Correct answer-----------$28,935
Working
STEP 1 (FIFO) | |||||
Reconciliation of Units | |||||
Units | % already completed | % completed this period | |||
Material | Conversion cost | Material | Conversion cost | ||
Beginning WIP | 3,600 | 100% | 25% | 0% | 75% |
Units introduced | 10,400 | ||||
Total units to be accounted for | 14,000 | ||||
Completed and Transferred unit | 11,000 | 0% | 0% | 100% | 100% |
Ending WIP | 3,000 | 0% | 0% | 100% | 20% |
.
STEP 2 (FIFO) | |||||
Equivalent Units | |||||
Total Units | Material | Conversion cost | |||
Units Transferred: | % completed this period | Equivalent Units | % completed this period | Equivalent Units | |
From WIP | 3,600 | 0% | - | 75% | 2,700 |
From units started/Introduced | 7,400 | 100% | 7,400 | 100% | 7,400 |
Total | 11,000 | 7,400 | 10,100 | ||
Total Units | Material | Conversion cost | |||
Ending WIP | % completed this period | Equivalent Units | % completed this period | Equivalent Units | |
Total | 3,000 | 100% | 3,000 | 20% | 600 |
Total EUP | 14,000 | 10,400 | 10,700 |
.
STEP 3 | |||||
Cost per Equivalent Units AND Cost to be accounted for | |||||
Material | Conversion cost | TOTAL | |||
Cost incurred in Current Period | $ 83,200 | $ 88,000 | $ 171,200 | ||
Total Equivalent Units | 10,400 | 10,700 | |||
Cost per Equivalent Units | $ 8.00 | $ 8.22 | $ 16.22 | ||
Cost of Beginning WIP | $ 40,000 | ||||
Total cost to be accounted for | $ 211,200 |
0
STEP 4 | |||||
Cost report [Including Reconciliation] | |||||
Cost of | Units Transferred | 11,000.00 | units | ||
Equivalent Units [Step 2] | Cost per Equivalent Units [Step 3] | Cost of Units Transferred | TOTAL | ||
A | From Beginning WIP: | ||||
Material | - | $ 8.00 | $ 0 | ||
Conversion cost | 2,700 | $ 8.22 | $ 22,206 | $ 22,206 | |
B | From units started & completed | ||||
Material | 7,400 | $ 8.00 | $ 59,200 | ||
Conversion cost | 7,400 | $ 8.22 | $ 60,860 | $ 120,060 | |
C=A+B | Total | $ 142,265 | |||
D | Cost of Beginning WIP | $ 40,000 | |||
E=C+D | Total Cost of Units transferred | $ 182,265 | |||
Cost of | Ending WIP | 3,000.00 | units | ||
Equivalent Units [Step 2] | Cost per Equivalent Units [Step 3] | Cost of Ending WIP | TOTAL | ||
F | Material | 3,000 | $ 8.00 | $ 24,000 | |
G | Conversion cost | 600 | $ 8.22 | $ 4,935 | |
H = F + G | Total Cost of Ending WIP | $ 28,935 | |||
I = E + H | Total Cost accounted for | $ 211,200 | |||
J | Rounding Off Differences | $ 0 | |||
K = I + J | Total cost to be accounted for [equals to computed in STEP 3] | $ 211,200 |
Question 1 (1 point) Saved Department G had 3,600 units 25% completed at the beginning of...
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