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 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 Required a 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 To complete beginning work in process Direct materials Conversion Units 80,000 422,000 400,000 102,000 Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion. $ 196,304 68,624 Total costs accounted for 1,451,226 989,296 EUP Direct Materials (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (Round "Cost per EUP" to 2 decimal places.) EUP Percent Complete Gex (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. (Round "Cost per EUP" to 2 decimal places.) EUP 98% $ 264,928 Percent Complete 48% 2,448,522 $ 2,705,450 Conversion $ 48%% Direct Materials $ 1,451,220 $ 139,800 10.38 S Cost per EUP Cost per EUP $ 0.00 0.00 Cost per EUP $ Conversion $ 0.00 $ 0.00 989,296 72,800 13.59 Total cost Total cost Total cost 0 0 0 0
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 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 Required a 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 To complete beginning work in process Direct materials Conversion Units 80,000 422,000 400,000 102,000 Started and completed Direct materials Conversion Completed and transferred out Ending work in process Direct materials Conversion. $ 196,304 68,624 Total costs accounted for 1,451,226 989,296 EUP Direct Materials (a) Calculate the costs per equivalent unit of production for both direct materials and conversion for the department. (Round "Cost per EUP" to 2 decimal places.) EUP Percent Complete Gex (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. (Round "Cost per EUP" to 2 decimal places.) EUP 98% $ 264,928 Percent Complete 48% 2,448,522 $ 2,705,450 Conversion $ 48%% Direct Materials $ 1,451,220 $ 139,800 10.38 S Cost per EUP Cost per EUP $ 0.00 0.00 Cost per EUP $ Conversion $ 0.00 $ 0.00 989,296 72,800 13.59 Total cost Total cost Total cost 0 0 0 0
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...
Related questions
Question
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 3 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
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College