Question

Class Assignment Assume a company had the following production occur in its first month of operations: COST ITEM AMOUNT Direct materials Direct labor Variable factory overhead Fixed factory overhead Total cost this period $42,000 80,000 8,000 $94,000 $224,000 PHYSICAL FLOW PHYSICAL UNITS 0 Opening work in process Started this period Units to account for Completed and transferred out Ending work in process Units accounted for 3,500 3,500 2,500 1,000 3,500 Caprile 2012 Pearson Education publishing as rente Compute the amount of Cost of Goods Manufactured and the cost of Ending WIP Inventory.

Answer 1

	Total	Material	Conversion
Total Unit Account for	3500	3500	3500
Total Cost for this period	224000	42000	182000
Cost pe Equivalent Unt	64	12	52
Cosf of Ending WI{P
	Total	Material	Conversion
Equivalent Unit	1000	1000	1000
Cost per Equivalent unit	$64.00	$12.00	$52.00
Cost of Ending WIP	$64,000.00	$12,000.00	$52,000.00
Cost of Unit completed trf
	Total	Material	Conversion
Equivalent Unit	2500	2500	2500
Cost per Equivalent unit	$64.00	$12.00	$52.00
Cost of Ending WIP	$160,000.00	$30,000.00	$130,000.00