Question

11 Exercise 9 - Your Co. uses process costing to account for production costs. Direct labor is added evenly throughout the process and direct materials is added at the beginning of the process. During June, the assembly department transferred 315 units to finished goods. Beginning WIP inventory was 30 units with $150 direct materials and $300 direct labor. Ending WIP inventory consists of 60 units that are 60% complete with respect to labor. $1500 direct materials were incurred in June and $3210 direct labor costs were also incurred. Overhead is applied at 200% of direct labor cost. Complete the process cost summary below given this information. Process Cost Summary Equivalent Units of Production (EUP) Direct Materials Direct Labor Manufacturing Overhead xxx Units completed and transferred out Units of Ending Work in Process: DM DL мо Equivalent units of production (EUP) Χ Χ Χ Costs Per Equivalent Unit Direct Materials Direct Labor Manufacturing Overhead x x x x x x Costs: Cost of beginning work in process Costs added to production during period Total costs Equivalent units of production (EUP) Cost per EUP (round 2 decimals*) Preview the docum Χ Χ Χ Costs of Ending Work in Process Inventory & Units Transferred Out Direct Materials Direct Labor Manufacturing Overhead Total Ending Work in Process Inventory: Equivalent units of production (EUP) Cost per equivalent unit of production Cost of ending work in process inventory x x x XXX Χ Χ Χ Χ Units Completed and Transferred Out: Units transferred to next department Cost per equivalent unit of production Cost of units completed and transferred out Χ Χ Χ XXX Χ Χ Χ Χ Cost Reconciliation Costs to be accounted for: Cost of beginning WIP inventory Costs added to production during period Total cost to be accounted for Costs accounted for as follows: Cost of ending WIP inventory Cost of units transferred out Total cost accounted for

Answer 1

process cost summary EUP DM DLMO units completed and transferred out 315.00 315.00 315.00 units of ending WIP DM 60.00 DL МО 72.00 EUP 375.00 351.00 387.00 36.00 cost reconcilation cost to be accounted for cost of beg WIP 1050.00 cost added to production 11130.00 total cost 12180.00 cost accounted for cost of ending WIP 1930.05 cost of units TO 10249.95 total cost 12180.00 cost beg. WIP costs added TC EUP cost per EUP cost per EUP 150.00 1500.00 1650.00 375.00 4.40 300.00 3210.00 3510.00 351.00 10.00 600.00 6420.00 7020.00 387.00 18.14 cost of ending WIP & TO ending WIP EUP 60.00 cost per EUP 4.40 cost of ending WIP 264.00 units completed and TO units transferred 315.00 cost per EUP 4.40 cost of units completed and TO 1 386.00 36.00 10.00 360.00 72.00 18.14 1306.05 315.00 10.00 3150.00 315.00 18.14 5713.95