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Problem 3-4A (Video) (Part Level Submission) Rivera Company has several processing departments. Costs charged to the...

Problem 3-4A (Video) (Part Level Submission)

Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,313,896 as follows.
Work in process, November 1
   Materials $78,800
   Conversion costs 48,100 $126,900
Materials added 1,622,970
Labor 225,100
Overhead 338,926

Production records show that 34,900 units were in beginning work in process 30% complete as to conversion costs, 659,700 units were started into production, and 24,100 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.

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(a)

Determine the equivalent units of production and the unit production costs for the Assembly Department. (Round unit costs to 2 decimal places, e.g. 2.25.)

Materials

Conversion Costs

Equivalent Units

Cost per unit $

$

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Answer #1

Solution

Material Conversion
Equivalent Units of Production                  694,600                 680,140
Cost per unit $                    2.45 $                   0.90

Working

Reconciliation of Units
A Beginning WIP                   34,900
B Introduced                 659,700
C=A+B TOTAL                 694,600
D Transferred out                 670,500
E=C-D Ending WIP                   24,100

.

Statement of Equivalent Units(Weighted average)
Material Conversion cost
Units Complete % Equivalent units Complete % Equivalent units
Transferred out                  670,500 100%                  670,500 100%                 670,500
Ending WIP                    24,100 100%                    24,100 40%                     9,640
Total                  694,600 Total                  694,600 Total                 680,140

.

Cost per Equivalent Units (Weighted average)
COST Material Conversion cost TOTAL
Beginning WIP Inventory Cost $ 78,800 $ 48,100 $ 126,900
Cost incurred during period $ 1,622,970 $ 564,026 $ 2,186,996
Total Cost to be accounted for $ 1,701,770 $ 612,126 $ 2,313,896
Total Equivalent Units                 694,600                  680,140
Cost per Equivalent Units $                   2.45 $                     0.90 $                3.35
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