Solution-Calculate cost per equivalent unit for each cost

Calculate cost per equivalent unit for each cost category

Assignment Help Financial Accounting

Reference no: EM13301536

Weighted average method spoilage.

Chipcity is a fast growing manufacturer of computer chips. Direct materials are added at the start of the production process. Conversion costs are added evenly during the process. Some units of this product are spoiled as a result of defects not detectable before inspection of finished goods. Spoiled units are disposed of at zero net disposal value. ChipCity uses the weighted average method of process costing .

	Physical Units - Computer Chips	Direct Materials	Conversion Costs
Work in process, beginning inventory (September 1)	600	$96,000	$15,300
Degree of completion of beginning work in process		100%	30%
Started during September	2550
Good units completed and transferred out during September	2100
Work in process, ending inventory(September 30)	450
Degree of completion of ending work in process		100%	40%
Total costs added during September		$567,000	$230,400
Normal spoilage as a percentage of good units	15%
Degree of completion of normal spoilage		100%	100%
Degree of completion of abnormal spoilage		100%	100%

1. For each cost category, compute equivalent units. Show physical units in the first column of your schedule.

2. Summarize total costs to account for, calculate cost per equivalent unit for each cost category, and assign total costs to units completed and transferred out (including normal spoilage), to abnormal spoilage , and to units in ending work in process

Reference no: EM13301536

Questions Cloud

Explain the fischer projection represents alanine : The amino acid alanine is shown below in several different Fischer projections. Sort the structures according to whether the Fischer projection represents alanine with the R configuration or alanine with the S configuration.

Oligopoly market : My term paper will be about oligopoly market where the market in oligopoly situation is dominated by few number of sellers and would lead to a higher prices for consumers for the product or service they are getting.

Performing a job analysis for an administrative assistant : This assignment is due on Wednesday Oct 10, 2012 at 6 AM CST , It is very important that the similarity scores not be more than 15% , a reference page should also be included at the end of each section . APA format must be use to complete t..

What seems to be the primary safety concern in the lab : The linear coefficient of thermal expansion for concrete is 12x10^-6 ºC^-1. Consider a slab of concrete which is 4.0 m long at 0.0 ºC. What seems to be the primary safety concern in the lab

Calculate cost per equivalent unit for each cost category : Calculate cost per equivalent unit for each cost category, and assign total costs to units completed and transferred out (including normal spoilage), to abnormal spoilage , and to units in ending work in process

Compute the masses of conjugate acid and base : Calculate the masses of conjugate acid and base to prepare the buffer. Calculate the volume of strong acid or base needed to prepare the buffer.

Root cause : How might you explain the core, "root cause" assumptions that underlie modern industrial society, and that explain society's potential inability to sustain itself much further into the future?

Determine the pressure on each shoe independently : A person with a weight of 273.6 lb stands on two feet with their weight equally distributed between the two shoes, What is the pressure on each shoe independently

Explain what is the reduced pressure of the gas : What is the reduced pressure of the gas. What is the pressure inside the gas cylinder? (Absolute Pressure). What should the pressure gauge read

User Account

All Pages

Calculate cost per equivalent unit for each cost category

Reference no: EM13301536

Reference no: EM13301536

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT