Required Information [The following information applies to the questions displayed below] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this periodi Completed and transferred out Ending work in process inventory Units 71,000 377,000 355,000 93.000 The production department had the cost Information below. Beginning work in process inventory Direct materials. Conversion Costs added this period i Direct materials Conversion Total costs to account for $ 165,239 42.407 1,106,991 800-823 Direct Materials Percent Complete 65% Required a Cost per equivalent unit of production: Weighted average method Costs of beginning inventory Costs incurred this period Total costs -Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b 90% $207,046 1902-814 $2.115.468 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Percent Complete 35% Conversion Costs EUP b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places. 400 Direct Materials $ S 105,230 1,100.991 1.272230 0 Costs EUP Conversion $ $ 42.407 800.823 343,230 O
Required Information [The following information applies to the questions displayed below] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this periodi Completed and transferred out Ending work in process inventory Units 71,000 377,000 355,000 93.000 The production department had the cost Information below. Beginning work in process inventory Direct materials. Conversion Costs added this period i Direct materials Conversion Total costs to account for $ 165,239 42.407 1,106,991 800-823 Direct Materials Percent Complete 65% Required a Cost per equivalent unit of production: Weighted average method Costs of beginning inventory Costs incurred this period Total costs -Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b 90% $207,046 1902-814 $2.115.468 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. Percent Complete 35% Conversion Costs EUP b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places. 400 Direct Materials $ S 105,230 1,100.991 1.272230 0 Costs EUP Conversion $ $ 42.407 800.823 343,230 O
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 15E: Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the...
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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![Required Information
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
Units
71,000
377,000
The production department had the cost Information below.
Beginning work in process inventory
Direct materials.
355,000
93,000
-Equivalent units of production
Cost per equivalent unit of production (rounded to 2 decimals)
Required b
$ 165,239
42.407
1,106,991
800-823
Required a
Cost per equivalent unit of production: Weighted average method
Costs of beginning inventory
Costs incurred this period
Total costs
Direct
Materials
Percent
Complete
65%
90%
$207,046
Percent Complete
35%
1907-814
$ 2,115,460
Conversion
a. Compute cost per equivalent unit for both direct materials and conversion.
Note: Round "Cost per EUP" to 2 decimal places.
b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next
department and its ending work in process inventory.
Note: Round "Cost per EUP" to 2 decimal places.
Costs
EUP
400
Direct Materials
$
S
105,239
1106.991
1.272 230
0
Costs
EUR
Conversion
S
$
42.407
800.823
843.230](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd985a829-0788-4997-8ef8-1e5d63a0a18d%2F59325290-4fa0-4547-98c7-3c2fdfdcf8c6%2Fqcd46je_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
Units
71,000
377,000
The production department had the cost Information below.
Beginning work in process inventory
Direct materials.
355,000
93,000
-Equivalent units of production
Cost per equivalent unit of production (rounded to 2 decimals)
Required b
$ 165,239
42.407
1,106,991
800-823
Required a
Cost per equivalent unit of production: Weighted average method
Costs of beginning inventory
Costs incurred this period
Total costs
Direct
Materials
Percent
Complete
65%
90%
$207,046
Percent Complete
35%
1907-814
$ 2,115,460
Conversion
a. Compute cost per equivalent unit for both direct materials and conversion.
Note: Round "Cost per EUP" to 2 decimal places.
b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next
department and its ending work in process inventory.
Note: Round "Cost per EUP" to 2 decimal places.
Costs
EUP
400
Direct Materials
$
S
105,239
1106.991
1.272 230
0
Costs
EUR
Conversion
S
$
42.407
800.823
843.230
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