
Concept explainers
Concept introduction:
Production Cost report: Production cost report is made to summarize the details of production and cost activities in a process or department during a particular period. The Production cost report can be prepared using FIFO or weighted average methods. Under the FIFO method, the cost and equivalent units of beginning WIP is presented separately and calculations are done accordingly. Under the weighted average method, the cost and equivalent units of beginning are not treated separately.
Conversion Costs: Conversion
Equivalent units: Equivalent unit is the product unit that is physically not completed, but it is measured as equivalent to completed unit.
1. To prepare: The production cost report for the Preparation department of B E for the month of January using weighted average method
2. To prepare: The
3. To prepare: The journal entries for the work in process account, posting the entries and finding ending balance.

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Chapter 20 Solutions
ACCOUNTING PRINCIPLES V1 6/17 >C<
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