Weighted Average Method: Under this method, the average cost of goods produced, is ascertained by assigning weights to the goods and dividing the total of the sum of the products of weights and cost incurred by the total finished goods manufactured. If there are goods that are not complete then equivalent units of production are determined for such goods. Equivalent units of production are the representation of one unit of finished goods for every unit of unit of unfinished goods or goods that are in progress. To Discuss: Meaning of the term equivalent units of production when weighted average method is used

Question

Want to see the full answer?

Answer 1

Question

Chapter 5, Problem 7Q

To determine

Weighted Average Method:

Under this method, the average cost of goods produced, is ascertained by assigning weights to the goods and dividing the total of the sum of the products of weights and cost incurred by the total finished goods manufactured.

If there are goods that are not complete then equivalent units of production are determined for such goods.

Equivalent units of production are the representation of one unit of finished goods for every unit of unit of unfinished goods or goods that are in progress.

To Discuss:

Meaning of the term equivalent units of production when weighted average method is used

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

??!!

provide correct answer of this General accounting question

Get correct answer with accounting

Answer 2

Question

Chapter 5, Problem 7Q

To determine

Weighted Average Method:

Under this method, the average cost of goods produced, is ascertained by assigning weights to the goods and dividing the total of the sum of the products of weights and cost incurred by the total finished goods manufactured.

If there are goods that are not complete then equivalent units of production are determined for such goods.

Equivalent units of production are the representation of one unit of finished goods for every unit of unit of unfinished goods or goods that are in progress.

To Discuss:

Meaning of the term equivalent units of production when weighted average method is used

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 5, Problem 7Q

To determine

Weighted Average Method:

Under this method, the average cost of goods produced, is ascertained by assigning weights to the goods and dividing the total of the sum of the products of weights and cost incurred by the total finished goods manufactured.

If there are goods that are not complete then equivalent units of production are determined for such goods.

Equivalent units of production are the representation of one unit of finished goods for every unit of unit of unfinished goods or goods that are in progress.

To Discuss:

Meaning of the term equivalent units of production when weighted average method is used

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 5, Problem 7Q

To determine

Weighted Average Method:

Under this method, the average cost of goods produced, is ascertained by assigning weights to the goods and dividing the total of the sum of the products of weights and cost incurred by the total finished goods manufactured.

If there are goods that are not complete then equivalent units of production are determined for such goods.

Equivalent units of production are the representation of one unit of finished goods for every unit of unit of unfinished goods or goods that are in progress.

To Discuss:

Meaning of the term equivalent units of production when weighted average method is used

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 5, Problem 7Q

To determine

Weighted Average Method:

Under this method, the average cost of goods produced, is ascertained by assigning weights to the goods and dividing the total of the sum of the products of weights and cost incurred by the total finished goods manufactured.

If there are goods that are not complete then equivalent units of production are determined for such goods.

Equivalent units of production are the representation of one unit of finished goods for every unit of unit of unfinished goods or goods that are in progress.

To Discuss:

Meaning of the term equivalent units of production when weighted average method is used

Answer 6

Chapter 5, Problem 7Q

To determine

Weighted Average Method:

Under this method, the average cost of goods produced, is ascertained by assigning weights to the goods and dividing the total of the sum of the products of weights and cost incurred by the total finished goods manufactured.

If there are goods that are not complete then equivalent units of production are determined for such goods.

Equivalent units of production are the representation of one unit of finished goods for every unit of unit of unfinished goods or goods that are in progress.

To Discuss:

Meaning of the term equivalent units of production when weighted average method is used

Answer 7

Chapter 5, Problem 7Q

To determine

Weighted Average Method:

Under this method, the average cost of goods produced, is ascertained by assigning weights to the goods and dividing the total of the sum of the products of weights and cost incurred by the total finished goods manufactured.

If there are goods that are not complete then equivalent units of production are determined for such goods.

Equivalent units of production are the representation of one unit of finished goods for every unit of unit of unfinished goods or goods that are in progress.

To Discuss:

Meaning of the term equivalent units of production when weighted average method is used

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 11

Ch. 5 - Under what conditions would it be appropriate to...Ch. 5 - In what ways are job-order and process costing...Ch. 5 - Why is cost accumulation simpler in a process...Ch. 5 - How many Work in Process accounts are maintained...Ch. 5 - Prob. 5Q Ch. 5 - Assume that a company has two processing...Ch. 5 - Prob. 7Q Ch. 5 - Watkins Trophies, Inc., produces thousands of...Ch. 5 - This exercise relates to the Double Diamond Skis’...Ch. 5 - This exercise relates to the Double Diamond Skis’...

Solution Summary: The author explains the meaning of the term equivalent units of production when weighted average method is used.

Concept explainers

Videos

Want to see the full answer?

Chapter 5 Solutions