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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Physical Flow, Equivalent Units, Unit Costs, No Beginning WIP Inventory,Activity-Based Costing Lacy, Inc., produces a subassembly used in the production of hydraulic cylinders. The subassemblies are produced in three departments: Plate Cutting, Rod Cutting, and Welding. Materialsare added at the beginning of the process. Overhead is applied using the following drivers andactivity rates: Required:1. Prepare a physical flow schedule.2. Calculate equivalent units of production for:a. Direct materialsb. Conversion costs3. Calculate unit costs for:a. Direct materialsb. Conversion costsc. Total manufacturing4. Provide the following information:a. The total cost of units transferred outb. The journal entry for transferring costs from Plate Cutting to Weldingc. The cost assigned to units in ending inventory
In process costing, costs are accounted for by a. year. b. process. c. job. d. batch
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.
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