Homework Process Costing Assignment I 7 Required Information Part 4 Of 4 The Following Information Applies To The Ques 1 (82.99 KiB) Viewed 17 times
Homework: Process Costing Assignment i 7 Required information Part 4 of 4 [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Complete 25% Percent Complete 75% Units 78,000 Beginning work in process inventory Units started this period 412,000 Completed and transferred out 390,000 Ending work in process inventory 100,000 80% 30% The production department had the cost information below. Beginning work in process inventory Direct materials $ 231,275 36,840 Conversion $ 268,115 Costs added this period Direct materials. 1,296,225 929,160 Conversion 2,225,385 $ 2,493,500 Total costs to account for (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.) 3 points eBook Hint Print References Seved
7 Part 4 of 4 3 points eBook *** Hint A Print References +50 Required information Conversion 323, 1 4,443,303 Total costs to account for $ 2,493,500 (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.) Required a. Cost per equivalent unit of production: FIFO method Direct Materials Conversion + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) 0 Required b. Cost assignment-FIFO Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for EUP EUP EUP Cost per EUP Cost per EUP S Cost per EUP S 0.00 0.00 0.00 0.00 $ $ Total cost Total cost Total cost 0 0 0 0 0
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