Answer a | ||||||
Calculation of equivalent units of production for materials and conversion costs | ||||||
Physical Units | % Complete with respect to Material Cost | Equivalent units for Materials Costs | % Complete with respect to Conversion Cost | Equivalent units for Conversion Cost | ||
Units in beginning WIP completed | 800 | 50% | 400 | 70% | 560 | |
Units started and completed | 12500 | 100% | 12500 | 100% | 12500 | |
Units in ending WIP | 500 | 60% | 300 | 60% | 300 | |
Equivalent Units | 13200 | 13360 | ||||
Answer b | ||||||
Calculation of cost per equivalent unit for materials and conversion costs | ||||||
Materials | Conversion | |||||
Cost added during the month | $36,300.00 | $359,384.00 | ||||
/ Equivalent units | 13200 | 13360 | ||||
Cost per equivalent unit | $2.75 | $26.90 | ||||
Answer c | ||||||
Cost of ending work in process | ||||||
Materials cost [300 EU * $2.75] | $825.00 | |||||
Conversion cost [300 EU * $26.90] | $8,070.00 | |||||
Cost of ending work in process | $8,895.00 | |||||
Answer d | ||||||
Calculation of cost of units transferred out of the department during the month | ||||||
Materials | Conversion | Total | ||||
Cost in the beginning WIP | $595.00 | $2,147.00 | $2,742.00 | |||
Cost incurred to complete beginning WIP | $1,100.00 | $15,064.00 | $16,164.00 | |||
Cost incurred on units started and completed | $34,375.00 | $336,250.00 | $370,625.00 | |||
Cost of units transferred out of the department during the month | $389,531.00 | |||||
3 $ 36,3060 sion cost a. Determine the equivalent units of production for materials and conversion...
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