Units of production data for the two departments of Mediterranean Cable and Wire Company for November of the current fiscal year are as follows: Winding Department 2.900 units, 75% completed Work in process, November 1 Completed and transferred to next processing department during November Work in process, November 30 Drawing Department 4,400 units, 35% completed 60,300 units 3,300 units, 55% completed 3.900 units, 10% completed a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Drawing Department. If an amount box does not require an entry, leave Drawing Department Direct Materials and Conversion Equivalent Units of Production For November Inventory in process, November 1 Started and completed in November Transferred to Winding Department in November Inventory in process, November 30 Total Inventory in process, November 1 Started and completed in November Transferred to finished goods in November Inventory in process, November 30 Total Whole Units 00000 59,300 units b. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Winding Department. If an amount box does not require an entry, leave Winding Department Direct Materials and Conversion Equivalent Units of Production For November 100000 Whole Direct Materials Conversion Equivalent Equivalent Units Units Direct Materials Conversion Equivalent Equivalent Units Units
Units of production data for the two departments of Mediterranean Cable and Wire Company for November of the current fiscal year are as follows: Winding Department 2.900 units, 75% completed Work in process, November 1 Completed and transferred to next processing department during November Work in process, November 30 Drawing Department 4,400 units, 35% completed 60,300 units 3,300 units, 55% completed 3.900 units, 10% completed a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Drawing Department. If an amount box does not require an entry, leave Drawing Department Direct Materials and Conversion Equivalent Units of Production For November Inventory in process, November 1 Started and completed in November Transferred to Winding Department in November Inventory in process, November 30 Total Inventory in process, November 1 Started and completed in November Transferred to finished goods in November Inventory in process, November 30 Total Whole Units 00000 59,300 units b. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Winding Department. If an amount box does not require an entry, leave Winding Department Direct Materials and Conversion Equivalent Units of Production For November 100000 Whole Direct Materials Conversion Equivalent Equivalent Units Units Direct Materials Conversion Equivalent Equivalent Units Units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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Equivalent Units of Production
Units of production data for the two departments of Mediterranean Cable and Wire Company for November of the current fiscal year are as follows:
Drawing Department
Winding Department
4,400 units, 35% completed
2,900 units, 75% completed
Work in process, November 1
Completed and transferred to next
processing department during November
Work in process, November 30
Inventory in process, November 1
Started and completed in November
60,300 units
3,300 units, 55% completed
3,900 units, 10% completed
a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Drawing Department. If an amount box does not require an entry, leave it blank.
Drawing Department
Direct Materials and Conversion Equivalent Units of Production
For November
Transferred to Winding Department in November
Inventory in process, November 30
Total
Inventory in process, November 1
Started and completed in November
Transferred to finished goods in November
Inventory in process, November 30
Total
Whole
Units
59,300 units
b. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for November for the Winding Department. If an amount box does not require an entry, leave it blank.
Winding Department
Direct Materials and Conversion Equivalent Units of Production
For November
Whole
Units
Direct
Materials Conversion
Equivalent Equivalent
Units
Units
Direct
Materials Conversion
Equivalent Equivalent
Units
Units
88
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