Question

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Exercise 3-9 Weighted average: Costs assigned to output and inventories LO C2 During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 76,000 were in process in the production department at the beginning of April and 304,000 were started and completed in April. April's beginning inventory units were 65% complete with respect to materials and 35% complete with respect to conversion. At the end of April, 98,000 additional units were in process in the production department and were 85% complete with respect to materials and 35% complete with respect to conversion. The production department had $1,300,088 of direct materials and $913,154 of conversion cost charged to it during April. Also, its beginning inventory of $247,066 consists of $182,472 of direct materials cost and $64,594 of conversion costs. 1&2. Using the weighted average method, compute the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department's output. (Round "Cost per EUP" to 2 decimal places.)

Answer 1

Equivalent units of production (EUP) - Weighted Average Method Units % Materials EUP-Materials % Conversion EUP-Conversion Units completed and transferred out 380.000 100% 380,000 100% 380.000 Units of ending work in process 98,000 85% 83,300 35% 34,300 Cost per Equivalent unit of production 478,000 463,300 414.300 Cost per equivalent unit of production Cost of beginning work in process Costs incurred this period Total costs 7 Equivalent units of production Cost per equivalent unit of production Materials $182.472 $1.300.088 $1.482,560 costs 463,300 EUP $3.20 Conversion $64.594 $913,154 $977.748 414,300 $2.36 costs EUP Total costs to account for: Direct materials - Prior period Conversion - Prior period Direct materials - Current period Conversion - Current period Total costs to account for Total costs accounted for Difference due to rounding cost/unit $182.472 $64,594 $1,300.088 $913.154 $2.460,308 $2.460.308 SO EUP 380,000 380.000 Cost per EUP $3.20 $2.36 Total cost $1,216,000 $896.800 $2,112,800 Cost Assignment and Reconciliation Cost of units transferred out Direct materials Conversion Total costs transferred out Cost of ending work in process Direct materials Conversion Total Cost of ending work in process Total Costs accounted for EUP 83,300 34,300 Cost per EUP $3.20 $2.36 Total cost $266,560 $80.948 $347.508 $2.460,308