Homework Answers
| A) | Units started ? | ||
| Units | |||
| WIP (1 May 2019) | 4500 | ||
| Units Started (Balance Figure ) | 10500 | ||
| Units to Account for | 15000 | ||
| Completed & Transferred out during May | 12000 | ||
| WIP ( 31 May 2019) | 3000 | ||
| Units Accounted for | 15000 | ||
| B) | Equivalent units = Units completed + (Units in ending inventory X percent complete) | ||
| Material | Conversion Cost | ||
| Units Completed and Transferred | 12000 | 12000 | |
| (12,000 x 100% complete) | |||
| Units in Ending WIP | |||
| Materials (3,000 x 100% complete) | 3000 | ||
| Conversion Cost (3,000 x 50% complete) | 1500 | ||
| Total Equivalent Units | 15000 | 13500 | |
| C ) | Equivalent unit cost for both Material and Conversion cost | ||
| (in $) | (in $) | ||
| Material | Conversion Cost | ||
| Beg. Work in Process Costs | 8700 | 15250 | |
| Add : | Cost added this period | 75300 | 96800 |
| Total Cost | 84000 | 112050 | |
| Divide : | Total Equivalent Units | 15000 | 13500 |
| Cost per Equivalent Units | 5.6 | 8.3 | |
| D) | Total Cost | (in $) | |
| Direct material | 112500 | ||
| (15000 Units * $ 7.5) | |||
| Conversion Cost | 135000 | ||
| (13500 Units * $ 10) | |||
| Total Cost | 247500 | ||
| Journal Entry | |||
| Debit | Credit | ||
| Finished Goods Inventory | 247500 | ||
| Work in Progress Invenory | 247500 | ||
| ( Transfer of completed goods from machining Department) | |||
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