Equivalent Units and Product cost Report-Weighted Average Method
The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019:
| Beginning inventory (700 units, 40% complete) | ||
| Direct materials | $5,810 | |
| Conversion costs | 15,884 | |
| Current period | ||
| Direct materials (5,000 units) | 70,000 | |
| Direct labor | 119,200 | |
| Manufacturing overhead applied | 75,600 |
Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following:
a. Equivalent units for materials and conversion.
b. Cost per equivalent unit for materials and conversion.
c. Total cost assigned to the units transferred out.
| Equivalent Units | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Where do the units come from? | Where do the units go? | % Work Done? | Direct Materials | % Work Done? | Conversion Costs | ||||||
| Beginning Inventory | Complete/Transferred | ||||||||||
| Started | Ending Inventory | ||||||||||
| Total | Total | ||||||||||