Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780134128528
Author: Karen W. Braun, Wendy M. Tietz
Publisher: PEARSON
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Chapter 5, Problem 5.39BE
To determine
To compute: Output in terms of equivalent units to arrive at the missing figures.
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Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Show Transcribed Text
Units
72,000
382,000
360,000
94,000
The production department had the cost information below.
Beginning work in process inventory
Direct materials
Costs added this period
Direct materials
Conversion
Total costs to account for
3
Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory
LO P1
Direct
Materials
Percent
Complete
70%
$ 167,920
38,028
80%
1,115,920
777,192
C
Exercise 3-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory
LO P1
$ 205,948
Conversion
1,893,112
$ 2,099,060
Percent Complete
a. Compute cost per…
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Units
84,000
442,000
420,000
106, 000
Direct
Materials
Percent
Complete
80%
80%
Conversion
Percent
Complete
20%
30%
Required information
Use the following information for the Exercises below. (Algo)
[The following information applies to the questions displayed below.]
The first production department of Stone Incorporated reports the following for April.
Direct
Materials
Percent
Complete
75%
Conversion
Percent
Complete
25%
Beginning work in process inventory
Units started this period
Completed and transferred out
Ending work in process inventory
Units
63,000
337,000
315,000
85,000
80%
30%
Exercise 16-8 (Algo) Weighted average: Computing equivalent units of production LO P1
Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average
method.
X Answer is complete but not entirely correct.
Equivalent units of production: Weighted average method
Direct Materials
Conversion
Units
Percent
Complete
Percent
EUP
EUP
Complete
Units started this period
315,000
100%
315,000
100%
315,000
Ending work in process
85,000
85%
72,250
35% X
29,750 X…
Chapter 5 Solutions
Managerial Accounting (5th Edition)
Ch. 5 - (Learning Objective 1) Which of the following is...Ch. 5 - (Learning Objective 2) Conversion costs consist of...Ch. 5 - (Learning Objective 2) Which of the following is...Ch. 5 - (Learning Objective 3) Which of the following is...Ch. 5 - Prob. 5QCCh. 5 - (Learning Objective 4) The journal entry needed to...Ch. 5 - (Learning Objective 4) A company has two...Ch. 5 - Prob. 8QCCh. 5 - Prob. 9QCCh. 5 - Prob. 10QC
Ch. 5 - Compare job costing and process costing (Learning...Ch. 5 - Prob. 5.2SECh. 5 - Prob. 5.3SECh. 5 - Determine the physical flow of units (process...Ch. 5 - Compute equivalent units (process costing Step 2)...Ch. 5 - Compute equivalent units (process costing Step 2)...Ch. 5 - Summarize total costs to account for (process...Ch. 5 - Prob. 5.8SECh. 5 - Prob. 5.9SECh. 5 - Prob. 5.10SECh. 5 - Prob. 5.11SECh. 5 - Prob. 5.12SECh. 5 - Prob. 5.13SECh. 5 - Prob. 5.14SECh. 5 - Prob. 5.15SECh. 5 - Prob. 5.16SECh. 5 - Continuation of S5-16: Record journal entry and...Ch. 5 - Compute equivalent units in second department...Ch. 5 - Prob. 5.19SECh. 5 - Prob. 5.20SECh. 5 - Prob. 5.21SECh. 5 - Prob. 5.22SECh. 5 - Analyze flow of costs through inventory T-accounts...Ch. 5 - Summarize physical units and compute equivalent...Ch. 5 - Prob. 5.25AECh. 5 - Prob. 5.26AECh. 5 - Continuation of E5-26A: Journal entries (Learning...Ch. 5 - Complete the production cost report in first...Ch. 5 - Prob. 5.29AECh. 5 - Analyze costs and gross profit in a process...Ch. 5 - Prob. 5.31AECh. 5 - Compute equivalent units and assign costs...Ch. 5 - Complete five-step procedure in first department...Ch. 5 - Sustainability and process costing (Learning...Ch. 5 - Complete five-step procedure and journalize result...Ch. 5 - Complete five-step procedure in second department...Ch. 5 - Exercises Group B E5-37B Analyze flow of costs...Ch. 5 - Summarize physical units and compute equivalent...Ch. 5 - Prob. 5.39BECh. 5 - Complete five-step procedure in first department...Ch. 5 - Prob. 5.41BECh. 5 - Prob. 5.42BECh. 5 - Prob. 5.43BECh. 5 - Prob. 5.44BECh. 5 - Record journal entries (Learning Objective 4)...Ch. 5 - Compute equivalent units and assign costs...Ch. 5 - Prob. 5.47BECh. 5 - Sustainability and process costing (Learning...Ch. 5 - Complete five-step procedure and journalize result...Ch. 5 - Complete five-step procedure in second department...Ch. 5 - Process costing in a single processing department...Ch. 5 - Process costing in a first department (Learning...Ch. 5 - Prob. 5.53APCh. 5 - Prepare a production cost report and journal...Ch. 5 - Prob. 5.55APCh. 5 - Process costing in a single processing department...Ch. 5 - Process costing in a first department (Learning...Ch. 5 - Prob. 5.58BPCh. 5 - Prepare a production cost report and journal...Ch. 5 - Prob. 5.60BPCh. 5 - Prob. 5.61SCCh. 5 - Discussion Questions 1. What characteristics of...Ch. 5 - Prob. 5.63ACTCh. 5 - Prob. 5.64ACTCh. 5 - Process costing and hybrid costing issues...
