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[The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Beginning work in process inventory 84,000 Complete 80% Percent Complete 20% Units started this period 442,000 Completed and transferred out 420,000 Ending work in process inventory 106,000 80% 30% 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 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 339,208 26,430 $ 365,638 1,452,832 1,035,300 2,488,132 $ 2,853,770 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. Note: Round "Cost per EUP" to 2 decimal places. (b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. Note: Round "Cost per EUP" to 2 decimal places. Cost per equivalent unit of production: FIFO method Costs added this period + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-FIFO Beginning work in process Direct Materials Conversion 0 0 To complete beginning work in process EUP Cost per EUP Total cost Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for EUP Cost per EUP Total cost $ 0.00 $ 0 0.00 0 EUP Cost per EUP Total cost $ 0.00 $ 0 0.00 0

[The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Beginning work in process inventory 84,000 Complete 80% Percent Complete 20% Units started this period 442,000 Completed and transferred out 420,000 Ending work in process inventory 106,000 80% 30% 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 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 339,208 26,430 $ 365,638 1,452,832 1,035,300 2,488,132 $ 2,853,770 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. Note: Round "Cost per EUP" to 2 decimal places. (b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. Note: Round "Cost per EUP" to 2 decimal places. Cost per equivalent unit of production: FIFO method Costs added this period + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-FIFO Beginning work in process Direct Materials Conversion 0 0 To complete beginning work in process EUP Cost per EUP Total cost Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for EUP Cost per EUP Total cost $ 0.00 $ 0 0.00 0 EUP Cost per EUP Total cost $ 0.00 $ 0 0.00 0

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 15E: Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the...
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[The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Beginning work in process inventory 84,000 Complete 80% Percent Complete 20% Units started this period 442,000 Completed and transferred out 420,000 Ending work in process inventory 106,000 80% 30% 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 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 339,208 26,430 $ 365,638 1,452,832 1,035,300 2,488,132 $ 2,853,770 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. Note: Round "Cost per EUP" to 2 decimal places. (b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. Note: Round "Cost per EUP" to 2 decimal places.
Transcribed Image Text:[The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Conversion Percent Units Beginning work in process inventory 84,000 Complete 80% Percent Complete 20% Units started this period 442,000 Completed and transferred out 420,000 Ending work in process inventory 106,000 80% 30% 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 Conversion Costs added this period Direct materials Conversion Total costs to account for $ 339,208 26,430 $ 365,638 1,452,832 1,035,300 2,488,132 $ 2,853,770 (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. Note: Round "Cost per EUP" to 2 decimal places. (b) Assign costs to the department's output-specifically, to the units transferred out and to the units that remain in work in process at period-end. Use the FIFO method. Note: Round "Cost per EUP" to 2 decimal places.
Cost per equivalent unit of production: FIFO method Costs added this period + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-FIFO Beginning work in process Direct Materials Conversion 0 0 To complete beginning work in process EUP Cost per EUP Total cost Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for EUP Cost per EUP Total cost $ 0.00 $ 0 0.00 0 EUP Cost per EUP Total cost $ 0.00 $ 0 0.00 0
Transcribed Image Text:Cost per equivalent unit of production: FIFO method Costs added this period + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Required b. Cost assignment-FIFO Beginning work in process Direct Materials Conversion 0 0 To complete beginning work in process EUP Cost per EUP Total cost Direct materials Conversion Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion Total costs accounted for EUP Cost per EUP Total cost $ 0.00 $ 0 0.00 0 EUP Cost per EUP Total cost $ 0.00 $ 0 0.00 0
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