FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing …
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In compari…
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b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0". Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Inventory in process, beginning Started and completed Transferred to finished goods Inventory in process, ending Total units Feedback Whole Units 4,000 ✓ 88,000✔ Direct Materials 92.000 ✓ 6,000 ✓ Conversion 98,000✔ Equivalent Units Equivalent Units Direct Materials Conversion 1,400 ✓ ✓ 88,000 88,000 6,000 ✓ ✓ 94,000 ✓ Check My Work When are materials added in the process? How does that affect the number of equivalent units in beginning work in process, units that have been started and completed and units in ending work in process? For units to be completed they have to be complete with respect to both materials and conversion. 88,000 c. Costs per equivalent unit for direct materials and conversion. If required, round your answers to the nearest cent. Costs Per Equivalent Unit 1.90 89,400 ✓ 4,800 ✓ 3.20 ✓ 94,200 ✓ d. Cost of the units started and completed during the period. $
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Transcribed Image Text:b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0". Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Inventory in process, beginning Started and completed Transferred to finished goods Inventory in process, ending Total units Feedback Whole Units 4,000 ✓ 88,000✔ Direct Materials 92.000 ✓ 6,000 ✓ Conversion 98,000✔ Equivalent Units Equivalent Units Direct Materials Conversion 1,400 ✓ ✓ 88,000 88,000 6,000 ✓ ✓ 94,000 ✓ Check My Work When are materials added in the process? How does that affect the number of equivalent units in beginning work in process, units that have been started and completed and units in ending work in process? For units to be completed they have to be complete with respect to both materials and conversion. 88,000 c. Costs per equivalent unit for direct materials and conversion. If required, round your answers to the nearest cent. Costs Per Equivalent Unit 1.90 89,400 ✓ 4,800 ✓ 3.20 ✓ 94,200 ✓ d. Cost of the units started and completed during the period. $
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Feedback Bal., 4,000 units, 65% completed Direct materials, 94,000 units @ $1.90 Direct labor Factory overhead Bal., 2 units, 80% completed Determine the following: a. The number of units in work in process inventory at the end of the period. 6,000 units Work in Process-Assembly Department 15,400 To Finished Goods, 92,000 units 178,600 Check My Work Units in ending work in process represent units that have been started in the department but have not been completed, and therefore have not been transferred out to finished goods. Inventory Started and completed Transferred to finished goods Inventory in process, ending 217,000 84,440 b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0". Total units Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Whole Equivalent Units Equivalent Units Direct Materials Units Conversion 4,000 1,400 ✓ 88,000 ✓ 88,000 ✓ 92,000✔ 6,000 ✓ 98,000 ✓ 88,000 ✓ 88,000 6,000 ✓ ✓ 94,000 89,400 4,800 94,200 ✓
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Transcribed Image Text:Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Feedback Bal., 4,000 units, 65% completed Direct materials, 94,000 units @ $1.90 Direct labor Factory overhead Bal., 2 units, 80% completed Determine the following: a. The number of units in work in process inventory at the end of the period. 6,000 units Work in Process-Assembly Department 15,400 To Finished Goods, 92,000 units 178,600 Check My Work Units in ending work in process represent units that have been started in the department but have not been completed, and therefore have not been transferred out to finished goods. Inventory Started and completed Transferred to finished goods Inventory in process, ending 217,000 84,440 b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0". Total units Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Whole Equivalent Units Equivalent Units Direct Materials Units Conversion 4,000 1,400 ✓ 88,000 ✓ 88,000 ✓ 92,000✔ 6,000 ✓ 98,000 ✓ 88,000 ✓ 88,000 6,000 ✓ ✓ 94,000 89,400 4,800 94,200 ✓
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Cost accounting is a process of determining the cost of the product produced in the manufacturing unit. Equivalent units refer to those units that are completed and are in process by the manufacturer.

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