equired: Complete the production cost report using the FIFO method. ote: Round "Cost per equivalent unit" to 2 decimal places.
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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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- Costs in beginning work in process inventory was $4,500 and $37,800 in costs were added during the period. If there a equivalent unit under the weighted-average method is $ (Enter your answer as a whole number) Need help? Review these concept resources. Read About the Concept 4 7,050 equivalent units, the cost perIbe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. Questions: 1. Using FIFO method, the started in process units 2. Using FIFO method, the EUP of completed and transferred units isIbe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. Questions: 1. Using FIFO method, the started in process units 2. Using FIFO method, the EUP of completed and transferred units is 3. Using FIFO method, the EUP of completed and transferred units is 4. The unit conversion cost using weighted average method is:0.700.86none of the choices0.82
- Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: beginning inventory of 2.500 units is 100% complete with regard to materials and 60% complete with regard to conversion • 18,000 units were started during the period • 17,500 units were completed and transferred · ending inventory is 100% complete with materials and 65% complete with conversion PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Units Accounted For: Total Units Material Units Conversion UnitsMaterials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials Beginning inventory: conversion Direct material Direct labor Applied overhead Total costs to account for Units to Account For Beginning work in proces Units started into production Transferred out Completed and transferred out Ending work in process Total units to account for Completed and transferred out Ending work in process Total units to account for Work in process completion percent Transferred out costs End work in process: materials Costs to account for Beginning work in process Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department End work in process: conversion $11,000 18,000 49,000 76,000 21,184 $175,184 End work in…Beginning Work-in-Process is 3,350 units; 66,600 units completed, and ending Work-in-Process is 5,450 units, which are 100% complete for direct materials and 50% complete for conversion costs. The beginning WIP Inventory is 100% complete for direct materials and 50% complete for conversion. Required: 1. What are the equivalent units for materials and conversion using the weighted-average method? 2. What are the equivalent units for materials and conversion using the FIFO method?
- Required information [The following information applies to the questions displayed below.] A process manufacturer reports the following: Total Beginning work in process inventory Units started this period Units completed and transferred out Ending work in process inventory Units 198,000 430,000 460,000 168,000 Compute the total equivalent units of production for conversion. The company uses the weighted average method. Equivalent units of production: Weighted average method Conversion Units Conversion Percent Complete 80% Percent Complete 25% EUPUsing the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Using the weighted-average method, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion. PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Conversion Units Units Accounted For: Total Units Material UnitsUsing the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: Using the weighted-average method and following the format in the textbook, compute the equivalent units of production if the beginning inventory consisted of 20,000 units; 55,000 units were started in production; and 57,000 units were completed and transferred to finished goods inventory. For this process, materials are added at the beginning of the process, and the units are 35% complete with respect to conversion. PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units Units Accounted For: Total Units Material Units Conversion Units
- Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125. 1. The unit conversion cost using weighted average method is: 2. Using FIFO method, the started in process unitsQuestion 3: Process Costing Cannondale Bicycle Company manufactures various lines of bicycles. Because of the high volume of each type of product, the company employs a process cost system to determine unit costs. Bicycle parts are manufactured in the Moulding Department and transferred to the Assembly Department where they are assembled. After assembly, the bicycles are sent to the Packing Department. Cost and production figures for the Assembly Department are presented below for the month of June: Production Data (in unit) 70,000 Beginning WIP Inventory (70% complete as to material; 40% complete as to conversion) Started in June Completed and transferred out Ending WIP Inventory (75% complete as to material; 25% complete as to conversion) 460,000 450,000 80,000 Cost Data (in dollar) Material Conversion $36,550 $391,850 $13,500 Beginning WIP Inventory Current period $287,300 Required: (a) Determine the cost per equivalent unit for the Assembly Department's direct materials and…The following data show the units in beginning work in process inventory, the number of snits started, the number of units transferred, and the penant completion of the beginning of the process. Beginning Transferred Conversion Quarter WIP Started Out (1) 134,200 133,400 132,591 132,490 25 24 20 133,245 133,464 480 134,843 134,132 22 What are the equivalent units for material and conversion costs for each quarter using the weighted average method Assume that the quarters are Quarter 2 Quarter 3 Quarter 4 2 3 524 339 Units for material costs Units for conversion costs Quarter 1