! 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 1,062,050 750,904 $ 210,036 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 weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places. Required a. Cost per equivalent unit of production: Weighted average method Direct Materials Conversion Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Costs EUP EUP Cost per EUP Total cost Costs EUP 0 0 EUP Cost per EUP Total cost $ $ 0.00 $ 0.00 0.00 0.00
! 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 1,062,050 750,904 $ 210,036 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 weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next department and its ending work in process inventory. Note: Round "Cost per EUP" to 2 decimal places. Required a. Cost per equivalent unit of production: Weighted average method Direct Materials Conversion Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total costs completed and transferred out Ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for Costs EUP EUP Cost per EUP Total cost Costs EUP 0 0 EUP Cost per EUP Total cost $ $ 0.00 $ 0.00 0.00 0.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
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.
Topic Video
Question
![!
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 weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next
department and its ending work in process inventory.
Note: Round "Cost per EUP" to 2 decimal places.
Required a.
Cost per equivalent unit of production: Weighted average method
Direct Materials
Conversion
Total costs
+ Equivalent units of production.
Cost per equivalent unit of production (rounded to 2 decimals)
Required b.
Cost assignment-Weighted average
Completed and transferred out
Direct materials
Conversion
Total costs completed and transferred out
Ending work in process
Direct materials
Conversion
Total cost of ending work in process
Total costs accounted for
Costs
EUP
EUP
Cost per EUP
Total cost
Costs
EUP
0
0
EUP
Cost per EUP
Total cost
$
0.00
$
0.00
$
0.00
0.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1d17bfe4-e8c3-4dda-a946-c245d50d7a78%2Fc1189be0-a7a1-4209-8636-1ff48919d528%2F1d29gex_processed.png&w=3840&q=75)
Transcribed Image Text:!
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 weighted average method, assign April's costs to the department's output-specifically, its units transferred to the next
department and its ending work in process inventory.
Note: Round "Cost per EUP" to 2 decimal places.
Required a.
Cost per equivalent unit of production: Weighted average method
Direct Materials
Conversion
Total costs
+ Equivalent units of production.
Cost per equivalent unit of production (rounded to 2 decimals)
Required b.
Cost assignment-Weighted average
Completed and transferred out
Direct materials
Conversion
Total costs completed and transferred out
Ending work in process
Direct materials
Conversion
Total cost of ending work in process
Total costs accounted for
Costs
EUP
EUP
Cost per EUP
Total cost
Costs
EUP
0
0
EUP
Cost per EUP
Total cost
$
0.00
$
0.00
$
0.00
0.00
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education