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Name: Question 5 of 5XCosting method, which calculates per equivalent unit
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Description: Question 5 of 5XCosting method, which calculates per equivalent unit cost of all production from work done until the date of calculation, is termed asFIFO methodNeitherWeighted average method

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Question 5 of 5 X Costing method, which calculates per equivalent unit cost of all production from work done until the date of calculation, is termed as FIFO method Neither Weighted average method 00

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter6: Process Costing

Section: Chapter Questions

Problem 8DQ: Under the weighted average method, how are prior-period costs and output treated? How are they...

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The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.
a. Under FIFO, how many units is the Equivalent Units Of Production (EUP)b. Under FIFO, how much is the unit cost?
The first step in determining the cost per EUP per cost component under the weighted average method is to * a. add the beginning Work in Process Inventory cost to the current period's production cost.b. divide the current period's production cost by the equivalent units.c. subtract the beginning Work in Process Inventory cost from the current period's production cost.d. divide the current period's production cost into the EUP.
Knowledge Check 01 In the cost formula (Y = a +bX) that is used to estimate the total manufacturing overhead cost for a given period, the letter "a" refers to the estimated O total manufacturing overhead cost O total fixed manufacturing overhead cost O variable manufacturing overhead cost per unit of the allocation base O total amount of the allocation base
please answer no. 2 cost of production report for A,D,E
Find: 1. Total Manufacturing Cost during the current year2. Cost of goods Manufactured during the current year 3. Over or Under applied Overhead
Victory Company uses weighted-average process costing to account for its production costs. Conversion cost is added evenly throughout the process. Direct materials are added at the beginning of the first process. During November, the first process transferred 800,000 units of product to the second process. Additional information for the first process follows. At the end of November, work in process inventory consists of 194,000 units that are 80% complete with respect to conversion. Beginning work in process inventory had $516,880 of direct materials and $191,040 of conversion cost. The direct material cost added in November is $3,459,120, and the conversion cost added is $3,629,760. Beginning work in process consisted of 79,000 units that were 100% complete with respect to direct materials and 80% complete with respect to conversion. Of the units completed, 79,000 were from beginning work in process and 721,000 units were started and completed during the period.
10 - In cases where actual costs are applied, all of the expenses collected in the expense accounts; In case of using predetermined cost methods, which accounts are used to ensure that the expenses determined according to them are reflected in the relevant accounts?A) Balance accountsB) Results AccountsC) Inflation Adjustment AccountsD) Reflection AccountsE) Difference Accounts
Which is nor needed to compute equivalent units of production? A. the percentage of completion for inventory still in process B. the number of units transferred out C. the number of units started and completed D. the material cost per unit
Under the weighted average method, how are prior-period costs and output treated? How are they treated under the FIFO method?
In what way do the cost of production summaries in Chapter 6, prepared using the weighted average cost method, differ from the cost of production summaries presented in Chapter 5? What is the reason for this difference?
a. Using FIFO method, what is the equivalent production in units of Materials? b.Using FIFO method, what is the equivalent-unit material cost for the period? c. Using FIFO method, what is the equivalent production in units of Conversion Costs?