For a Company which is computing costs based on the process cost system solve this...
90.2K
Verified Solution
Link Copied!
Question
Accounting
For a Company which is computing costs based on the process cost system solve this question. Consider that adds materials are added at the beginning of the process and conversion costs are estimated uniformly throughout the process. on April 1 Work in process (WIP) was 75% complete and was 50% complete On April 30st. Use the weighted-average method of process costing. Complete the Production Cost Report for April. Please explain all the calculations in details
Physical Units Equivalent Units Materials Conversion Costs QUANTITIES Units to be accounted for Work in process, Jun 1 Started into production Total units 10,000 20,000 30,000 Units accounted for Transferred out Work in process, Jun 30 Total units 25,000 5,000 30,000 COSTS Unit costs Costs in June Equivalent units Unit costs Materials $150,000 Conversion Costs $110,000 Total $260,000 $ $ $ Costs to be accounted for Work in process, Jun 1 Started into production Total costs $ 80,000 180,000 $260,000 $ Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, Jun 30 Materials Conversion costs Total costs $ $260,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
