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Accounting. Please fill in the empty blanks.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Accounting. Please fill in the empty blanks.

Required a. Cost per equivalent unit of production: Weighted average method Costs of beginning inventory ✓ Costs incurred this period ✓ Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials > Answer is complete but not entirely correct. Conversion Total cost of ending work in process Total costs accounted for EUP EUP 0X $ $ 0x $ 0X $ Costs EUP Direct Materials $ Cost per EUP 0.00 $ 0.00 X Cost per EUP $ 0.00 0.00 $ 196,304✔ 1,451,226 ✔ 1,647,530 Total cost 0x 0 0.00 x 0.00 X Total cost 0.00 0.00 Conversion Is S Costs EUP IS 68,624 ✔ 989,296✔ 1,057,920 0x 0
Transcribed Image Text:Required a. Cost per equivalent unit of production: Weighted average method Costs of beginning inventory ✓ Costs incurred this period ✓ Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials > Answer is complete but not entirely correct. Conversion Total cost of ending work in process Total costs accounted for EUP EUP 0X $ $ 0x $ 0X $ Costs EUP Direct Materials $ Cost per EUP 0.00 $ 0.00 X Cost per EUP $ 0.00 0.00 $ 196,304✔ 1,451,226 ✔ 1,647,530 Total cost 0x 0 0.00 x 0.00 X Total cost 0.00 0.00 Conversion Is S Costs EUP IS 68,624 ✔ 989,296✔ 1,057,920 0x 0
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 80,000 422,000 400,000 102,000 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 196,304 68,624 Direct Materials Percent Complete 60% 1,451,226 989,296 90% Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 Percent Complete 40% $ 264,928 Conversion 2,440,522 $ 2,705,450 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. 40% b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places.
Transcribed Image Text:Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 80,000 422,000 400,000 102,000 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $ 196,304 68,624 Direct Materials Percent Complete 60% 1,451,226 989,296 90% Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 Percent Complete 40% $ 264,928 Conversion 2,440,522 $ 2,705,450 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. 40% b. Using the weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places.
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