Process costs It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production. Equivalents units for production The activity of a processing department in terms of fully completed units is known as equivalent units. It includes the completed units of direct materials and conversion cost of beginning work in process, units completed and transferred out, and ending work in process. Production cost report A production cost report is a comprehensive report prepared for each department separately at the end of a particular period, which represents the physical flow and cost flow of product for the concerned department. To Determine: The equivalents units for production of direct materials and conversion costs for the month of July for Company DC.

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Answer 1

Question

Chapter 17, Problem 17.3BPR

(1)

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Equivalents units for production

The activity of a processing department in terms of fully completed units is known as equivalent units. It includes the completed units of direct materials and conversion cost of beginning work in process, units completed and transferred out, and ending work in process.

Production cost report

A production cost report is a comprehensive report prepared for each department separately at the end of a particular period, which represents the physical flow and cost flow of product for the concerned department.

To Determine: The equivalents units for production of direct materials and conversion costs for the month of July for Company DC.

(2)

To determine

To Prepare: The journal entry to record cost transferred from reaction department to filling department and cost transferred from filling department to finished goods during the month of January.

(3)

To determine

Increase or decrease in the cost per equivalent per unit for direct materials and conversion cost between December and January.

(4)

To determine

To Discuss: The uses of cost of production report.

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Answer 2

Question

Chapter 17, Problem 17.3BPR

(1)

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Equivalents units for production

The activity of a processing department in terms of fully completed units is known as equivalent units. It includes the completed units of direct materials and conversion cost of beginning work in process, units completed and transferred out, and ending work in process.

Production cost report

A production cost report is a comprehensive report prepared for each department separately at the end of a particular period, which represents the physical flow and cost flow of product for the concerned department.

To Determine: The equivalents units for production of direct materials and conversion costs for the month of July for Company DC.

(2)

To determine

To Prepare: The journal entry to record cost transferred from reaction department to filling department and cost transferred from filling department to finished goods during the month of January.

(3)

To determine

Increase or decrease in the cost per equivalent per unit for direct materials and conversion cost between December and January.

(4)

To determine

To Discuss: The uses of cost of production report.

Expert Solution & Answer

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Answer 3

Question

Chapter 17, Problem 17.3BPR

(1)

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Equivalents units for production

The activity of a processing department in terms of fully completed units is known as equivalent units. It includes the completed units of direct materials and conversion cost of beginning work in process, units completed and transferred out, and ending work in process.

Production cost report

A production cost report is a comprehensive report prepared for each department separately at the end of a particular period, which represents the physical flow and cost flow of product for the concerned department.

To Determine: The equivalents units for production of direct materials and conversion costs for the month of July for Company DC.

(2)

To determine

To Prepare: The journal entry to record cost transferred from reaction department to filling department and cost transferred from filling department to finished goods during the month of January.

(3)

To determine

Increase or decrease in the cost per equivalent per unit for direct materials and conversion cost between December and January.

(4)

To determine

To Discuss: The uses of cost of production report.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 17, Problem 17.3BPR

(1)

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Equivalents units for production

The activity of a processing department in terms of fully completed units is known as equivalent units. It includes the completed units of direct materials and conversion cost of beginning work in process, units completed and transferred out, and ending work in process.

Production cost report

A production cost report is a comprehensive report prepared for each department separately at the end of a particular period, which represents the physical flow and cost flow of product for the concerned department.

To Determine: The equivalents units for production of direct materials and conversion costs for the month of July for Company DC.

(2)

To determine

To Prepare: The journal entry to record cost transferred from reaction department to filling department and cost transferred from filling department to finished goods during the month of January.

(3)

To determine

Increase or decrease in the cost per equivalent per unit for direct materials and conversion cost between December and January.

(4)

To determine

To Discuss: The uses of cost of production report.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 17, Problem 17.3BPR

(1)

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Equivalents units for production

The activity of a processing department in terms of fully completed units is known as equivalent units. It includes the completed units of direct materials and conversion cost of beginning work in process, units completed and transferred out, and ending work in process.

Production cost report

A production cost report is a comprehensive report prepared for each department separately at the end of a particular period, which represents the physical flow and cost flow of product for the concerned department.

To Determine: The equivalents units for production of direct materials and conversion costs for the month of July for Company DC.

(2)

To determine

To Prepare: The journal entry to record cost transferred from reaction department to filling department and cost transferred from filling department to finished goods during the month of January.

(3)

To determine

Increase or decrease in the cost per equivalent per unit for direct materials and conversion cost between December and January.

(4)

To determine

To Discuss: The uses of cost of production report.

Answer 6

Chapter 17, Problem 17.3BPR

(1)

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Equivalents units for production

The activity of a processing department in terms of fully completed units is known as equivalent units. It includes the completed units of direct materials and conversion cost of beginning work in process, units completed and transferred out, and ending work in process.

Production cost report

A production cost report is a comprehensive report prepared for each department separately at the end of a particular period, which represents the physical flow and cost flow of product for the concerned department.

To Determine: The equivalents units for production of direct materials and conversion costs for the month of July for Company DC.

Answer 7

Chapter 17, Problem 17.3BPR

(1)

To determine

Process costs

It is a method of cost accounting, which is used where the production is continuous, and the product needs various processes to complete. This method is used to ascertain the cost of the product at each process or stage of production.

Equivalents units for production

The activity of a processing department in terms of fully completed units is known as equivalent units. It includes the completed units of direct materials and conversion cost of beginning work in process, units completed and transferred out, and ending work in process.

Production cost report

A production cost report is a comprehensive report prepared for each department separately at the end of a particular period, which represents the physical flow and cost flow of product for the concerned department.

To Determine: The equivalents units for production of direct materials and conversion costs for the month of July for Company DC.

Answer 8

(2)

To determine

To Prepare: The journal entry to record cost transferred from reaction department to filling department and cost transferred from filling department to finished goods during the month of January.

Answer 9

(2)

To determine

To Prepare: The journal entry to record cost transferred from reaction department to filling department and cost transferred from filling department to finished goods during the month of January.

Answer 10

(3)

To determine

Increase or decrease in the cost per equivalent per unit for direct materials and conversion cost between December and January.

Answer 11

(3)

To determine

Increase or decrease in the cost per equivalent per unit for direct materials and conversion cost between December and January.

Answer 12

(4)

To determine

To Discuss: The uses of cost of production report.

Answer 13

(4)

To determine

To Discuss: The uses of cost of production report.

Answer 14

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Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

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Solution Summary: The author explains how to calculate the equivalents units for production of direct materials and conversion costs for the month of July for Company DC.

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To Prepare: The journal entry to record cost transferred from reaction department to filling department and cost transferred from filling department to finished goods during the month of January.

Increase or decrease in the cost per equivalent per unit for direct materials and conversion cost between December and January.

To Discuss: The uses of cost of production report.

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Chapter 17 Solutions