ACCT.PRINCIPLES-WILEYPLUS NEXTGEN
14th Edition
ISBN: 9781119709954
Author: Weygandt
Publisher: WILEY
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Chapter 21, Problem 20E
To determine
Job order costing is a cost evaluation method that considers each job separate and assign cost to them. It is mostly applicable in the service industry wherein every job has a separate requirement.
To prepare: Production cost report of the company.
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The assembly division of Quality Time Pieces, Inc. uses the FIFO method of process costing. Consider the following data for May 2020:
(Click the icon to view the data.)
Requirement
Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.
Enter the physical units in first, then calculate the equivalent units.
Flow of Production
Work in process, beginning
Started during current period
To account for
Completed and transferred out during current period:
From beginning work in process
Started and completed
Work in process, ending
Accounted for
Equivalent unts of work done in current period
Physical
Units
Data table
Beginning work in process (May 1)ª
Started in May 2020
Physical Units
(Watches)
100
510
450
160
Print
Completed during May 2020
Ending work in process (May 31)b
Total costs added during May 2020
a Degree of completion: direct materials, 80%; conversion costs, 35%.
Degree of completion: direct materials, 80%;…
The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for May 2020:
(Click the icon to view the data.)
Requirement
Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule.
Enter the physical units first, then calculate the equivalent units.
Flow of Production
Work in process beginning
Started during current period
To account for
Completed and transferred out during current period
Work in process, ending
Accounted for
Equivalent units of work done to date
Physical
Units
Data table
Beginning work in process (May 1)ª
Started in May 2020
Completed during May 2020
Ending work in process (May 31)
Total costs added during May 2020
Physical Units
Direct
(Watches) Materials
100
$459,888
Print
510
450
160
$3,237,000
aDegree of completion: direct materials, 80%; conversion costs, 35%.
bDegree of completion: direct materials, 80%; conversion costs, 40%.…
In using FIFO method, Cruz Company produces a product that undergoes three processes and the completed items at end of process 3 are the items to be sold to customers. For December 2021, Cruz Company presented the following costs on three processes:
What is the equivalent units of production (EUP) on Materials in Department 1?
15,000
15,100
16,000
14,200
What is the equivalent units of production (EUP) on Materials in Department 2?
15,100
15,000
15,150
14,800
Chapter 21 Solutions
ACCT.PRINCIPLES-WILEYPLUS NEXTGEN
Ch. 21 - Prob. 1QCh. 21 - Prob. 2QCh. 21 - Prob. 3QCh. 21 - Prob. 4QCh. 21 - Prob. 5QCh. 21 - Prob. 6QCh. 21 - Prob. 7QCh. 21 - Prob. 8QCh. 21 - Prob. 9QCh. 21 - Prob. 10Q
Ch. 21 - Prob. 11QCh. 21 - Prob. 12QCh. 21 - Prob. 13QCh. 21 - Prob. 14QCh. 21 - Prob. 15QCh. 21 - Prob. 16QCh. 21 - Prob. 17QCh. 21 - Prob. 18QCh. 21 - Prob. 19QCh. 21 - Prob. 20QCh. 21 - Prob. 21QCh. 21 - Prob. 22QCh. 21 - Prob. 1BECh. 21 - Prob. 2BECh. 21 - Prob. 3BECh. 21 - Prob. 4BECh. 21 - Prob. 5BECh. 21 - Prob. 6BECh. 21 - Prob. 7BECh. 21 - Prob. 8BECh. 21 - Prob. 9BECh. 21 - Prob. 10BECh. 21 - Prob. 11BECh. 21 - Prob. 12BECh. 21 - Prob. 1DIECh. 21 - Prob. 2DIECh. 21 - Prob. 3DIECh. 21 - Prob. 4DIECh. 21 - Prob. 1ECh. 21 - Prob. 2ECh. 21 - Prob. 3ECh. 21 - Prob. 4ECh. 21 - Prob. 5ECh. 21 - Prob. 6ECh. 21 - Prob. 7ECh. 21 - Prob. 8ECh. 21 - Prob. 9ECh. 21 - Prob. 10ECh. 21 - Prob. 11ECh. 21 - Prob. 12ECh. 21 - Prob. 13ECh. 21 - Prob. 14ECh. 21 - Prob. 15ECh. 21 - Prob. 17ECh. 21 - Prob. 18ECh. 21 - Prob. 19ECh. 21 - Prob. 20ECh. 21 - Prob. 1PSACh. 21 - Prob. 2PSACh. 21 - Prob. 3PSACh. 21 - Prob. 4PSACh. 21 - Prob. 5PSACh. 21 - Prob. 6PSACh. 21 - Prob. 7PSACh. 21 - Prob. 2EYCTCh. 21 - Prob. 5EYCTCh. 21 - Prob. 6EYCT
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