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Concept explainers
(a)
Production Cost Report: A report which gives information about the total units produced and total cost incurred during the production process is called production cost report. This report is useful for the management of the company to take decision regarding production and the measure for cost control.
Equivalent Units of Production: It is a evaluation of the work completed during the period expressed in wholly finished units. Equivalent units of production includes the completed units of direct materials and conversion cost of beginning work in process, units completed and transferred out and ending work in process.
Unit Cost of Production: The cost production derived in terms of corresponding units of production is called unit cost of production.
To determine: The equivalent units of production and unit production cost for Assembly department.
(b)
The assignment of costs to goods transferred out and in process.
(c)
To prepare: A production cost report for the Assembly Department.
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Chapter 21 Solutions
Accounting Principles 12E WileyPLUS with Loose-Leaf Print Companion with WileyPLUS Leanring Space Card Set
- expert of general account answerarrow_forwardFinancial Accountingarrow_forwardApsara Beverages Co. uses process costing to account for the production of bottled sports drinks. Direct materials are added at the beginning of the process, and conversion costs are incurred uniformly throughout the process. Equivalent units have been calculated to be 21,600 units for materials and 18,000 units for conversion costs. Beginning inventory consisted of $13,500 in materials and $7,200 in conversion costs. May costs were $62,400 for materials and $72,000 for conversion costs. The ending inventory still in process was 7,000 units (100% complete for materials, 50% for conversion). The cost per equivalent unit for materials using the weighted-average method would be____.helparrow_forward
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