(a) a physical flow schedule, (b) an equivalent unit calculation, (c) calculation of unit costs (Note: Round to four decimal places.), (d) cost of EWIP and cost of goods transferred out, and (e) a cost reconciliation. 2. Prepare journal entries that show the flow of manufacturing costs for Department A. Use a conversion cost control account for conversion costs. Many firms are now combining direct labour and overhead costs into one category. They are not tracking direct labour separately. Offer some reasons for this practice.
(a) a physical flow schedule, (b) an equivalent unit calculation, (c) calculation of unit costs (Note: Round to four decimal places.), (d) cost of EWIP and cost of goods transferred out, and (e) a cost reconciliation. 2. Prepare journal entries that show the flow of manufacturing costs for Department A. Use a conversion cost control account for conversion costs. Many firms are now combining direct labour and overhead costs into one category. They are not tracking direct labour separately. Offer some reasons for this practice.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Using the weighted average method, prepare the following for Department A:
(a) a
physical flow schedule, (b) an equivalent unit calculation, (c) calculation of unit costs
(Note: Round to four decimal places.), (d) cost of EWIP and cost of goods transferred
out, and (e) a cost reconciliation.
2. Prepare
a conversion cost control account for conversion costs. Many firms are now combining
direct labour and overhead costs into one category. They are not tracking direct labour
separately. Offer some reasons for this practice.
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