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Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department 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 Required 1 Required 2 Unit reconciliation: Units 1 account for: Units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production Complete this question by entering your answers in the tabs below. Total costs + Equivalent units of production Cost per equivalent unit of production Cost Assignment Units 30,000 140,000 150,000 20,000 Required: 1. Prepare the Cutting department's production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion $ 17,100 67,200 Total costs accounted for 144,400 862,400 Prepare the Cutting department's production cost report for October using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Direct Materials. Conversion Units Percent Complete 100% $ 84,300 1,006,800 $ 1,091,100 < Required 1 FAST COMPANY-Cutting Department Production Cost Report - Weighted Average Method For Month Ended October 31 Percent Complete % Complete 80% Costs EUP Direct Materials EUP Cost per EUP EUP Direct Materials Total cost Required 2 > Conversion % Complete Costs EUP EUP 150,000 Conversion

Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department 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 Required 1 Required 2 Unit reconciliation: Units 1 account for: Units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production Complete this question by entering your answers in the tabs below. Total costs + Equivalent units of production Cost per equivalent unit of production Cost Assignment Units 30,000 140,000 150,000 20,000 Required: 1. Prepare the Cutting department's production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion $ 17,100 67,200 Total costs accounted for 144,400 862,400 Prepare the Cutting department's production cost report for October using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Direct Materials. Conversion Units Percent Complete 100% $ 84,300 1,006,800 $ 1,091,100 < Required 1 FAST COMPANY-Cutting Department Production Cost Report - Weighted Average Method For Month Ended October 31 Percent Complete % Complete 80% Costs EUP Direct Materials EUP Cost per EUP EUP Direct Materials Total cost Required 2 > Conversion % Complete Costs EUP EUP 150,000 Conversion

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 24E
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Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department 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 Required 1 Required 2 Unit reconciliation: Units to account for: Units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production Units Total costs + Equivalent units of production Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion 30,000 140,000 150,000 20,000 Complete this question by entering your answers in the tabs below. Ending work in process Direct materials Conversion Required: 1. Prepare the Cutting department's production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Total costs accounted for $ 17,100 67,200 144,400 862,400 Prepare the Cutting department's production cost report for October using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Units Direct Materials Conversion EUP Percent Complete 100% $ 84,300 1,006,800 $ 1,091,100 < Required 1 FAST COMPANY-Cutting Department Production Cost Report - Weighted Average Method For Month Ended October 31 Percent Complete % Complete 80% Costs EUP Direct Materials Cost per EUP EUP Direct Materials Total cost Required 2 > Conversion % Complete Costs EUP EUP 150,000 Conversion
Transcribed Image Text:Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department 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 Required 1 Required 2 Unit reconciliation: Units to account for: Units to account for Total units accounted for: Total units accounted for Equivalent units of production (EUP) Equivalent Units of Production Cost per equivalent unit of production Units Total costs + Equivalent units of production Cost per equivalent unit of production Cost Assignment Completed and transferred out Direct materials Conversion 30,000 140,000 150,000 20,000 Complete this question by entering your answers in the tabs below. Ending work in process Direct materials Conversion Required: 1. Prepare the Cutting department's production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Total costs accounted for $ 17,100 67,200 144,400 862,400 Prepare the Cutting department's production cost report for October using the weighted average method. (Round "Cost per EUP" to 2 decimal places.) Units Direct Materials Conversion EUP Percent Complete 100% $ 84,300 1,006,800 $ 1,091,100 < Required 1 FAST COMPANY-Cutting Department Production Cost Report - Weighted Average Method For Month Ended October 31 Percent Complete % Complete 80% Costs EUP Direct Materials Cost per EUP EUP Direct Materials Total cost Required 2 > Conversion % Complete Costs EUP EUP 150,000 Conversion
Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department 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 Required 1 View transaction list Required 2 Journal entry worksheet < 1 Complete this question by entering your answers in the tabs below. Required: 1. Prepare the Cutting department's production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Note: Enter debits before credits. Date October 31 Units 30,000 140,000 Record the transfer of goods to next department. 150,000 20,000 Record entry General Journal $ 17,100 67,200 Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Clear entry 144,400 862,400 Direct Materials Percent Complete 100% < Required 1 $ 84,300 Conversion Percent Complete 1,006,800 $1,091,100 80% Debit Credit View general journal Required 2 >
Transcribed Image Text:Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department 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 Required 1 View transaction list Required 2 Journal entry worksheet < 1 Complete this question by entering your answers in the tabs below. Required: 1. Prepare the Cutting department's production cost report for October using the weighted average method. 2. Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Note: Enter debits before credits. Date October 31 Units 30,000 140,000 Record the transfer of goods to next department. 150,000 20,000 Record entry General Journal $ 17,100 67,200 Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Clear entry 144,400 862,400 Direct Materials Percent Complete 100% < Required 1 $ 84,300 Conversion Percent Complete 1,006,800 $1,091,100 80% Debit Credit View general journal Required 2 >
Expert Solution
Step 1 Introduction

Equivalent units using Weighted Average Method :— Under this method, equivalent units is the sum of equivalent units transferred out and equivalent units of work in process. 

 

Equivalent units transferred out is calculated by multiplying units transferred out with 100 %. 

 

Equivalent units of work in process inventory is calculated by multiplying units in ending WIP with their stage of completion. 

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