FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Topic Video
Question

Please do not give solution in image format thanku 

E4-3A. Equivalent Units and Product Cost Report-Weighted Average Method In its first month's operations (January 2016), Allred
Company's Department 1 incurred charges of $120,000 for direct materials (10,000 units), $29,875 for direct labor, and $58,000 for
manufacturing overhead. At month-end, 90 units had been finished and transferred out. The remaining units were finished with respect
to material but only 25% complete with respect to conversion costs.
Assuming Allred uses the weighted average method and that materials are added at the beginning of the process and conversion costs
occur evenly, compute the following:
a.) The equivalent units of materials and conversion costs.
b.) The cost per equivalent unit of materials and conversion costs.
expand button
Transcribed Image Text:E4-3A. Equivalent Units and Product Cost Report-Weighted Average Method In its first month's operations (January 2016), Allred Company's Department 1 incurred charges of $120,000 for direct materials (10,000 units), $29,875 for direct labor, and $58,000 for manufacturing overhead. At month-end, 90 units had been finished and transferred out. The remaining units were finished with respect to material but only 25% complete with respect to conversion costs. Assuming Allred uses the weighted average method and that materials are added at the beginning of the process and conversion costs occur evenly, compute the following: a.) The equivalent units of materials and conversion costs. b.) The cost per equivalent unit of materials and conversion costs.
Where do the units come from?
Beginning Inventory
Started
Total
Where do the costs come from?
Beginning Inventory
Current
Total Costs to Account For
=
-Total Equivalent Units
Average cost / Equivalent unit
$
Total
Please provide your answer by fillig in each box
Schramski Company
Equivalent Units Calculations, January 2019
Where do the units go?
Complete/Transferred
Ending Inventory
Total
Product Cost Report
% Work
Done?
Equivalent Units
Direct % Work
Materials Done?
Direct
Materials
a.
Conversion
Costs
Conversion
Costs
a.
b.
0
expand button
Transcribed Image Text:Where do the units come from? Beginning Inventory Started Total Where do the costs come from? Beginning Inventory Current Total Costs to Account For = -Total Equivalent Units Average cost / Equivalent unit $ Total Please provide your answer by fillig in each box Schramski Company Equivalent Units Calculations, January 2019 Where do the units go? Complete/Transferred Ending Inventory Total Product Cost Report % Work Done? Equivalent Units Direct % Work Materials Done? Direct Materials a. Conversion Costs Conversion Costs a. b. 0
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education