Equivalent Units and Product Cost Report-Weighted Average Method The following data (and annotations) are for Nelson...
Equivalent Units and Product Cost Report-Weighted Average Method
The following data (and annotations) are for Nelson Company's processing department work-in-process account for the month of September 2019:
| Beginning inventory (1,500 units, 70% complete) | ||
| Direct materials | $22,000 | |
| Conversion costs | 10,000 | |
| Current period | ||
| Direct materials (6,000 units) | 50,000 | |
| Direct labor | 41,000 | |
| Manufacturing overhead applied | 65,440 |
Nelson uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 1,000 units, 60% complete. Compute the following:
a. Equivalent units for direct materials and conversion.
b. Cost per equivalent unit for direct materials and conversion.
c. Total cost assigned to the units transferred out.
Homework Answers
Solution
| Material | Conversion | |
| Equivalent Units of Production | 7,500 | 7,100 |
.
| Material | Conversion | |
| Cost per equivalent Unit | $ 9.60 | $ 16.40 |
.
| Cost assigned to Units Transferred out | $ 169,000 |
Working
| Reconciliation of Units | ||
| A | Beginning WIP | 1,500 |
| B | Introduced | 6,000 |
| C=A+B | TOTAL | 7,500 |
| D | Transferred out | 6,500 |
| E=C-D | Ending WIP | 1,000 |
.
| Statement of Equivalent Units(Weighted average) | |||||||
| Material | Conversion cost | ||||||
| Units | Complete % | Equivalent units | Complete % | Equivalent units | |||
| Transferred out | 6,500 | 100% | 6,500 | 100% | 6,500 | ||
| Ending WIP | 1,000 | 100% | 1,000 | 60% | 600 | ||
| Total | 7,500 | Total | 7,500 | Total | 7,100 | ||
.
| Cost per Equivalent Units (Weighted average) | ||||
| COST | Material | Conversion cost | TOTAL | |
| Beginning WIP Inventory Cost | $ 22,000 | $ 10,000 | $ 32,000 | |
| Cost incurred during period | $ 50,000 | $ 106,440 | $ 156,440 | |
| Total Cost to be accounted for | $ 72,000 | $ 116,440 | $ 188,440 | |
| Total Equivalent Units | 7,500 | 7,100 | ||
| Cost per Equivalent Units | $ 9.60 | $ 16.40 | $ 26.00 | |
.
| Statement of cost (Weighted average) | |||||
| Cost | Equivalent Cost/unit | Ending WIP | Transferred | ||
| Units | Cost Allocated | Units | Cost Allocated | ||
| Material | $ 9.60 | 1,000 | $ 9,600.00 | 6,500 | $ 62,400.00 |
| Conversion cost | $ 16.40 | 600 | $ 9,840.00 | 6,500 | $ 106,600.00 |
| TOTAL | $ 188,440 | TOTAL | $ 19,440 | TOTAL | $ 169,000 |
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Equivalent Units and Product Cost Report-Weighted
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The following data (and annotations) for March 2016 are for the
work in process account of the first of Olympus Company’s four
departments used in manufacturing its only product.
Work in Process-Department 1
Beginning balance (3,000 units, 40% complete)
$18,200
Transferred to department 2: (23,000 units)
(a)
Direct material (24,000 units)
96,000
Direct labor
77,300
Manufacturing overhead
36,700
Ending balance [ (b) units, 25% complete]
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Assuming that Olympus uses the FIFO method,...
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to material but only 25% complete with respect to conversion
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