3310solmod13

3310solmod13 - Module 13 Answers 7-1. Process costing is...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Module 13 Answers 7-1. Process costing is most likely to be used in industries that produce relatively homogeneous products using continuous processes. 7-4. Under FIFO costing, the equivalent units represent only the work done in the current period. Under weighted average, the equivalent units represent the work associated with all of the costs charged to work in process regardless of the period in which those costs were incurred (i.e., including costs from prior periods that are in beginning inventory). 7-14. (20 min.) Compute Equivalent Units—Weighted-Average Method: Sills Corporation a. Materials b. Conversion Costs Units transferred out .......................................... 210,000 210,000 Equivalent units in ending inventory: Materials: 30% x 60,000 a units........................ 18,000 E.U. Conversion costs: 20% x 60,000 units............. 12,000 E.U. Total equivalent units for all work done to date.. 228,000 E.U. 222,000 E.U. a 60,000 units in ending inventory = 30,000 units in beginning inventory + 240,000 units started this period – 210,000 units transferred out. 7-15. (20 min.) Compute Equivalent Units—FIFO method: Sills Corporation Compute Equivalent Units—FIFO a....
View Full Document

This note was uploaded on 11/13/2008 for the course ACCT 305 taught by Professor Franz during the Spring '07 term at S.F. State.

Page1 / 4

3310solmod13 - Module 13 Answers 7-1. Process costing is...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online