Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Holmes...

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Question

Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Holmes...

Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process

Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department:

	Direct Materials		Conversion Costs
Units completed		25,000		25,000
Units, ending work in process × Percentage complete:
7,000 × 100%		7,000		—
7,000 × 50%		—		3,500
Equivalent units of output		32,000		28,500

Costs assigned to beginning work in process: direct materials, $90,000; conversion costs, $15,125. Manufacturing costs incurred during April: direct materials, $70,000; conversion costs, $220,000. Holmes uses the weighted average method.

Required:

1. Compute the unit cost for April. If required, round your answer to the nearest cent.
$ per equivalent unit

2. Determine the cost of ending work in process and the cost of goods transferred out.

Cost of ending work in process	$
Cost of goods transferred out	$

business accounting

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Answer 1

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Answer #1

2 3 Beginning work in process 4 Costs incurred during April 5 Total costs 6 Euqivalent units of output 7 Cost per equivelnt u

B C D 2 Materials Converison Total 3 Beginning work in process 90000 15125 =+B3+C3 4 Costs incurred during April 70000 220000

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Answer 2

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