Question

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Exercise 4-8 Equivalent Units; Cost per Equivalent Unit; Assigning Costs to Units-Weighted-Average Method (LO4-2, LO4-3, LO4-4) Helix Corporation uses the weighted average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May Percent Complete Units Materials Conversion 70,000 100 % 40 % 50,000 100 % 25 % $ 56,100 $ 16,400 255,000 275,000 $ 112,900 $ 236,600 Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May. 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the first production department's cost of the units transferred to the next production department for materials, conversion, and in total for May. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the first production department's equivalent units of production for materials and conversion for May. Materials Conversion Equivalent units of production Required 1 Required 2 >

Answer 1

Materials 325,000 Conversion 287,500 Equivalent units of production Materials 275,000 Conversion 275,000 Workings: Weighted Average Method Units transferred to the next production department Ending work in process: (50.000 units * 100% complete) (50,000 units * 25% complete) Equivalent units of production 50.000 12.500 287,500 325,000 Materials Conversion $0.52 $0.88 Cost per equivalent uni Workings: Cost of beginning work in process Cost added during the period Total costa) Equivalent units of production (b) Cost per equivalent unit (a)/(6) Materials Conversion $56,100 $16,400 $112,900 $236,600 $169,000 $253,000 325,000 287,500 $0.52 $0.88 3) Materials Conversion Total $26.000 $11,000 $37,000 Cost of ending work in process inventory Workings: Ending work in process (units) (a) Cost per equivalent unit (b) Cost of ending work in process inventory (a) * (b) Materials Conversion 50,000 12.500 $0.52 $0.88 $26.000 $11,000 Materials $143,000 Conversion Total $242.000 $385.000 Cost of units completed and transferred out Workings: Units transferred to the next production department (a) Cost per equivalent unit (6) Cost of units completed and transferred out (a) * (b) Materials Conversion 275,000 275,000 $0.52 $0.88