I need help. Match the following terms to their definitions.(Abbreviation used: EUP-equivalent unitsof production.)1. Direct labor plusmanufacturing overhead2. Prepared by departmentfor EUP, production costs,and assignment of costs3. Equivalent units ofproduction4. Process costing system5. Transferred in costs6. Weighted-averagemethod a. Expresses partially completed units in terms of fully cb. Used by companies that manufacture homogenous prc. Previous costs brought into later processd. Conversion costse. Combines prior period costs with current period costsf. Production cost report

Conversion costs: These are costs incurred in converting raw materials into finished products, which…

Answered: Match the following terms to their…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 6MC: Which is nor needed to compute equivalent units of production? A. the percentage of completion for...

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Units that are partially completed production are classified in the balance sheet as Select one: O a. Raw materials O b. Finished goods O c. Work in process O d. Variable cost
T or F Conversion cost per equivalent unit equals total conversion costs for the period divided by total equivalent units of conversion costs. T or F Product costs must be allocated to the units transferred out of thedepartment and the partially completed units on hand at the end of the period. T or F Ford is a process manufacturer.
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?
The first step in applying the average cost method when computing for the unit cost is to: a. Add the beginning work in process costs to the current period’s production costs. b. Divide the current period’s production costs by the equivalent units. c. Subtract the beginning work in process costs from the current period’s production costs. d. A and B
The first-in, first-out method computes unit costs by O a. confining equivalent units to the work completed during the current period only. O b. dividing total units by units completed this period. the standard-costing method. O c. d. separately identifying the conversion costs of beginning and ending inventories. O e. adding opening inventory units to work-in-process units and dividing by total cost. Tir
Please refer to questions to complete.
1. Determine the equivalent units of production with respect to direct materials and conversion. 2.Compute both the direct material cost and the conversion cost per equivalent unit.
Which of the following statements best describes conversion costs? OA. Conversion costs are all manufacturing and nonmanufacturing costs. OB. Conversion costs are all nonmanufacturing costs other than fixed selling and distribution costs OC. Conversion costs are all nonmanufacturing costs including marketing costs. O D. Conversion costs are all manufacturing costs other than direct materials costs.
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• The unit cost… a. is the total conversion costs divided by the number of units produced. b. is the total product costs divided by the number of units produced. c. product plus period cost d. is the total prime costs divided by the number of units produced. e. includes period costs.
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.
That which determine(s) whether the costs assigned to units transferred out and to units in ending work in process are equal to the costs in beginning work in process, plus the manufacturing costs incurred in the current period is(are) called: a.Cost reconciliation b.Transferred-in costs c.Batch production process d.Equivalent unit of output

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