Total Required Information [The following information applies to the questions displayed below.] Prepare the production department's equivalent units of production for direct materials under each of the following three separate assumptions using the weighted average method for process costing. The first production department in a process manufacturing system reports the following unit dists. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Equivalent Units of Production (EUP)-Weighted Average Method 1. All direct materials are added to products when processing begins. Total Total Unite 32,000 units 48,000 units 80,000 units 17,588 units Unite 2. Beginning Inventory la 30% complete as to direct materiale coste. Ending Inventory is 70% complete as to direct materiale costs. Direct Materiale Units Percent Complete EUP Direct Materiale Percent Complete 3. Beginning Inventory le 60% complete as to direct materiale costs. Ending Inventory le 20% complete as to direct materiale costes. EUP Percent Complete Direct Materiale EUP

Total Required Information [The following information applies to the questions displayed below.] Prepare the production department's equivalent units of production for direct materials under each of the following three separate assumptions using the weighted average method for process costing. The first production department in a process manufacturing system reports the following unit dists. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Equivalent Units of Production (EUP)-Weighted Average Method 1. All direct materials are added to products when processing begins. Total Total Unite 32,000 units 48,000 units 80,000 units 17,588 units Unite 2. Beginning Inventory la 30% complete as to direct materiale coste. Ending Inventory is 70% complete as to direct materiale costs. Direct Materiale Units Percent Complete EUP Direct Materiale Percent Complete 3. Beginning Inventory le 60% complete as to direct materiale costs. Ending Inventory le 20% complete as to direct materiale costes. EUP Percent Complete Direct Materiale EUP

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Description: Prepare the production department's equivalent units of production for direct materials under each of the following three separateassumptions using the weighted average method for process costing.TotalRequired Information[The following information a

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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Which of the following is true of process costing? A. A separate finished goods account is set up for each process or department. B. For the costing purpose, a single production report is made for the entire production process. C. Costs are accumulated by job. D. Finished units in one department initially become part of Work-in-process for the next department.
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Total units Units 67,000 886,000 755,000 198,000 Units $ 433,615 111,700 2,901,885 2,122,300 Direct Materials Percent Complete 100% 100% Percent Complete Required: 1. Compute equivalent units of production for both direct materials and conversion. Conversion Percent Complete 80% $ 545,315 5,024, 185 $ 5,569,500 Equivalent Units of Production (EUP) - Weighted…
Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost per equivalent unit of production Units Total costs + Equivalent units of production (from part 1) Cost per equivalent unit of production 72,000 882,000 775,000 179,000 $ 558,090 84,660 3,734,910 1,608,540 Direct Materials Percent Complete 100% 100% 2. Compute cost per equivalent unit of production for both direct materials and conversion. Costs EUP ( $…
QualCo manufactures a single product in two departments: Cutting and Assembly. Information for the Cutting department for May follows. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Equivalent units of production (EUP) Cost per equivalent unit of production + Equivalent units of production Cost per equivalent unit of production Cost assignment Beginning work in process To complete beginning work in process Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for Units EUP Units 37,500 150,000 187,500 51, 250 Required: 1-3. Using the FIFO method, assign May's costs to the units transferred out and assign costs to its ending work in…
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Required information Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Tamar Company manufactures a single product in two departments: Forming and Assembly. Information for the Forming process for May follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Direct MaterialsConversion Percent Percent Complete Complete 40% Units 5,700 100% 41,040 42,180 4,560 100% $ 37,620 421,686 $ 459,306 943,920 4,115,286 5,059,206 5,518,512 olem 3-4A (Algo) FIFO: Production cost report LO C2, P4 $ 80% me that Tamar uses the FIFO method of process costing. The units started and completed for may total 19,200. ired: Prepare the Forming department's production cost report for May using FIFO. Prepare…
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Required information [The following information applies to the questions displayed below.] Victory Company uses weighted average process costing. The company has two production processes. Conversion cost is added evenly throughout each process. Direct materials are added at the beginning of the first process. Additional information for the first process follows. Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for Units EUP 73,000 831,000 710,000 194,000 $352,560 165,280 2,359,440 3,140,320 Direct Materials Percent Complete 100% 3. Assign costs to the department's output-specifically, to the units…
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