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Jones Company manufactures a single product and uses process costing (FIFO method). The
company's product goes through tw processing departments, Etching and Wiring. The following
activity was recorded in the Etching Department during July: Materials are added at several
stages during the etching process. The company uses the FIFO method Required: 1. Compute the
equivalent units of production
Materials are added at several stages during the etching process. The company uses the FIFO
method Required: 1. Compute the equivalent units of production. 2. Compute the costs per
equivalent unit for July. (Round your answers to 2 decimal places.)
2. Compute the costs per equivalent unit for July. (Round your answers to 2 decimol places.) 3.
Determine the cost of ending work in process inventory and of the units transferred to the Wiring
Department (Round your intermediate calculotions to 2 decimal places.)
4. Prepare a cost reconciliation between the costs determined in requirement 3 above and the cost
of begi nning inventory and costs added during the period. (Round your intermediote
calculations to 2 decimbl ploces.)

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Jones Company manufactures a single product and uses process costing .pdf

  • 1. Jones Company manufactures a single product and uses process costing (FIFO method). The company's product goes through tw processing departments, Etching and Wiring. The following activity was recorded in the Etching Department during July: Materials are added at several stages during the etching process. The company uses the FIFO method Required: 1. Compute the equivalent units of production Materials are added at several stages during the etching process. The company uses the FIFO method Required: 1. Compute the equivalent units of production. 2. Compute the costs per equivalent unit for July. (Round your answers to 2 decimal places.) 2. Compute the costs per equivalent unit for July. (Round your answers to 2 decimol places.) 3. Determine the cost of ending work in process inventory and of the units transferred to the Wiring Department (Round your intermediate calculotions to 2 decimal places.) 4. Prepare a cost reconciliation between the costs determined in requirement 3 above and the cost of begi nning inventory and costs added during the period. (Round your intermediote calculations to 2 decimbl ploces.)