Cost of Units Completed and in Process
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.
Work in Process—Assembly Department | |||
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Bal., 8,000 units, 50% completed | 24,800 | To Finished Goods, 184,000 units | ? |
Direct materials, 188,000 units @ $2.1 | 394,800 | ||
Direct labor | 299,400 | ||
Factory overhead | 116,400 | ||
Bal., ? units, 75% completed | ? |
Cost per equivalent units of $2.10 for Direct Materials and $2.20 for Conversion Costs.
a. Based on the above data, determine the different costs listed below.
If required, round your interim calculations to two decimal places.
1. Cost of beginning work in process inventory completed this period | $ |
2. Cost of units transferred to finished goods during the period | $ |
3. Cost of ending work in process inventory |
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Equivalent Units | Note | Answer | |||||
Units | Physical Units | Materials | Conversion | ||||
Units charged to production: | |||||||
Beginning Inventory in process | 8,000.00 | ||||||
Plus: Started production | 188,000.00 | ||||||
Total physical units accounted for | 196,000.00 | ||||||
Units to be assigned costs: | |||||||
Beginning Inventory in process | 8,000.00 | - | 4,000.00 | Materials are introduced in the beginning so 100% is already completed for materials. So in this month 0% is completed. So Equivalent units are calculated as 8,000 * 00%. Similarly 50% is already completed for conversion. So in this month 50% is completed. So Equivalent units are calculated as 8,000 * 50%. | |||
Started and completed in same month | 176,000.00 | 176,000.00 | 176,000.00 | ||||
Transferred to finished goods | 184,000.00 | 176,000.00 | 180,000.00 | ||||
Ending, Inventory in process | 12,000.00 | 12,000.00 | 9,000.00 | This is closing units multiplied by % of completion | |||
Total units to be assigned costs: | 196,000.00 | 188,000.00 | 189,000.00 | ||||
Cost Information | Total | ||||||
Costs per equivalent unit | 2.10 | 2.20 | 4.30 | ||||
Costs assigned to production | |||||||
Beginning Inventory in process | 24,800.00 | ||||||
Costs incurred in the month | 394,800.00 | 415,800.00 | 810,600.00 | ||||
Total costs accounted for | 835,400.00 | ||||||
Costs allocated to completed and partially completed units | |||||||
Beginning Inventory in process | 24,800.00 | ||||||
To complete Beginning Inventory in process | - | 8,800.00 | 8,800.00 | This is Beginning Inventory in process * Costs per equivalent unit. | This is answer to 1. | ||
Started and completed in same month | 369,600.00 | 387,200.00 | 756,800.00 | This is Started and completed in same month units * Costs per equivalent unit. | |||
Transferred to finished goods | 369,600.00 | 396,000.00 | 790,400.00 | This is Transferred to finished goods units * Costs per equivalent unit. | This is answer to 2. | ||
Ending, Inventory in process | 25,200.00 | 19,800.00 | 45,000.00 | This is Ending, Inventory in process * Costs per equivalent unit. | This is answer to 3. | ||
Total costs assigned | 835,400.00 | ||||||
Started and completed in the same month | |||||||
Goods Finished in the month | 184,000.00 | ||||||
Less: Beginning work in process | 8,000.00 | ||||||
Started and completed in the same month | 176,000.00 |
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