Homework Answers
| Gomez Manufacturing Corporation, Department 1 | |||||
| Flow of Units and Equivalent units Calculation, June 2016 | |||||
| Equivalent Units | |||||
| % in June | Direct Materials | % in June | Conversion Costs | ||
| Completed/Transferred | |||||
| Beginning Inventory | 2000 | 0% | 0 | 60% | 1200 |
| Started and completed | 44000 | 100% | 44000 | 100% | 44000 |
| Ending Inventory | 1000 | 100% | 1000 | 70% | 700 |
| Total | 47000 | 45000 | 45900 | ||
| Product Cost Report | |||||
| Direct Materials | Conversion Cost | ||||
| Beginning Inventory | $0 | $0 | $0 | ||
| Current | $1,474,740 | $439,340 | $1,035,400 | ||
| Total costs to account for | $1,474,740 | $439,340 | $1,035,400 | ||
| ÷ Total Equivalent Units | 45000 | 45900 | |||
| Average Cost/Equivalent Unit | $9.7631 | $22.5577 | |||
| Beginning Inventory | |||||
| Costs Incurred in Dec. | $36,480 | ||||
| Costs incurred in June | $27,069 | ||||
| Started and finished | $1,422,115 | ||||
| Cost of Goods manufactured | $1,485,664 | ||||
| Ending Inventory: | |||||
| Direct Materials | $9,763 | ||||
| Conversion Cost | $15,790 | ||||
| Cost of Ending Inventory | $25,553 | ||||
| Total costs allocated | $1,511,217 | ||||
| Cost incurred in June on Beginning Inventory = 1200 * $22.5577 = $27069 | |||||
| Cost incurred on started and finished goods = 44000 * ($9.7631 + $22.5577) = $1422115 |
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Method
The following data (and annotations) for March 2016 are for the
work in process account of the first of Olympus Company’s four
departments used in manufacturing its only product.
Work in Process-Department 1
Beginning balance (3,000 units, 40% complete)
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Transferred to department 2: (23,000 units)
(a)
Direct material (24,000 units)
96,000
Direct labor
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Manufacturing overhead
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Ending balance [ (b) units, 25% complete]
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Assuming that Olympus uses the FIFO method,...
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