2. PROCESS COSTING Solutions Ch. 17 Problems

3. Pr. 17-30—Simple weighted average EUs = C&T + EI*%

5. 17-31 Journal entries (from 17-30).

6. 17-32--FIFO

7. Pr. 17-32 Step 2 alternative Alternative: (all the work) – (work done last period) =(C&T + EI*% complete) – (BI*% complete) DM: 22,500 +2500*100% - 5000*100% = 20,000 CC: 22,500 +2500*70% - 5000*60% = 21,250

8. Pr. 17-32, steps 3 & 4 Note: Move ahead to next slide, where the audio can be heard related to Step 5.

9. Pr. 17-32, Step 5 Note: Narration continues to introduce Problem 33, the next department.

10. Pr. 17-33: Transferred-in costs

13. Pr. 17-34: Transferred-in costs, FIFO

15. 7500*30%*$170.00 seems clearer to me

16. Pr. 17-41: Standard process costing Standard costing simplifies accounting Don’t need to calculate the unit cost (step 4) Costs assigned at standard amount; difference is variance.

17. Pr. 17-41: Standard process costing

20. End of Solutions