Correct answer--------$19.31
Working
STEP 1 (FIFO) | |||||
Reconciliation of Units | |||||
Units | % already completed | % completed this period | |||
Material | Conversion cost | Material | Conversion cost | ||
Beginning WIP | 700 | 75% | 65% | 25% | 35% |
Units introduced | 8,600 | ||||
Total units to be accounted for | 9,300 | ||||
Completed and Transferred unit | 7,800 | 0% | 0% | 100% | 100% |
Ending WIP | 1,500 | 0% | 0% | 65% | 50% |
.
STEP 2 (FIFO) | |||||
Equivalent Units | |||||
Total Units | Material | Conversion cost | |||
Units Transferred: | % completed this period | Equivalent Units | % completed this period | Equivalent Units | |
From WIP | 700 | 25% | 175 | 35% | 245 |
From units started/Introduced | 7,100 | 100% | 7,100 | 100% | 7,100 |
Total | 7,800 | 7,275 | 7,345 | ||
Total Units | Material | Conversion cost | |||
Ending WIP | % completed this period | Equivalent Units | % completed this period | Equivalent Units | |
Total | 1,500 | 65% | 975 | 50% | 750 |
Total EUP | 9,300 | 8,250 | 8,095 |
.
Cost per Equivalent Units AND Cost to be accounted for | |||||
Material | |||||
Cost incurred in Current Period | $ 159,300 | ||||
Total Equivalent Units | 8,250 | ||||
Cost per Equivalent Units | $ 19.31 |
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