16th Edition

ISBN: 9781259995484

Author: Ray Garrison

Publisher: MCGRAW-HILL HIGHER EDUCATION

Concept explainers

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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Textbook Question

Chapter 4.A, Problem 10P

PROBLEM 4A-10 Equivalent Units of Production; Assigning Costs; Cost Reconciliation Report-FIFO Method LO4-6, LO4-7, LO4-8, LO4-9

Selzik Company makes super-premium cake mixes that to through two processing departments-Blending and Packaging. The following activity was recorded in the Blending Department during July:

Production data:

Chapter 4.A, Problem 10P, PROBLEM 4A-10 Equivalent Units of Production; Assigning Costs; Cost Reconciliation Report-FIFO

All materials are added at the beginning of work in the Blending Department. The company uses the FIFO method in its process costing system.

Required:

Calculate the Blending Department's equivalent units of production for materials and conversion for July.
Calculate the Blending Department's cost per equivalent unit for materials and conversion for July.
Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for July.
Calculate the Blending Department's cost of units transferred out to the next department for materials, conversion, and in total for July.
Prepare a cost reconciliation report for the Blending Department for July

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Chapter 4.A, Problem 9E

Chapter 4.A, Problem 11P

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Chapter 4 Solutions

Managerial Accounting

Ch. 4.A - EXERCISE 4A-1 Computation of Equivalent Units of...Ch. 4.A - EXERCISE 4A-2 Cost per Equivalent Unit-FIFO Method...Ch. 4.A - EXERCISE 4A-3 Assigning Costs to Units-FIFO Method...Ch. 4.A - EXERCISE 4A-4 Cost Reconciliation Report-EIFO...Ch. 4.A - EXERCISE 4A-5 Computation of Equivalent Units of...Ch. 4.A - EXERCISE 4A-6 Equivalent Units of Production-FIFO...Ch. 4.A - EXERCISE 4A-7 Equivalent Units of Production and...Ch. 4.A - EXERCISE 4A-8 Equivalent Units of Production—FIFO...Ch. 4.A - EXERCISE 4A-9 Equivalent Units; Equivalent Units...Ch. 4.A - PROBLEM 4A-10 Equivalent Units of Production;...

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