cost accounting chapter 17 process costing

cost accounting chapter 17 process costing - Mixing...

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CHAPTER 17 PROCESS COSTING 17-18 (25 min.) Zero beginning inventory, materials introduced in middle of process. 1. Solution Exhibit 17-18A shows equivalent units of work done in the current period of Chemical P, 50,000; Chemical Q, 35,000; Conversion costs, 45,000. 2. Solution Exhibit 17-18B calculates cost per equivalent unit of work done in the current period for Chemical P, Chemical Q, and Conversion costs, summarizes the total Mixing Department costs for July 2007, and assigns these costs to units completed (and transferred out) and to units in ending work in process. SOLUTION EXHIBIT 17-18A Steps 1 and 2: Summarize Output in Physical Units and Compute Output in Equivalent Units;
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Unformatted text preview: Mixing Department of Vaasa Chemicals for July 2007. (Step 1) (Step 2) Equivalent Units Physical Conversion Flow of Production Units Chemical P Chemical Q Costs Work in process, beginning (given) Started during current period (given) 50,000 To account for 50,000 Completed and transferred out during current period 35,000 35,000 35,000 35,000 Work in process, ending* (given) 15,000 15,000 100%; 15,000 0%; 15,000 66 2/3% 15,000 10,000 Accounted for 50,000 Work done in current period only 50,000 35,000 45,000 * Degree of completion in this department: Chemical P, 100%; Chemical Q, 0%; conversion costs, 66 2/3%....
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