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Process Accounting Problem?
Hello everyone, please help me with this Process Accounting Problem. I really want to know how to deal with this. Kindly include the process so I will be able to understand everything about it. Thank you very much.
Data presented below were taken from the books of the Diamond Company for the month of September 2014.
Units transferred in ------ 55 000
Units added to production -----5 000
Units completed and transferred --- 45 000
Units completed and on hand ---- 3 000
Units in process, end ---- 12 000
---- Materials 100% complete, 70% convertes
Costs transferred in $ 825 000
Cost added in the department
---Direct materials --- 480 000
---Conversion cost ---507 600
Required:
1. Determine the equivalent production for materials and conversion costs
2. Determine the cost of the units transferred out
3. Determine the cost of the units completed and on hand
4. Determine the cost of the units in process,end
Thank you all in advance :)
