Required information [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 i Completed and transferred out Ending work in process inventory Units 77,000 407,000 385,000 99,000 Completed and transferred out Ending work in process Total Direct Materials Percent Complete 70% Units 90% Conversion Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Percent Complete 30% Percent Complete Equivalent units of production: Weighted average method Direct Materials 40% EUP Percent Complete Conversion EUP
Process Costing
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 is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
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 comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Required information
[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
77,000
407,000
385,000
99,000
Completed and transferred out
Ending work in process
Total
Direct
Materials
Percent
Complete Percent Complete
70%
30%
90%
Units
Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average
method.
Conversion
Equivalent units of production: Weighted average method
Direct Materials
Percent
Complete
40%
EUP
Percent
Complete
Conversion
EUP](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb05eed8-0fed-4b9a-9010-505079e3049a%2F6737b771-cbb1-476b-b6fd-f857e8b4205f%2Fuxqtaly_processed.jpeg&w=3840&q=75)
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