EBK MANAGERIAL ACCOUNTING
3rd Edition
ISBN: 9781259738586
Author: Whitecotton
Publisher: MCGRAW HILL BOOK COMPANY
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Chapter 3, Problem 11Q
To determine
Concept introduction:
Process costing systems is a system to assign the costs where the production goes through different processes. A product may take several processes to complete and when these processes are separable, the process costing system is applied to ascertain the cost of each process.
Equivalent units :
Equivalent unit is the product unit that is physically not completed but it is measured as equivalent to completed unit.
To indicate:
How units can be 100% complete with respect to the material but only partially compete in terms of conversion
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Students have asked these similar questions
use the FIFO method to summarize the total costs to account for; calculate the cost per equivalent unit for direct materials and conversion costs; and assign costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process.
a. The unit cost for materials in Department Y is?
b. The unit cost for conversion cost in Department Y is?
c. The total unit cost for materials in Department X is?
Requirements:
A. What is the total Equivalent production for Materials?
B. What is the total Equivalent production for Conversion?
C. What is the total Cost per unit to be used for allocation?
D. What is the total cost of completed and transferred that will be carried to the next department/finished goods inventory?
E. What is the total cost of in process ending for the period?
F. What is the equivalent production of In process, end for Conversion?
G. What is the equivalent production of competed and transferred for Materials?
H. How much cost from losses will be added to completed and transferred?
Chapter 3 Solutions
EBK MANAGERIAL ACCOUNTING
Ch. 3 - Briefly describe the difference between job order...Ch. 3 - Prob. 2QCh. 3 - Explain the differences between Raw Materials...Ch. 3 - Explain the flow of costs in a process costing...Ch. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10Q
Ch. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - What triggers the cost of manufacturing to be...Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 6MCCh. 3 - Prob. 7MCCh. 3 - The primary difference between FIFO and...Ch. 3 - Prob. 9MCCh. 3 - Prob. 10MCCh. 3 - Prob. 1MECh. 3 - Prob. 2MECh. 3 - Prob. 3MECh. 3 - Prob. 4MECh. 3 - Prob. 5MECh. 3 - Calculation Cost per Equivalent unit...Ch. 3 - Prob. 7MECh. 3 - Prob. 8MECh. 3 - Prob. 9MECh. 3 - Prob. 10MECh. 3 - Prob. 11MECh. 3 - Prob. 12MECh. 3 - Calculating Equivalent Units (FIFO) The Cuttilg...Ch. 3 - Compare Weighted-Average and FIFO Process Costing...Ch. 3 - Prob. 15MECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Prob. 16ECh. 3 - Calculating Equivalent Units, Unit Costs, and Cost...Ch. 3 - Prob. 18ECh. 3 - Prob. 19ECh. 3 - Prob. 20ECh. 3 - Prob. 21ECh. 3 - Recording Manufacturing Costs in Process Costing...Ch. 3 - Prob. 1.1GAPCh. 3 - Prob. 1.2GAPCh. 3 - Prob. 2GAPCh. 3 - Preparing a Process Costing Production Report...Ch. 3 - Prob. 3.2GAPCh. 3 - Prob. 4GAPCh. 3 - Prob. 5.1GAPCh. 3 - Prob. 5.2GAPCh. 3 - Prob. 6GAPCh. 3 - Prob. 1.1GBPCh. 3 - Prob. 1.2GBPCh. 3 - Preparing a Process Costing Production Report...Ch. 3 - Preparing a Process Costing Production Report...Ch. 3 - Preparing a Process Costing Production Report...Ch. 3 - Prob. 4GBPCh. 3 - Prob. 5.1GBPCh. 3 - Prob. 5.2GBPCh. 3 - Prob. 6GBP
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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
- Answer ALL the questions in this section. Shade the letter that corresponds to the most appropriateanswer on the answer sheet provided.2. Equivalent units of production(A) will always be greater than or equal to the physical units(B) are a measure of the number of complete units that could have been manufacturedfrom start to finish using the costs incurred during the period(C) are calculated for materials but not for conversion costs(D) are units of a new product that are essentially the same as the units of an existingproduct 5. The cash budget is part of the(A) Revenue budget(B) Operating budget(C) Financial budget(D) Budgeted balance sheet 6. Under variable costing, which manufacturing cost is expensed as a period cost?(A) Direct materials(B) Variable manufacturing overhead(C) Fixed manufacturing overhead(D) Direct labour 7. Under variable costing, which of the following costs are assigned to inventory?Variable Selling &Administrative CostsVariable FactoryOverhead Costs(A) Yes…arrow_forwardWhich of the following activity bases would be appropriate to use for materials handling? A. Number of machine hours B. Number of material moves C. Number of production orders D. Kilowatt-hours usedarrow_forwardThe number of equivalent units in work in process regarding direct materials and conversion costs: a) must be lower for materials b) must always be equal c) may be different d) must be higher for conversionarrow_forward
- Department Z's cost per equivalent unit of production for materials using the FIFO method would be Department Z's cost per equivalent unit of production for conversion costs using the FIFO method would bearrow_forwardWith respect to direct materials costs, how many equivalent units were calculated for the product that was completed, and how many equivalent units were calculated for the ending balance?arrow_forwarda. The equivalent units of production for conversion cost in Department Y is? b. The unit cost for materials in Department X is? c. The unit cost for conversion in Department X is?arrow_forward
- How do I compute the unit production for direct materials and conversion costs? Also, how do I compute the total costs of units (gallons)? I inserted a pic of the exercise problem that I am currently stuck on.arrow_forwardsummarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to the units completed (and transferred out) and units in ending work in process.arrow_forwardWhy is the number of equivalent units for materials only sometimes equal to the equivalent units for conversion?arrow_forward
- How can there be a different number of equivalent units for materials as compared to conversion costs?arrow_forwardA direct material standard cost is? The cost of direct materials that should be incurred to produce one unit of output or product. The cost of all materials and supplies used to produce one unit of output or product. The price that should be spent to purchase each unit of direct material for production. The amount of direct materials that should be used to produce one unit of output or product.arrow_forwardWhat units (whole vs equivalent) are complete with respect to materials or conversion and what units are the number of units in production during a period whether complete or not?arrow_forward
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