Please do not give solution in image format thanku Exercise 4-3 Cost Per Equivalent Unit-Weighted-Average Method [LO3]Billinstaff Industries uses the weighted-average method in its process costing system. Data for theAssembly Department for May appear below:Work in process, May 1Cost added during MayEquivalent units of productionMaterials$ 40,000$246,5303,400$68,409Labor Overhead$331,872$221,2483.200$45,6063,300Required:1. Compute the cost per equivalent unit for materials, for labor, and for overhead. (Round youranswers to 2 decimal places. Omit the "$" sign in your response.)MaterialsLaborCost per equivalent unit2. Compute the total cost per equivalent whole unit. (Round your final answer to 2 decimalplaces. Omit the "$" sign in your response.)Total cost per equivalent unitSOverheadS

Name: Please do not give solution in image format thanku Exercise 4-3 Cost P
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Please do not give solution in image format thanku Exercise 4-3 Cost Per Equivalent Unit-Weighted-Average Method [LO3]Billinstaff Industries uses the weighted-average method in its process costing system. Data for theAssembly Department for May appea

Cost per unit is the per unit cost incurred by the entity on the making of the goods. It is…

Business

Accounting

Exercise 4-3 Cost Per Equivalent Unit-Weighted-Average Method [LO3] Billinstaff Industries uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Work in process, May 1 Cost added during May Equivalent units of production Materials $ 40,000 $246,530 3,400 Labor Overhead $331,872 $68,409 $45,606 $221.248 3.300 3.200 Required: 1. Compute the cost per equivalent unit for materials, for labor, and for overhead. (Round your answers to 2 decimal places. Omit the "S" sign in your response.) Materials Labor Overhead Cost per equivalent unit $ 2. Compute the total cost per equivalent whole unit. (Round your final answer to 2 decimal places. Omit the "$" sign in your response.) Total cost per equivalent unit

