50.1K

Verified Solution

Link Copied!

LogicCo 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 belore inspection of finished goods. Spoiled units are disposed of at zero net disposal value. LogicCo uses the FIFO method of process costing Summary data and weighted-average data for September 2017 are as folows (Click the icon to veate data.) Click the icon to view the weighted-average data.) Read the requirements Requirement 1. For each cost category, compute equivalent units. Show physical units in the irst column ofyour schedule Enter the physical units in fest, then calculate the equivalent units. (Complele all answer boxes. Enter a "O* for applicable zero amounts) Equivalent Units Physical Direct Conversion Flow of Production UnitsMaterials Costs Work in process beginning Started during current period To account for Completed and transferred outring current period From begining work in process Started and completed Normal spolage Abnormal spolage Work in process, ending Accounted for Equivalent units of work done current period Requirement 2.Summarize total costs to account for, caloulate the cost per equivalent unit for each cost category and assign total costs to units completed and transferred out (including normal spolage), to abnormal spolage, and to units in ending work in process. Begin by summarizing the total costs to accou for Total Direct Production Costs Materials Costs Total costs to account for Next calculate cost per equivalent unit for each cost category (Enter your answers to the nearest cent) Direct Costs Divide by Cost per equivalent unit for work done to date Finally assign total costs to units completed and transferred out (including normal spoilage), to abnormal spoliage, and to units in ending work in process. (Complete all answer boxes Round your answers to the nearest whole dolar. Note that the total costs accounted for may not equal the total costs to account for due to Total DirectConversion Costs Completed and transferred out LogicCo 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 belore inspection of finished goods. Spoiled units are disposed of at zero net disposal value. LogicCo uses the FIFO method of process costing Summary data and weighted-average data for September 2017 are as folows (Click the icon to veate data.) Click the icon to view the weighted-average data.) Read the requirements Requirement 1. For each cost category, compute equivalent units. Show physical units in the irst column ofyour schedule Enter the physical units in fest, then calculate the equivalent units. (Complele all answer boxes. Enter a "O* for applicable zero amounts) Equivalent Units Physical Direct Conversion Flow of Production UnitsMaterials Costs Work in process beginning Started during current period To account for Completed and transferred outring current period From begining work in process Started and completed Normal spolage Abnormal spolage Work in process, ending Accounted for Equivalent units of work done current period Requirement 2.Summarize total costs to account for, caloulate the cost per equivalent unit for each cost category and assign total costs to units completed and transferred out (including normal spolage), to abnormal spolage, and to units in ending work in process. Begin by summarizing the total costs to accou for Total Direct Production Costs Materials Costs Total costs to account for Next calculate cost per equivalent unit for each cost category (Enter your answers to the nearest cent) Direct Costs Divide by Cost per equivalent unit for work done to date Finally assign total costs to units completed and transferred out (including normal spoilage), to abnormal spoliage, and to units in ending work in process. (Complete all answer boxes Round your answers to the nearest whole dolar. Note that the total costs accounted for may not equal the total costs to account for due to Total DirectConversion Costs Completed and transferred out