Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)Costs Charged to ProductionTotal costs to account forTotal costs accounted for*Difference due to rounding cost/unitUnit ReconciliationUnits to account forTotal units to account forTotal units accounted forTotal units accounted forEquivalent Units of Production (EUP)- Weighted Average MethodUnits% MaterialsEUP- Materials% ConversionEUP- ConversionEquivalent units of productionCost per EUPMaterialsConversionTotal costsCostsCosts+ Equivalent units of productionEUPEUPCost per equivalent unit of production Required information[The following information applies to the questions displayed below.]The following partially completed process cost summary describes the July production activities of the Moldingdepartment at Ashad Company. Its production output is sent to the next department. All direct materials are added toproducts when processing begins. Beginning work in process inventory is 20% complete with respect to conversion.DirectConversionEquivalent Units of ProductionUnits transferred outMaterials43,500 EUP3,500 EUP43,500 EUP2,100 EUPUnits of ending work in processEquivalent units of production47,000 EUP45,600 EUPDirectCosts per EUPCosts of beginning work in processCosts incurred this periodMaterials$33,700563,200$ 596,900Conversion$4,440333,000Total costs$ 337,440Units in beginning work in process (all completed during July)Units started this periodUnits completed and transferred outUnits in ending work in process3,00044,00043,5003,500Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)Costs Charged to Production

Name: Prepare its process cost summary using the weighted-average method. (
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Prepare its process cost summary using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)Costs Charged to ProductionTotal costs to account forTotal costs accounted for*Difference due to rounding cost/unitUnit ReconciliationUnit

Process Costing is a technique used by industries in which there are sequences of processes,…

Business

Accounting

products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion Direct Conversion Equivalent Units of Production Units transferred out Units of ending work in process Materials 43,500 EUP 3,500 EUP 43,500 EUP 2,100 EUP Equivalent units of production 47,000 EUP 45,600 EUP Direct Costs per EUP Costs of beginning work in process Costs incurred this period Materials Conversion $ 33,700 563,200 2$ 4,440 333,000 Total costs $ 596,900 $ 337,440 Units in beginning work in process (all completed during July) Units started this period Units completed and transferred out Units in ending work in process 3,000 44,000 43,500 3,500

products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion Direct Conversion Equivalent Units of Production Units transferred out Units of ending work in process Materials 43,500 EUP 3,500 EUP 43,500 EUP 2,100 EUP Equivalent units of production 47,000 EUP 45,600 EUP Direct Costs per EUP Costs of beginning work in process Costs incurred this period Materials Conversion $ 33,700 563,200 2$ 4,440 333,000 Total costs $ 596,900 $ 337,440 Units in beginning work in process (all completed during July) Units started this period Units completed and transferred out Units in ending work in process 3,000 44,000 43,500 3,500

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 20E: Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through...

See similar textbooks

Similar questions

The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% complete. During the period, 10,800 units were completed and transferred to the Packing Department. There were 1,900 units in process at the end of the period, which were 60% complete. Direct materials are placed into the process at the beginning of production. Determine the number of equivalent units of production with respect to direct materials and conversion costs.
Production information shows these costs and units for the smoothing department in August. All materials are added at the beginning of the period. The ending work in process is 30% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?
Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.
K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 1,900 units in work in process that were 60% complete at the beginning of the period. During the period, 15,800 units were completed and transferred to the Packing Department. There were 1,200 units in process that were 30% complete at the end of the period. a. Determine the number of whole units to be accounted for and to be assigned costs for the period. b. Determine the number of equivalent units of production for the period. Assume that direct materials are placed in process during production.
During December, Krause Chemical Company had the following selected data concerning the manufacture of Xyzine, an industrial cleaner: All materials are added at the beginning of processing in this department, and conversion costs are added uniformly during the process. The beginning work in process inventory had 120 of raw materials and 180 of conversion costs incurred. Materials added during December were 540, and conversion costs of 1,484 were incurred. Krause uses the first-in, first-out (FIFO) process cost method. The equivalent units of production used to compute conversion costs for December were: a. 110 units. b. 104 units. c. 100 units. d. 92 units.
Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.
Equivalent units and related costs; cost of production report; entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in ProcessFilling was as follows on January 1: The following costs were charged to Work in ProcessFilling during January: During January, 53,000 units of specialty chemicals were completed. Work in ProcessFilling Department on January 31 was 2,700 units, 30% completed. Instructions 1. Prepare a cost of production report for the Filling Department for January. 2. Journalize the entries for costs transferred from Reaction to Filling and the costs transferred from Filling to Finished Goods. 3. Determine the increase or decrease in the cost per equivalent unit from December to January for direct materials and conversion costs. 4. Discuss the uses of the cost of production report and the results of part (3).
Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead. The cost of goods transferred out for the year is: a. 4,471,200 b. 3,571,200 c. 3,780,000 d. 3,024,000
Prepare the journal entry to record the transfer of 3,500 units from the separation department to the mash department if the material cost per unit is $2 and the conversion cost per unit is $5.