Correct answer------------(B) $38,357
Working
STEP 1 (FIFO) | |||||
Reconciliation of Units | |||||
Units | % already completed | % completed this period | |||
Material | Conversion cost | Material | Conversion cost | ||
Beginning WIP | 3,300 | 100% | 25% | 0% | 75% |
Units introduced | 10,100 | ||||
Total units to be accounted for | 13,400 | ||||
Completed and Transferred unit | 11,200 | 0% | 0% | 100% | 100% |
Ending WIP | 2,200 | 0% | 0% | 100% | 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 | 3,300 | 0% | - | 75% | 2,475 |
From units started/Introduced | 7,900 | 100% | 7,900 | 100% | 7,900 |
Total | 11,200 | 7,900 | 10,375 | ||
Total Units | Material | Conversion cost | |||
Ending WIP | % completed this period | Equivalent Units | % completed this period | Equivalent Units | |
Total | 2,200 | 100% | 2,200 | 50% | 1,100 |
Total EUP | 13,400 | 10,100 | 11,475 |
.
STEP 3 | |||||
Cost per Equivalent Units AND Cost to be accounted for | |||||
Material | Conversion cost | TOTAL | |||
Cost incurred in Current Period | $ 70,200 | $ 240,600 | $ 310,800 | ||
Total Equivalent Units | 10,100 | 11,475 | |||
Cost per Equivalent Units | $ 6.95 | $ 20.97 | $ 27.92 | ||
Cost of Beginning WIP | $ 30,900 | ||||
Total cost to be accounted for | $ 341,700 |
.
STEP 4 | |||||
Cost report [Including Reconciliation] | |||||
Cost of | Units Transferred | 11,200.00 | units | ||
Equivalent Units [Step 2] | Cost per Equivalent Units [Step 3] | Cost of Units Transferred | TOTAL | ||
A | From Beginning WIP: | ||||
Material | - | $ 6.95 | $ 0 | ||
Conversion cost | 2,475 | $ 20.97 | $ 51,894 | $ 51,894 | |
B | From units started & completed | ||||
Material | 7,900 | $ 6.95 | $ 54,909 | ||
Conversion cost | 7,900 | $ 20.97 | $ 165,642 | $ 220,551 | |
C=A+B | Total | $ 272,445 | |||
D | Cost of Beginning WIP | $ 30,900 | |||
E=C+D | Total Cost of Units transferred | $ 303,345 | |||
Cost of | Ending WIP | 2,200.00 | units | ||
Equivalent Units [Step 2] | Cost per Equivalent Units [Step 3] | Cost of Ending WIP | TOTAL | ||
F | Material | 2,200 | $ 6.95 | $ 15,290 | |
G | Conversion cost | 1,100 | $ 20.97 | $ 23,067 | |
H = F + G | Total Cost of Ending WIP | $ 38,357 |
Jane Industries manufactures plastic toys. During October, Jane's Fabrication Department started work on 10,100 models. During...
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Please provide ALL calculations, I really
need to understand this for my test tomorrow
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