Exercise 4-3 Cost Per Equivalent Unit-Weighted-Average Method [LO3] Billinstaff Industries uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Work in process, May 1 Cost added during May Equivalent units of production Materials $ 40,000 $246,530 3,400 Labor Overhead $331,872 $68,409 $45,606 $221.248 3.300 3.200 Required: 1. Compute the cost per equivalent unit for materials, for labor, and for overhead. (Round your answers to 2 decimal places. Omit the "S" sign in your response.) Materials Labor Overhead Cost per equivalent unit $ 2. Compute the total cost per equivalent whole unit. (Round your final answer to 2 decimal places. Omit the "$" sign in your response.) Total cost per equivalent unit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Exercise 4-4 (Algo) Assigning Costs to Units—Weighted-Average Method [LO 4-4] Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory 2,110 910 Cost per equivalent unit $ 15.16 $ 6.03 A total of 20,900 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total.
Exercise 4-4 (Algo) Assigning Costs to Units—Weighted-Average Method [LO 4-4] Data concerning a recent period’s activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials Conversion Equivalent units in ending work in process inventory $2,130 $850 Cost per equivalent unit $15.66 $4.83 A total of 21,300 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) Materials Conversion Total 1. Cost of ending work in process inventory 2. Cost of units transferred out
Exercise 4-3 (Algo) Cost per Equivalent Unit—Weighted-Average Method [LO 4-3] Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: Work in process, May 1 Materials: $30,800 Labor: $50,625 Overhead: $246,600 Cost added during May $186,690 $33,750 $164,400 Equivalent units of production $2,600 $2,500 $2,400 Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)Required: Materials Labor Overhead Total Cost per equivalent unit:
Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 4-2] Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: Units Equivalent units of production Work in process, October 1 Work in process, October 31 The department started 391,000 units into production during the month and transferred 406,000 completed units to the next department. 47,000 32,000 Percent Completed Conversion 60% 45% Materials Materials Required: Compute the equivalent units of production for October. 85% 66% Conversion
Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 4-2] Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 49,000 40,000 Equivalent units of production Percent Completed Materials 90% 68% The department started 400,000 units into production during the month and transferred 409,000 completed units to the next department. Required: Compute the equivalent units of production for October. Materials Conversion 65% 53% Conversion
PROCESS COSTING I Discussion Question J&G Manufacturing makes a single product by way of three separate processes. Details of production for the month ending June 30 were as follows: Process Process 1 Process 2 | Process 3 $390,000 Input material: Material added 16,250 kg $36,750 $92,200 $63,000 Direct Labour cost $57.300 $61,000 $112,800 $97,080 Manufacturing Overhead Normal losses 8% 6% 6% Output |Scrap value of losses 13,250 kg 12,000 kg $16.00/kg| $32.00/kg 13,750 kg The nature of the process requires equipment to be cleaned at the end of each month; hence there is no opening or closing stock of product in process. Required: i) The process account for each process: and ii) The abnormal loss/gain account(s) showing J & G Manufacturing true loss/gain.
Exercise 4-2 (Algo) Equivalent Units of Production—Weighted-Average Method [LO 4-2] Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: Percent Completed Units Materials Conversion Work in process, October 1 46,000 90 % 55 % Work in process, October 31 31,000 70 % 47 % The department started 395,000 units into production during the month and transferred 410,000 completed units to the next department. Required: Compute the equivalent units of production for October. Equivalent units of production: Materials: Conversion:
Exercise 4-2 (Algo) Equivalent Units of Production-Weighted-Average Method [LO 4-2] Clonex Labs, Incorporated, uses the weighted-average method of process costing. The following data are available for one department for October: Work in process, October 1 Work in process, October 31 Units 46,000 32,000 Equivalent units of production Percent Completed Conversion Materials Materials 95% 66% The department started 393,000 units into production during the month and transferred 407,000 completed units to the next department. Required: Compute the equivalent units of production for October. 55% 54% Conversion
Exercise 5-4 (Algo) Assigning Costs to Units-Weighted-Average Method [LO 5-4] Data concerning a recent period's activity in the Prep Department, the first processing department in a company that uses process costing, appear below: Materials. 2,090 $14.16 A total of 21,200 units were completed and transferred to the next processing department during the period. Required: 1. Compute the cost of ending work in process inventory for materials, conversion, and in total. 2. Compute the cost of the units completed and transferred out for materials, conversion, and in total. (For all requirements, round your final answers to the nearest whole dollar amount.) Equivalent units in ending work in process inventory Cost per equivalent unit 1. Cost of ending work in process inventory 2. Cost of units transferred out Materials Conversion 840 $4.73 Conversion Total
Chapter 8 Accounting for Factory Overhead 253 Hackers Corp. accumulated the following information for its two products, A and B. Product A Product B Total Production volume Total direct labor hours Setup cost per batch Batch size 2,000 5,000 P 1,000 100 P20,000 2. A traditional costing system would allocate set-up costs on the basis of direct labor hours. An ABC system would trace costs by spreading the cost per batch over the 1,000 20,000 P 2,000 50 P40,000 1 25,000 Total set-up cost incurred Direct labor hour-per unit P60,000 units in a batch. 19. What is the set-up cost per unit.of Product A under each costing system? Traditional ABC System a.. P4.80 P10.00 b. 2.40 10.00 C. 40.00 200.00 d. 4.80 20.00
Question 4 ABC Manufacturing uses activity-based costing. Each product consists of 20 separate parts totaling $95 in direct materials, and requires 2.5 hours of machine time to produce. Additional information is as follows: Acitivity Materials handling Machine operations Assembling Packaging Allocation Base Number of parts Number of hours Number of parts Number of completed products $0.09 $5.22 $0.35 $2.00 Cost Allocation Rate What is the cost of materials handling per product? Enter your response with two decimals but without a comma or $ sign.
problem 5 Marites Company employs standard absorption system for product costing. The standard cost of this product is as follows: Raw Materials – P14.50; Direct Labor for 2 hours @ P8/hr is P16; Manufacturing overhead for 2 hours @ P11/hr is P22. The total cost/unit (14.50+16+22) = P52.50. The manufacturing overhead rate is based upon normal annual activity level of 600,000 direct labor hours. The company planned to produce 25,000 units each month during 2020. Budgeted factory overhead for 2020 is composed of P3,600,000 variable and P3,000,000 fixed. During April 2021, 26,000 units of product were produced using 53,500 direct labor hours at a cost of P433,350. Actual manufacturing overhead for the month was P260,000 fixed and P315,000 variable. The total manufacturing overhead applied during April was P572,000. The variable overhead spending variance must be: