Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 82,000 70% 30% Units started this period 432,000 Completed and transferred out 410,000 Ending work in process inventory 104,000 85% 35% Exercise 3-11A (Algo) FIFO: Costs assigned to output LO C2 The production department had the cost information below. Beginning work in process inventory Direct materials $ 206,850 Conversion 35,490 $ 242,340 Costs added this period Direct materials 1,512,630 Conversion 991,230 2,503,860 Total costs to account for $ 2,746,200 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (Round "Cost per EUP" to 2 decimal places.) (b) Assign costs to the department’s output—specifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. (Round "Cost per EUP" to 2 decimal places.)
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.
Required information
Use the following information for the Exercises below. (Algo)
Skip to question
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
| Units | Direct Materials | Conversion | |
|---|---|---|---|
| Percent Complete | Percent Complete | ||
| Beginning work in process inventory | 82,000 | 70% | 30% |
| Units started this period | 432,000 | ||
| Completed and transferred out | 410,000 | ||
| Ending work in process inventory | 104,000 | 85% | 35% |
Exercise 3-11A (Algo) FIFO: Costs assigned to output LO C2
The production department had the cost information below.
| Beginning work in process inventory | ||
|---|---|---|
| Direct materials | $ 206,850 | |
| Conversion | 35,490 | $ 242,340 |
| Costs added this period | ||
| Direct materials | 1,512,630 | |
| Conversion | 991,230 | 2,503,860 |
| Total costs to account for | $ 2,746,200 |
(a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (Round "Cost per EUP" to 2 decimal places.)
(b) Assign costs to the department’s output—specifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. (Round "Cost per EUP" to 2 decimal places.)
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Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Direct
Materials
Percent
Complete Percent Complete
70%
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Beginning work in process inventory
Direct materials
Conversion
Costs added this period
Direct materials
Conversion
Total costs to account for
Units
82,000
432,000
410,000
104,000
The production department had the cost information below.
Exercise 3-11A (Algo) FIFO: Costs assigned to output LO C2
$ 206,850
35,490
1,512,630
991, 230
Saved
85%
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$ 242,340
2,503,860
$ 2,746,200
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35%
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