Question

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 $26,145 Conversion costs 71,478 Current period Direct materials (5,000 units) 315,000 Direct labor 536,400 Manufacturing overhead applied 340,200 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.

Answer 1

N O P Q R н 5 Answer 6 7 Where do the units come from? 8 9 Beginning Inventory 10 Started 11 Total 1 5 Where do the units go? Equivalent Units % Work Direct % Work Conversion Done? Materials Done? | Costs 100% 4,800 100% 4,800 100% 900 70% 630 5,700 a. 5,430 a. 700 5,000 ,700 Complete/Transferred (5700 - 900] Ending Inventory Total 4,800 900 5,700 Product Cost Report 13 - Where do the costs come from? 14 Direct Materials $ $ $ 97,623.00 11,91,600.00 12,89,223.00 26,145.00 3,15,000.00 3,41,145.00 5,700.00 59.85 Conversion Costs $ 71,478.00 $ 8,76,600.00 $9,48,078.00 $ 5,430.00 $ 174.60 b. 16 Beginning Inventory 17 Current 18 Total Costs to Account For 19 - Total Equivalent Units 20 Average cost / Equivalent unit 21 Where do the costs go? 22 Complete / Transferred: 23 Direct Materials 24 Conversion costs 25 Costs of Goods Manufactured 26 Ending Inventory: 27 Direct Materials 28 Conversion costs 29 Cost of Ending Inventory 30 Total Costs Allocated 31 [4800 x $59.85] [4800 x $174.6] $ 2,87,280.00 $ 8,38,080.00 $ 11,25,360.00 C. [900 x $59.85] (630 x $174.6] $ 53,865.00 $ 1,09,998.00 $ 1,63,863.00 $ 12,89,223.00

H M N O P Q 5 Answer Where do the units come from? Where do the units go? Equivalent Units % Work | Direct % Work Done? | Materials Done? 4800 900 =SUM(09:010) a. 9 Beginning Inventory 10 Started 11 Total 700 5000 =SUM(19:110) Complete/Transferred (5700 - 900] 4800 Ending Inventory 900 Total =SUM(L9:L10) Conversion Costs =09*09 =010*Q10 =SUM(R9:R10) a. 13 =SUM(K16:M16) =SUM(K17:M17) =SUM(116:117) Product Cost Report Direct Materials 26145 315000 =SUM(K16:K17) =011 =K18/K19 Conversion Costs 71478 =536400+340200 =SUM(M16:M17) =R11 =M18/M19 Where do the costs come from? 15 16 Beginning Inventory 17 Current 18 Total Costs to Account For 19 - Total Equivalent Units 20 Average cost / Equivalent unit 21 Where do the costs go? 22 Complete / Transferred: 23 Direct Materials 24 Conversion costs 25 Costs of Goods Manufactured 26 Ending Inventory: 27 Direct Materials 28 Conversion costs 29 Cost of Ending Inventory 30 Total Costs Allocated [4800 x $59.85] =09*K20 [4800 x $ 174.6] =R9*M20 =SUM(J23:124) [900 x $59.85] [630 x $ 174.6] =010*K20 =R10*M20 =SUM(J27:128) =J25+J29