Physical Units Direct Conversion (Watches) Materials Costs Beginning work in process (May 1)ª Started in May 2017 Completed during May 2017 Ending work in process (May 31)b Total costs added during May 2017 $ 459,888 $ 142,570 100 510 450 160 $3,237,000 $1,916,000 a Degree of completion: direct materials, 80%; conversion costs, 35%. Degree of completion: direct materials, 80%; conversion costs, 40%. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Required

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Weighted-average method, equivalent units. The assembly division of Quality Time Pieces, Inc. uses the weightedaverage method of process costing. Consider the following data for the month of May 2017:

Physical Units
Direct
Conversion
(Watches)
Materials
Costs
Beginning work in process (May 1)ª
Started in May 2017
Completed during May 2017
Ending work in process (May 31)b
Total costs added during May 2017
$ 459,888
$ 142,570
100
510
450
160
$3,237,000
$1,916,000
a Degree of completion: direct materials, 80%; conversion costs, 35%.
Degree of completion: direct materials, 80%; conversion costs, 40%.
Compute equivalent units for direct materials and conversion costs. Show physical units in the first column
of your schedule.
Required
Transcribed Image Text:Physical Units Direct Conversion (Watches) Materials Costs Beginning work in process (May 1)ª Started in May 2017 Completed during May 2017 Ending work in process (May 31)b Total costs added during May 2017 $ 459,888 $ 142,570 100 510 450 160 $3,237,000 $1,916,000 a Degree of completion: direct materials, 80%; conversion costs, 35%. Degree of completion: direct materials, 80%; conversion costs, 40%. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. Required
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education