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- Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete 75% Conversion Percent Complete 25% Units Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory 63,000 337,000 315,000 85,000 80% 30% Exercise 16-8 (Algo) Weighted average: Computing equivalent units of production LO P1 Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Equivalent units of production: Weighted average method Direct Materials Conversion Units Percent Percent EUP EUP Complete Complete Totalarrow_forwardS5-13 Find unit cost and gross profit on a final product (Learning Objective 5) Counter Co. produces Formica countertops in two sequential production departments: Forming and Polishing. The Polishing Department calculated the following costs per equivalent unit (square feet) on its October production cost report: Transferred-in $2.44 Direct Materials Conversion Costs $0.40 $1.66 Cost per equivalent unit: During October, 165,000 square feet were completed and transferred out of the Polishing Department to Finished Goods Inventory. The countertops were subsequently sold for $13.00 per square foot. 1. What was the cost per square foot of the finished product? 2. Did most of the production cost occur in the Forming Department or in the Polishing Department? Explain how you can tell where the most production cost occurred. 3. What was the gross profit per square foot? 4. What was the total gross profit on the countertops produced in October?arrow_forwardUse the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete 75% Conversion Percent Complete 25% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 63,000 337,000 315,000 85,000 80% 30% Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials $ 131,555 24,120 Conversion $ 155,675 Costs added this period Direct materials 825,945 707,955 1,533,900 $ 1,689,575 Conversion Total costs to account for a. Compute cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) b. Using the weighted average method, assign…arrow_forward
- Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.]The first production department of Stone Incorporated reports the following for April. Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 82,000 70% 30% Units started this period 432,000 Completed and transferred out 410,000 Ending work in process inventory 104,000 85% 35% Exercise 3-11A (Algo) FIFO: Costs assigned to output LO C2 The production department had the cost information below. Beginning work in process inventory Direct materials $ 206,850 Conversion 35,490 $ 242,340 Costs added this period Direct materials 1,512,630 Conversion 991,230 2,503,860 Total costs to account for $ 2,746,200 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the…arrow_forwardRequired information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Direct Materials Percent Complete 60% Conversion Percent Complete 40% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 30,000 400,000 390,000 40,000 85% 35% Production cost information for the forming department follows. Beginning work in process Direct materials $ 50,800 19,300 $ 70,100 Conversion Costs added this period Direct materials 1,539,200 1,047,260 2,586,460 $ 2,656,560 Conversion Total costs to account for Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to…arrow_forwardS18-13 Preparing journal entry Learning Objective 5 The Mixing Department's production cost report for May shows $12,500 in total costs, of which $2,500 will remain in the department assigned to the units still in process at the end of the month. Prepare the journal entry to record the transfer of costs from the Mixing Department to the Packaging Department.arrow_forward
- City University uses a process cost system to accumulate costs incurred in handling student applications in the admissions department. When an application is completed, it is forwarded to the appropriate academic department for final processing. The following processing and cost data pertain to March. 1. Applications in process on March 1 250 2. Applications started in March 1,100 3. Completed applications during March 950 4. Applications still in process at March 31 were 100% complete as to materials (forms) and 75% complete as to conversion costs. Beginning WIP: Direct materials $ 2,125 Conversion costs 9,450 March costs: Direct materials $ 8,000 Direct labor…arrow_forwardSharpe Company makes organic salsa in two production departments, Cooking and Bottling. Direct materials costs are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company reports the following for a recent month. Beginning work in process inventory Activity during the month Direct materials Direct labor Overhead applied Costs transferred from Cooking to Bottling Costs transferred from Bottling to finished goods View transaction list Journal entry worksheetarrow_forwardNumber 3 City University uses a process cost system to accumulate costs incurred in handling student applications in the admissions department. When an application is completed, it is forwarded to the appropriate academic department for final processing. The following processing and cost data pertain to March. 1. Applications in process on March 1 Applications started in March Completed applications during March Applications still in process at March 31 were 100% complete as to materials (forms) and 75% complete as to conversion costs. 250 2. 1,100 950 3. 4. 00000 2000 000 Beginning WIP: Direct materials Conversion costs $ 2,125 9,450 Ast March costs: Direct materials $ 8,000 43,000 10,050 Direct labor Overhead Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process. InstructionsDi (a) $150000 Determine the equivalent units of service (production) for materials and…arrow_forward
- Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method and it reports the following unit data for the Forming department. Units completed in the forming department are transferred to the painting department. Direct Materials Percent Complete 60% Conversion Percent Complete 40% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 30,000 400,000 390,000 40,000 85% 35% Production cost information for the forming department follows. Beginning work in process Direct materials $ 50,800 19,300 Conversion $ 70,100 Costs added this period Direct materials 1,539,200 1,047,260 2,586,460 $ 2,656,560 Conversion Total costs to account for Exercise 16-6 (Algo) Weighted average: Cost per EUP and costs assigned to output LO P1 a.…arrow_forwardNew Image Sports uses a process-costing system. For March, the company had the following activities: Beginning work-in-process inventory (1/3 complete) 6,000 units Units placed in production 24,000 units Good units completed 18,000 units Ending work-in-process inventory 10,000 units Cost of beginning work in process $ 5,000 Direct material costs, current $18,000 Conversion costs, current $13,800 Direct materials are placed into production at the beginning of the process. All spoilage is normal and is detected at the end of the process. Ending WIP is 50% completed as to conversion. Required: Prepare a production cost worksheet using the FIFO method. (Summarize the calculation of physical unit equivalent and cost that is assigned to each component of inventory)arrow_forward! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Units Beginning work in process inventory 70,000 Percent Complete 60% Conversion Percent Complete 40% Units started this period 372,000 Completed and transferred out 350,000 Ending work in process inventory 92,000 85% 35% Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $158,320 51,716 $ 210,036 1,062,050 750,904 1,812,954 $ 2,022,990 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. b. Using the…arrow_forward
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