FINANCIAL ACCOUNTING
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Author: Libby
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Alice's Apple Pies collected the following production information relating to November's baking operations:
(Click the icon to view the information.)
Requirements
Complete the first two steps in the process costing procedure:
1. Summarize the flow of physical units.
2. Compute output in terms of equivalent units.
Flow of Production
Units to account for:
Beginning work in process, November 1
Plus: Started in production during November
Total physical units to account for
Units accounted for:
Completed and transferred out
Alice's Apple Pies
Equivalent Unit Computation
Plus: Ending work in process, November 30
Total physical units accounted for
Total equivalent units
Data table
Beginning work in process..
Ending work in process
Units started during the month
Print
Flow of
Physical
Units
204000
995000
1199000
154000
1199000
204,000
154,000
995,000
Physical Direct Materials
Units (% complete)
Done
Equivalent Units
Direct
Materials
65%
Conversion
Costs
Conversion Costs
(% complete)
85%
X
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- Please do not give solution in image format thankuarrow_forwardPart B: Compute the cost per equivalent unit fir direct materials and conversion costs Please avoid solutions image based solutions thankuarrow_forward1 Grand River Company produces a high-quality insulation material that passes through two production processes. Data for November for the first process follow: Work in process inventory, November 1 Work in process inventory, November 30 Materials cost in work in process inventory, November 1 Conversion cost in work in process inventory, November 1 Units started into production Units transferred to the next process Materials cost added during November Conversion cost added during November Units Completion with Respect to Materials 114,000 50% Completion with Respect to Conversion 25% 92,000 45% 20% $ 57,000 $ 5,700 407,500 429,500 $366,810 $151,065 Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for November for the first process. Equivalent units of production Materials Conversion 2. Compute the costs per equivalent unit for November for the first process. (Round your answers to 2 decimal places.)…arrow_forward
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