please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Required informationSkip to question [The following information applies to the questions displayed below.]The first production department of Stone Incorporated reports the following for April. UnitsDirect MaterialsConversionPercent CompletePercent CompleteBeginning work in process inventory60,00060%40%Units started this period322,000 Completed and transferred out300,000 Ending work in process inventory82,00080%30%The production department had the cost information below.Beginning work in process inventory Direct materials$ 118,472 Conversion48,594$ 167,066Costs added this period Direct materials850,368 Conversion649,2961,499,664Total costs to account for $ 1,666,730(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.)(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.)

Inventory Valuation :For calculating the cost of goods sold and ending inventory in costing we use…

Answered: The first production department of…

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...

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please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
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[The following information applies to the questions displayed below.]

The first production department of Stone Incorporated reports the following for April.

	Units	Direct Materials	Conversion
Percent Complete	Percent Complete
Beginning work in process inventory	60,000	60%	40%
Units started this period	322,000
Completed and transferred out	300,000
Ending work in process inventory	82,000	80%	30%

The production department had the cost information below.

Beginning work in process inventory
Direct materials	$ 118,472
Conversion	48,594	$ 167,066
Costs added this period
Direct materials	850,368
Conversion	649,296	1,499,664
Total costs to account for		$ 1,666,730

(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.)
(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.)

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