cost accounting chapter 17 process costing solution manual 1

cost accounting chapter 17 process costing solution manual...

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CHAPTER 17 PROCESS COSTING 17-22 (20 min.) FIFO method, assigning costs (continuation of 17-21). Solution Exhibit 17-22 calculates cost per equivalent unit of work done in May 2007 in the Satellite Assembly Division of Aerospatiale, summarizes total costs to account for, and assigns total costs to units completed and to units in ending work-in-process inventory. SOLUTION EXHIBIT 17-22 Steps 3, 4, and 5: Compute Cost per Equivalent Unit, Summarize Total Costs to Account For, and Assign Total Costs to Units Completed and to Units in Ending Work in Process; FIFO Method of Process Costing, Satellite Assembly Division of Aerospatiale for May 2007. Total Production Costs Direct Materials Conversion Costs Work in process, beginning ($4,933,600 + $910,400) $ 5,844,000 (costs of work done before current period) ( Step 3 ) Costs added in current period (given) 46,120,000 $32,200,000 $ 13,920,000 Divide by equivalent units of work done in current period (Solution Exhibit 17-21) ÷ 46 ÷ 46.4 Cost per equiv. unit of work done in current period
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Unformatted text preview: $ 700,000 $ 300,000 ( Step 4 ) Total costs to account for $51,964,000 ( Step 5 ) Assignment of costs: Completed and transferred out (46 units): Work in process, beginning (8 units) Costs added to beginning work in process in current period $ 5,844,000 2,000,000 (0.8 * $700,000) + (4.8 * $300,000) Total from beginning inventory Started and completed (38 units) Total costs of units completed and transferred out Work in process, ending (12 units) Total costs accounted for 7,844,000 38,000,000 45,844,000 6,120,000 $51,964,000 (38 $700,000) + (38 $300,000) (7.2 # $700,000) + (3.6 # $300,000) * Equivalent units used to complete beginning work in process from Solution Exhibit 17-21, Step 2. Equivalent units started and completed from Solution Exhibit 17-21, Step 2. # Equivalent units in work in process, ending from Solution Exhibit 17-21, Step 2....
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