Selected Production and Cost Data of Rivera Manufacturing Company Follow

question 152

Essay

Selected production and cost data of Rivera Manufacturing Company follow for June:
On June 30,the Mixing Department's ending Work-in-Process Inventory was 80% complete for materials and 40% complete for conversion costs.The Finishing Department's ending Work-in-Process Inventory was 75% complete for materials and 60% complete for conversion costs.The weighted-average method is used.
Requirements:
1.Compute the equivalent units of production for direct materials and for conversion costs for the Mixing Department.
2.Compute the equivalent units of production for transferred in costs,direct materials,and conversion costs for the Finishing Department.

Calculate equivalent units for direct materials, direct labor, and overhead.

Compute total and equivalent unit costs for completed and in-process goods.

Describe the flow of overhead, materials, and labor costs in a process cost accounting system.

Explain the use of hybrid costing systems and their applicability.

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Definitions:

Special Ledger

A ledger used to record and track transactions of a specific nature, separate from the general ledger.

Accounting Systems

Frameworks used to collect, monitor, and interpret financial information of an organization or individual.

Chart Of Accounts

This is a listing of all the accounts in the general ledger, each account accompanied by a reference number.

Listing

The action of recording or including an item, such as a property or stock, for sale within a public marketplace or directory.