Solution
Material | Conversion | |
Equivalent Units of Production | 5,00,000 | 4,50,000 |
.
Material | Conversion | |
Cost per equivalent Unit | $ 0.83 | $ 0.63 |
.
Material | Conversion | Total | |
Ending Inventory | $ 62,250 | $ 15,750 | $ 78,000 |
.
Material | Conversion | Total | |
Units Completed and transferred | $ 352,750 | $ 267,750 | $ 620,500 |
.
Cost Reconciliation | |
Costs to be accounted for: | |
Beginning Wip cost | $ 48,100 |
Cost incurred during period | $ 650,400 |
Total cost to be accounted for | $ 698,500 |
Costs accounted for as follows: | |
Cost of Units Transferred Out | $ 620,500 |
Cost of Ending Wip | $ 78,000 |
Total cost accounted for | $ 698,500 |
Workingc
Statement of Equivalent Units(Weighted average) | |||||||
Material | Conversion cost | ||||||
Units | Complete % | Equivalent units | Complete % | Equivalent units | |||
Transferred out | 4,25,000 | 100% | 4,25,000 | 100% | 4,25,000 | ||
Ending WIP | 1,00,000 | 75% | 75,000 | 25% | 25,000 | ||
Total | 5,25,000 | Total | 5,00,000 | Total | 4,50,000 |
.
Cost per Equivalent Units (Weighted average) | ||||
COST | Material | Conversion cost | TOTAL | |
Beginning WIP Inventory Cost | $ 35,400 | $ 12,700 | $ 48,100 | |
Cost incurred during period | $ 379,600 | $ 270,800 | $ 650,400 | |
Total Cost to be accounted for | $ 415,000 | $ 283,500 | $ 698,500 | |
Total Equivalent Units | 5,00,000 | 4,50,000 | ||
Cost per Equivalent Units | $ 0.83 | $ 0.63 | $ 1.46 |
.
Statement of cost (Weighted average) | |||||
Cost | Equivalent Cost/unit | Ending WIP | Transferred | ||
Units | Cost Allocated | Units | Cost Allocated | ||
Material | $ 0.83 | 75,000 | $ 62,250.00 | 4,25,000 | $ 352,750 |
Conversion cost | $ 0.63 | 25,000 | $ 15,750.00 | 4,25,000 | $ 2,67,750.00 |
TOTAL | $ 698,500 | TOTAL | $ 78,000 | TOTAL | $ 620,500 |
number 4 Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system....
Sunspot Beverages, Ltd., of Fiji uses the weighted average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 700 400 Work in process, beginning Started into production Completed and...
Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 70% 40% Work in process, beginning Started into production Completed and transferred...
Sunspot Beverages, Ltd., of Fiji uses the weighted average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 708 40% Work in process, beginning Started into production Completed and...
Sunspot Beverages, Ltd., of Fiji uses the weighted average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 70% 408 Work in process, beginning Started into production Completed and...
Sunspot Beverages, Ltd., of Fiji uses the weighted average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 70% 408 Work in process, beginning Started into production Completed and...
Sunspot Beverages, Ltd., of Fiji uses the weighted average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 700 400 Work in process, beginning Started into production Completed and...
Sunspot Beverages, Ltd., of Fiji uses the weighted average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 70% 40% Work in process, beginning Started into production Completed and...
Sunspot Beverages, Ltd., of Fiji uses the weighted average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 100% 75% Work in process, beginning Started into production Completed and...
Sunspot Beverages, Ltd., of Fiji uses the weighted average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 70% 40% Work in process, beginning Started into production Completed and...
Sunspot Beverages, Ltd., of Fiji uses the weighted average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 1000 750 Work in process, beginning Started into production Completed and...