Question

Check my work Required information The following information applies to the questions displayed below! QualCo manufactures a single product in two departments Cutting and Assembly During May, the Cutting department completed a number of units of a product and transferred them to Assembly. Of these transferred units, 39,300 were in process in the Cutting department at the beginning of May and 168,500 were started and completed in May, May's Cutting department beginning inventory units were 70% complete with respect to materials and 30% complete with respect to conversion. At the end of May, 53.100 additional units were in process in the Cutting department and were 70% complete with respect to materials and 20% complete with respect to conversion. The Cutting department had $695.872 of direct materials and $433.923 of conversion cost charged to it during May. Its beginning inventory included $75,875 of direct materials cost and $30,293 of conversion cost. 2-4. Using the FIFO method, assign May's costs to the units transferred out and assign costs to its ending work in process inventory (Round "Cost per EUP" to 2 decimal places.) Equivalent units of production (EUP): FIFO method EUP als EUP. Materials % Conversion

Answer 1

Solution:

G H 20 Equivalent units of production (EUP) - FIFO method 21 22 23 24 100% Units %Material EUP-Material % Conversion EUP- Conversion 39300 30% 11790 70% 27510 168500 100% 168500 168500 53100 70% 37170 20% 10620 217460 206630 Material Conversion $695,872 Costs $433,923 EUP 217460 EUP 206630 $3.20 $2.10 Costs 28 29 30 $106,168 32 33 EUP Cost per EUP 11790 27510 $2.10 $3.20 Beginning units completed this period Units Started and Completed units of Ending work in process Equivalent units of production Cost per EUP Costs incurred this period (Total Costs) /Equivalent units of Production Cost per Equivalent unit of Production Cost Assignment and Reconciliation Beginning Inventory Cost: Cost to Complete Beginning Inventory Direct materials Conversion Total Cost to complete Beginning Inventory Total Costs of units in Beginning Inventory Cost of units started and completed Direct Material Conversion Total Cost of units started and completed Total cost of units transferred out Cost of ending work in process Direct Material Conversion Total Ending work in process Total Costs accounted for Total Cost $37,728 $57,771 34 35 36 $95,499 $201,667 37 38 39 40 EUP Cost per EUP 168500 $3.20 168500 $2.10 Total Cost $539,200 $353,850 $893,050 $1,094,717 41 42 43 EUP Cost per EUP 37170 $3.20 10620 $2.10 Total Cost $118,944 $22,302 44 45 46 $141,246 $1,235,963 47 48 -49 (17) Sheet557 ) Sheet564 Sheet565 Sheet146 (9) Sheet567 Sheet194 (5) Sheet568 0 <