Homework Answers
Answer is Option c) provide a means of assigning cost to partially completed units
In process costing there is always opening work in process and closing work in process which is partially completed. Hence these units are calculated in terms of equivalent units and then cost is calculated per equivalent units.
Units transferred to next department/Finished goods is multiplied by cost per equivalent unit . Closing stock is also calculated by multiplying equivalent units and cost per equivalent unit to arrive at Closing stock value.
Equivalent units can be calculated in 2 methods- FIFO and Weighted average method
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6) Equivalent units of production are used in process accounting to a) Measure the efficiency of...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 9,000 units, 40% completed 72,360 To Finished Goods, 41,500 units ? Direct materials, 40,000 units @ $6.80 272,000 Direct labor 80,000 Factory overhead 40,450 Bal., ? units, 30% completed ? Determine the following: a. The number of units...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 1,600 units, 35% completed 17,440 To Finished Goods, 29,600 units ? Direct materials, 29,000 units @ $9.50 275,500 Direct labor 84,600 Factory overhead 39,258 Bal. ? units, 45% completed ? Determine the following: a. The number of units...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 9,000 units, 40% completed 72,360 To Finished Goods, 41,500 units ? Direct materials, 40,000 units @ $6.80 272,000 Direct labor 80,000 Factory overhead 40,450 Bal., ? units, 30% completed ? Determine the following: a. The number of units...
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Departme...
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in pro production. Work in Process-Assembly Department Bal., 6,000 units, 55% completed Direct materials, 141,000 units $1.3 Direct labor Factory overhead Bal, 2 units, 40% completed 19,350 183,300 To Finished Goods, 138,000 units 378,400 147,140 Determine the following a. The number of units in work in process inventory at the...
Equivalent Units of Production and Related Costs The charges to Work in Process—Baking Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process—Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials are placed in process during production. Work in Process—Baking Department Bal., 1,700 units, 60% completed 3,774 To Finished Goods, 12,200 units ? Direct materials, 12,400 units 40,300 Direct labor 19,667 Factory overhead 10,131 Bal., 1,900 units, 40% completed ? If required, round...
Equivalent Units of Production and Related Costs The charges to Work in Process—Baking Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process—Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials are placed in process during production. Work in Process—Baking Department Bal., 1,800 units, 70% completed 3,222 To Finished Goods, 12,900 units ? Direct materials, 13,100 units 34,322 Direct labor 16,207 Factory overhead 8,349 Bal., 2,000 units, 30% completed ? If required, round...
Equivalent Units of Production and Related Costs The charges to Work in Process-Baking Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process-Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials are placed in process during production. Work in Process-Baking Department Bal., 2,600 units, 40% completed 3,354 To Finished Goods, 18,700 units Direct materials, 19,000 units 35,720 Direct labor 18,729 Factory overhead 9,649 Bal., 2,900 units, 60% completed If required, round cost per...
Equivalent Units of Production and Related Costs The charges to Work in Process-Baking Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process-Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials are placed in process during production Work in Process-Baking Department Bal., 3,300 units, 60% completed Direct materials, 24,100 units Direct labor Factory overhead Bal., 3,700 units, 40% completed If required, round cost per equivalent unit answer to two decimal places. 8,250 To...
Equivalent Units of Production and Related Costs The charges to Work in Process—Baking Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process—Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the weighted average method, and all direct materials are placed in process during production. Work in Process—Baking Department Bal., 900 units, 40% completed 2,466 To Finished Goods, 8,100 units ? Direct materials, 8,400 units 34,500 Direct labor 16,200 Factory overhead 8,574 Bal., 1,200 units, 60% completed ? a. Determine the...
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a...
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 2,000 units, 75% completed 6,500 To Finished Goods, 46,000 units Direct materials, 47,000 units @ 61,100 $1.30 Direct labor 93,300 Factory overhead 36,340 Bal. ? units, 60% completed Determine the following: a. The number of units in work...
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in pro production. Work in Process-Assembly Department Bal., 6,000 units, 55% completed Direct materials, 141,000 units $1.3 Direct labor Factory overhead Bal, 2 units, 40% completed 19,350 183,300 To Finished Goods, 138,000 units 378,400 147,140 Determine the following a. The number of units in work in process inventory at the...
Equivalent Units of Production and Related Costs The charges to Work in Process-Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials are placed in process during production. Work in Process-Baking Department Bal., 2,600 units, 40% completed 3,354 To Finished Goods, 18,700 units Direct materials, 19,000 units 35,720 Direct labor 18,729 Factory overhead 9,649 Bal., 2,900 units, 60% completed If required, round cost per...
Equivalent Units of Production and Related Costs The charges to Work in Process-Baking Department for a period as well as information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials are placed in process during production Work in Process-Baking Department Bal., 3,300 units, 60% completed Direct materials, 24,100 units Direct labor Factory overhead Bal., 3,700 units, 40% completed If required, round cost per equivalent unit answer to two decimal places. 8,250 To...
Equivalent Units of Production and Related Costs The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 2,000 units, 75% completed 6,500 To Finished Goods, 46,000 units Direct materials, 47,000 units @ 61,100 $1.30 Direct labor 93,300 Factory overhead 36,340 Bal. ? units, 60% completed Determine the following: a. The number of units in work...
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