Business, 21.05.2020 00:13 rw050202

During April, the first production department of a process manufacturing system completed its work on 300,000 units of a product and transferred them to the next department. Of these transferred units, 60,000 were in process in the production department at the beginning of April, and 240,000 were started and completed in April. April's beginning inventory units were 60% complete with respect to materials and 40% complete with respect to conversion. At the end of April, 82,000 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to conversion. The production department had $850,368 of direct materials and $649,296 of conversion costs charged to it during April. Also, its beginning inventory of $167,066 consists of $118,472 of direct materials cost and $48,594 of conversion costs. Using the FIFO method, prepare the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department’s output. (Round "Cost per EUP" to 2 decimal places.)

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Answer from: china236

Answer and Explanation:

According to the scenario, computation of the given data are as follow:-

Equivalent Units of Production-FIFO Method

Particular unitsMaterial (%)Conversion (%)Material EUPConversion EUP

Completed periods of beginning units60,0000.400.6024,00036,000

Started and completed units 240,000100100240,000240,000

Ending work in process units82,0000.800.3065,60024,600

Equivalent units of production382,000 329,600300,600

Particular Material cost Conversion cost

Total cost incurred$850,368 $649,296

Equivalent units of production329,600 300,600

Cost per unit of production $2.58 $2.16

($850,368 ÷ 329,600) ($649,296 ÷ 300,600)

Total Costs for Accounts

Particular Amount ($)

Beginning period-conversion cost48,594

Beginning period-Direct material cost118,472

Current period-conversion cost649,296

Current period-Direct material cost850,368

Total costs for accounts1,666,730

Assignment and Reconciliation Cost

Particular Per EUP cost ($)× Equivalent unit of productionTotal cost ($)Total amount ($)

Opening Inventory 167,066

To complete conversion2.16 ×36,00077,760

To complete materials2.58×24,00061,920

Complete units total cost +139,680

Total cost of 60,000 unit in opening inventory 306,746

Direct material cost2.58×240,000619,200

Conversion cost2.16 ×240,000518,400

Started and completed 240,000 units total cost +1,137,600

Transferred out Total cost of 300,000 units 1,444,346

Direct material cost2.58× 65,600169,248

Conversion cost2.16 ×24,60053,136

In closing inventory Total cost of 82,000 units +222,384

Total assigned cost 16,66,730

Answer from: Quest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

Answer from: Quest

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