Please help. The question similar on here was incorrect. Cannot figure it out.
Solution
Material | Conversion | |
Equivalent Units of Production | 406,000 | 397,000 |
.
Material | Conversion | |
Cost per equivalent Unit | $ 1.19 | $ 0.25 |
.
Material | Conversion | Total | |
Ending Inventory | $ 14,280 | $ 750 | $ 15,030 |
.
Material | Conversion | Total | |
Units Completed and transferred | $ 468,860 | $ 98,500 | $ 567,360 |
.
Cost Reconciliation | |
Costs to be accounted for: | |
Beginning Wip cost | $ 93,300 |
Cost incurred during period | $ 489,090 |
Total cost to be accounted for | $ 582,390 |
Costs accounted for as follows: | |
Cost of Units Transferred Out | $ 567,360 |
Cost of Ending Wip | $ 15,030 |
Total cost accounted for | $ 582,390 |
Working
Reconciliation of Units | ||
A | Beginning WIP | 69,000 |
B | Introduced | 340,000 |
C=A+B | TOTAL | 409,000 |
D | Transferred out | 394,000 |
E=C-D | Ending WIP | 15,000 |
.
Statement of Equivalent Units(Weighted average) | |||||||
Material | Conversion cost | ||||||
Units | Complete % | Equivalent units | Complete % | Equivalent units | |||
Transferred out | 394,000 | 100% | 394,000 | 100% | 394,000 | ||
Ending WIP | 15,000 | 80% | 12,000 | 20% | 3,000 | ||
Total | 409,000 | Total | 406,000 | Total | 397,000 |
.
Cost per Equivalent Units (Weighted average) | ||||
COST | Material | Conversion cost | TOTAL | |
Beginning WIP Inventory Cost | $ 78,000 | $ 15,300 | $ 93,300 | |
Cost incurred during period | $ 405,140 | $ 83,950 | $ 489,090 | |
Total Cost to be accounted for | $ 483,140 | $ 99,250 | $ 582,390 | |
Total Equivalent Units | 406,000 | 397,000 | ||
Cost per Equivalent Units | $ 1.19 | $ 0.25 | $ 1.44 |
.
Statement of cost (Weighted average) | |||||
Cost | Equivalent Cost/unit | Ending WIP | Transferred | ||
Units | Cost Allocated | Units | Cost Allocated | ||
Material | $ 1.19 | 12,000 | $ 14,280.00 | 394,000 | $ 468,860 |
Conversion cost | $ 0.25 | 3,000 | $ 750.00 | 394,000 | $ 98,500 |
TOTAL | $ 582,390 | TOTAL | $ 15,030 | TOTAL | $ 567,360 |
Please help. The question similar on here was incorrect. Cannot figure it out. Builder Products, Inc.,...
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