Homework Answers
Solution A:
Total conversion cost = Direct labor cost + Factory overhead applied = $28,100 + $12,598 = $40,698
Solution B & C:
| Georgia Products Inc. | |||
| Pressing department | |||
| Computation of Equivalent unit of Production | |||
| Particulars | Physical Units | Material | Conversion |
| Units to account for: | |||
| Beginning WIP | 0 | ||
| Started into Production | 91400 | ||
| Total units to account for | 91400 | ||
| Units accounted for: | |||
| Unit completed & Transferred out | 89000 | 89000 | 89000 |
| Units in ending inventory: | 2400 | ||
| Material (100%) | 2400 | ||
| Conversion (3/5) | 1440 | ||
| Equivalent units of production | 91400 | 91400 | 90440 |
|
Georgia Products Inc. Computation of Cost per equivalent unit - Pressing department |
|||
| Particulars | Material | Conversion | Total |
| Opening WIP | $0 | $0 | $0 |
| Cost Added during Period | $219,360 | $40,698 | $260,058 |
| Total cost to be accounted for | $219,360 | $40,698 | $260,058 |
| Equivalent units of production | 91400 | 90440 | |
| Cost per Equivalent unit | $2.40 | $0.45 | |
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