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18 Cards in this Set

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  • Back
  • 3rd side (hint)
FIFO Equivalent Units
Beginning WIP inventory is not included for materials because they are used (first in first out)
Beginning WIP is from prior period
Prior Department Costs
Transferred in Costs - equivalent units are 100% complete in terms of prior department costs
Treated as Direct Materials
Weighted Average Unit Costs
WIP Costs + Current Period Costs/ Work in Process EU + Current period EU
Inventory Equation
Beginning work in process inventory + Units started =
Units transferred out + Ending work-in-process inventory
Debit Direct Materials
Credit Accounts Payable
Credit Direct Materials
Debit Work in Process
Debit Work in Process
Credit Raw Materials
Debit Work in Process
Credit Wages Payable
Debit Work in Process
Credit Manufacturing Overhead
Credit Work in Process
Debit Finished Goods
Credit Finished Goods
Debit Cost of Goods Sold
Debit Manufacturing Overhead Actual
Credit Raw materials
Credit Accounts Payable
Credit Cash
Credit depreciation (ie factory)
Credit Manufacturing Overhead Applied
Debit Work in Process
Step 1: Measure the physical flow of Resources
Beginning Wip + Units Started = Units transferred out + Ending Work in process Inventory
Step 2: Compute the equivalent units of production
ie materials, conversions
Step 3: Indentify the products costs to account for
ie beginning work in process and current costs
Step 4: Compute the costs per equivalent unit
divide costs by equivalent units
Step 5: Assign Products Cost to Batches of Work
equivalent units x cost per equivalent unit transferred out (100% complete ) and ending wip inventory ie conversion not complete