Meman Use the following information for the Quick Study below.[The following information applies to the questions displayed below.]Blending ProcessBeginning work in processGoods startedGoods completedEnding work in processUnits ofProduct160,000335,000365,000130,000Beginning work in process inventory-unitsUnits started and completedEnding work in process- unitsTotalQS 16-6A FIFO: Computing equivalent units LO C4Compute the total equivalent units of production for conversion using the FIFO method.Percent ofConversion90%Answer is complete but not entirely correct.Equivalent units of production (EUP) with respect to conversion - FIFO method%UnitsConversion160,000365,00010010030130.000655.00010%100%30%✔EUP16,000365.00039,000420.000

EQUIVALENTS UNITS PRODUCTION Equivalent Production is represents the production of a process I,n of…

Answered: Use the following information for the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 4PB: Explain how each activity in this list can be associated with the corresponding unit or batch level...

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Explain how each activity in this list can be associated with the corresponding unit or batch level provided. A. Assembling products: unit level B. Issuing raw materials: batch level C. Machine setup: batch level D. Inspection: unit level E. Loading the labeling machine: batch level F. Equipment maintenance: batch level G. Printing a banner: unit level H. Moving material: batch level I. Ordering a part: batch level
Given the following information, prepare a production report with materials added at the beginning and ending work in process inventory being 80% complete with regard to conversion costs.
K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
We discuss how to calculate the number of equivalent units and theequivalent cost per unit, and to reconcile the total cost of Work inProcess Inventory using the first-in, first-out (FIFO) method. You alsounderstood how to prepare the process costing production reportusing the first-in, first-out (FIFO) method. Knowledge Check 02Parker Corporation makes candy bars. One of its processing departmentsreported the following information for August. Beginning work in process costsincluded $50,000 in direct materials and $110,000 in conversion cost. A total of$144,000 of direct materials costs and $210,000 in conversion cost wasincurred during the month. Equivalent units totaled 12,000 for direct materialsand 8,000 for conversion cost. Using the first-in, first-out (FIFO) method,Parker's cost per equivalent unit for conversion during August would be:
Please look at the photo attached to answer questions below. 1. Prepare a statement of equivalent production to determine the equivalent units for direct materials ( from process 1 & Direct materials added) and conversion costs and the cost per equivalent unit for direct materials and Conversion costs. 2. Calculate the total cost of units completed and transferred to finish goods inventory, calculate cost of abnormal losses and calculate the cost of ending work in process inventory process 2. 3. Prepare better choice’s work -in-process - process 2 T Accounts , clearly showing the ending balance
Match each of the following items A through G with the best numbered description of its purpose. A. Factory Overhead account E. Raw Materials Inventory account B. Process cost summary F. Materials requisition C. Equivalent units of production G. Finished Goods Inventory account D. Work in Process Inventory accounts 1. Notifies the materials manager to send materials to a production department. 2. Holds indirect costs until assigned to production. 3. Hold production costs until products are transferred from production to finished goods (or another department). 4. Standardizes partially completed units into equivalent completed units. 5. Holds costs of finished products until sold to customers. 6. Describes the activity and output of a production department for a period. 7. Holds costs of materials until they are used in production or as factory overhead.
The related data of Minorka Company's Assembly department:                                                                                                                                                                                                                                                                                                                                                                                                                              In Units                                      Beginning Work in Process Inventory (BWIP)               10,000 (45% complete as to conversion) Started                                                                                      120,000                                                                           Ending Work in Process Inventory (EWIP)                     8,200   (80% complete as to conversion)…
The related data of Minorka Company's Assembly department:                                                                                                                                                                                                                                                                                                                                                                                                                              In Units                                      Beginning Work in Process Inventory (BWIP)               10,000 (45% complete as to conversion) Started                                                                                      120,000                                                                           Ending Work in Process Inventory (EWIP)                     8,200   (80% complete as to conversion)…
The related data of Minorka Company's Assembly department:                                                                                                                                                                                                                                                                                                                                                                                                                              In Units                                      Beginning Work in Process Inventory (BWIP)               10,000 (45% complete as to conversion) Started                                                                                      120,000                                                                           Ending Work in Process Inventory (EWIP)                     8,200   (80% complete as to conversion)…
The related data of Minorka Company's Assembly department: In Units Beginning Work in Process Inventory (BWIP) 10,000 (45% complete as to conversion) Started 120,000 Ending Work in Process Inventory (EWIP) 8,200 (80% complete as to conversion)…
Bramble’s Manufacturing has 6000 units in beginning Work in Process inventory, 15% complete as to conversion costs, 14500 units transferred out to Finished Goods inventory, and 1600 units in ending Work in Process inventory 10% complete related to conversion costs. Direct materials are fully added at the beginning of the process. How much are equivalent units of production for direct materials if the FIFO method is used? 14500 10100 22100 18900
Please refer the problem from the attached images below. Required: Compute the units of equivalent production for materials and conversion costs. Compute the cost of ending work in process inventory. Prepare a cost of production report.

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