The weighted-average method is used by the Cardiff and Company. Below you will find information provided...
The weighted-average method is used by the Cardiff and Company. Below you will find information provided by the Heating department for the month of March:
|
Costs for March: |
Materials |
Conversion |
|
Work in process, March 1 |
$19,200 |
$23,100 |
|
Added during the month |
$89,000 |
$99,000 |
|
Units |
Conversion percentage complete |
|
|
Work in process, March 1 |
10,000 |
50% |
|
Units started |
28,000 |
|
|
Completed and transferred out |
19,900 |
|
|
Work in process, March 31 |
5,000 |
30% |
Required:
Cardiff and Company using the weighted-average method, all materials at the first process:
- The equivalent units (EUs) of production for materials.
- The cost per equivalent unit for conversion.
- The total cost assigned to units transferred out of the Heating Department during March.
- The cost assigned to work-in-process inventory as of March 31.
Homework Answers
| Computation of equivalent units: | ||||||||
| Units | Materials | Conversion | Total | |||||
| Units completed and transferred out | 19900 | 19900 | 19900 | |||||
| (19900*100%) | (19900*100%) | |||||||
| Ending work in process inventory | 5000 | 5000 | 1500 | |||||
| (5000*100%) | (5000*30%) | |||||||
| Total equivalent units | 24900 | 21400 | 46300 | |||||
| Total costs to be accounted for: | ||||||||
| Materials | Conversion | |||||||
| Beginning work in process inventory | 19200 | 23100 | ||||||
| Costs added during the month | 89000 | 99000 | ||||||
| Total costs to be accounted for | 108200 | 122100 | ||||||
| Cost per equivalent unit: | ||||||||
| Materials | Conversion | |||||||
| Total costs to be accounted for | a | 108200 | 122100 | |||||
| Total equivalent units | b | 24900 | 21400 | |||||
| Cost per equivalent unit | a/b | 4.35 | 5.71 | 10.05 | ||||
| Cost assigned to units transferred out of the heating department: | ||||||||
| (Equivalent units*Cost per equivalent unit) | ||||||||
| $ | ||||||||
| Material | (19900*4.35) | 86565 | ||||||
| Conversion | (19900*5.71) | 113629 | ||||||
| Total | 200194 | |||||||
| Cost assigned to work in process inventory | ||||||||
| (Equivalent units*Cost per equivalent unit) | ||||||||
| $ | ||||||||
| Material | (5000*4.35) | 21750 | ||||||
| Conversion | (1500*5.71) | 8565 | ||||||
| Total | 30315 | |||||||
| Answers | ||||||||
| The equivalent units of production for materials= 24900 | ||||||||
| The cost per equivalent unit for conversion=$ 5.71 | ||||||||
| The total cost assigned to units transferred out of the heating department during March=$ 200194 | ||||||||
| The cost assigned to work in process inventory as of March 31=$ 30315 | ||||||||
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