for the current year. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your answer to the nearest whole dollar amount. Acorn provided you with the following information: Asset Placed in Service Basis New equipment and tools August 20 $ 3,800,000 Used light-duty trucks October 17 2,000,000 Used machinery November 6 1,525,000 Total $ 7,325,000 The used assets had been contributed to the business by its owner in a tax-deferred transaction two years ago. a. What is Acorn's maximum cost recovery deduction in the current year?

Answer 2

Question

Chapter 20, Problem E20.19E

To determine

Production Cost report under Process Costing:

The Production cost report is prepared with a view that some of the units started in the process might not have completed at the end of the period. This will result in the difficulty in cost allocation among the units completed and units in process at the end of process.

Therefore, for such purposes the units incomplete shall be converted in to equivalent units of units completed as if whole of the units have been completed. This will help in computing the cost per equivalent unit for each element of cost.

The last step is to compute the cost of units completed and transferred out to the next process and the cost of ending work in process inventory.

Requirement1:

The preparation of Statement of Equivalent production unit for blending department.

To determine

Requirement2:

The computation of total cost of units completed and transferred out and cost of ending work in process inventory.

Expert Solution & Answer

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Answer 3

Question

Chapter 20, Problem E20.19E

To determine

Production Cost report under Process Costing:

The Production cost report is prepared with a view that some of the units started in the process might not have completed at the end of the period. This will result in the difficulty in cost allocation among the units completed and units in process at the end of process.

Therefore, for such purposes the units incomplete shall be converted in to equivalent units of units completed as if whole of the units have been completed. This will help in computing the cost per equivalent unit for each element of cost.

The last step is to compute the cost of units completed and transferred out to the next process and the cost of ending work in process inventory.

Requirement1:

The preparation of Statement of Equivalent production unit for blending department.

To determine

Requirement2:

The computation of total cost of units completed and transferred out and cost of ending work in process inventory.

Expert Solution & Answer

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Answer 4

Question

Chapter 20, Problem E20.19E

To determine

Production Cost report under Process Costing:

The Production cost report is prepared with a view that some of the units started in the process might not have completed at the end of the period. This will result in the difficulty in cost allocation among the units completed and units in process at the end of process.

Therefore, for such purposes the units incomplete shall be converted in to equivalent units of units completed as if whole of the units have been completed. This will help in computing the cost per equivalent unit for each element of cost.

The last step is to compute the cost of units completed and transferred out to the next process and the cost of ending work in process inventory.

Requirement1:

The preparation of Statement of Equivalent production unit for blending department.

To determine

Requirement2:

The computation of total cost of units completed and transferred out and cost of ending work in process inventory.

Expert Solution & Answer

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Answer 5

Chapter 20, Problem E20.19E

To determine

Production Cost report under Process Costing:

The Production cost report is prepared with a view that some of the units started in the process might not have completed at the end of the period. This will result in the difficulty in cost allocation among the units completed and units in process at the end of process.

Therefore, for such purposes the units incomplete shall be converted in to equivalent units of units completed as if whole of the units have been completed. This will help in computing the cost per equivalent unit for each element of cost.

The last step is to compute the cost of units completed and transferred out to the next process and the cost of ending work in process inventory.

Requirement1:

The preparation of Statement of Equivalent production unit for blending department.

To determine

Requirement2:

The computation of total cost of units completed and transferred out and cost of ending work in process inventory.

Answer 6

Chapter 20, Problem E20.19E

To determine

Production Cost report under Process Costing:

The Production cost report is prepared with a view that some of the units started in the process might not have completed at the end of the period. This will result in the difficulty in cost allocation among the units completed and units in process at the end of process.

Therefore, for such purposes the units incomplete shall be converted in to equivalent units of units completed as if whole of the units have been completed. This will help in computing the cost per equivalent unit for each element of cost.

The last step is to compute the cost of units completed and transferred out to the next process and the cost of ending work in process inventory.

Requirement1:

The preparation of Statement of Equivalent production unit for blending department.

Answer 7

Chapter 20, Problem E20.19E

To determine

Production Cost report under Process Costing:

The Production cost report is prepared with a view that some of the units started in the process might not have completed at the end of the period. This will result in the difficulty in cost allocation among the units completed and units in process at the end of process.

Therefore, for such purposes the units incomplete shall be converted in to equivalent units of units completed as if whole of the units have been completed. This will help in computing the cost per equivalent unit for each element of cost.

The last step is to compute the cost of units completed and transferred out to the next process and the cost of ending work in process inventory.

Requirement1:

The preparation of Statement of Equivalent production unit for blending department.

Answer 8

To determine

Requirement2:

The computation of total cost of units completed and transferred out and cost of ending work in process inventory.

Answer 9

To determine

Requirement2:

The computation of total cost of units completed and transferred out and cost of ending work in process inventory.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

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Answer 13

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

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Requirement2:

The computation of total cost of units completed and transferred out and cost of ending work in process inventory.

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Chapter 20 Solutions

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Requirement2: The computation of total cost of units completed and transferred out and cost of ending work in process inventory.

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Chapter 20 Solutions

Requirement2:

The computation of total cost of units completed and transferred out and cost of ending work in process inventory.