Calculate: (Using FIFO process costing method)
1) total cost of the 18,000 units in beginning work in process
2) cost of goods completed and transferred out during April
3) cost of goods that were started and completed in the month of April
4) total cost of the handling department's work in process inventory at April 30
Solution
1) total cost of the 18,000 units in beginning work in process = $269,936
2) cost of goods completed and transferred out during April= $498,536
3) cost of goods that were started and completed in the month of April = $228,600
4) total cost of the handling department's work in process inventory at April 30 = $141,988
Working
1) total cost of the 18,000 units in beginning work in process = $269,936..........(52155+217,781)
STEP 1 (FIFO) | |||||
Reconciliation of Units | |||||
Units | % already completed | % completed this period | |||
Material | Conversion cost | Material | Conversion cost | ||
Beginning WIP | 18,000 | 38% | 71% | 62% | 29% |
Units introduced | 80,000 | ||||
Total units to be accounted for | 98,000 | ||||
Completed and Transferred unit | 54,000 | 0% | 0% | 100% | 100% |
Ending WIP | 44,000 | 0% | 0% | 28% | 74% |
.
STEP 2 (FIFO) | |||||
Equivalent Units | |||||
Total Units | Material | Conversion cost | |||
Units Transferred: | % completed this period | Equivalent Units | % completed this period | Equivalent Units | |
From WIP | 18,000 | 62% | 11,160 | 29% | 5,220 |
From units started/Introduced | 36,000 | 100% | 36,000 | 100% | 36,000 |
Total | 54,000 | 47,160 | 41,220 | ||
Total Units | Material | Conversion cost | |||
Ending WIP | % completed this period | Equivalent Units | % completed this period | Equivalent Units | |
Total | 44,000 | 28% | 12,320 | 74% | 32,560 |
Total EUP | 98,000 | 59,480 | 73,780 |
.
STEP 3 | |||||
Cost per Equivalent Units AND Cost to be accounted for | |||||
Material | Conversion cost | TOTAL | |||
Cost incurred in Current Period | $ 190,336 | $ 232,407 | $ 422,743 | ||
Total Equivalent Units | 59,480 | 73,780 | |||
Cost per Equivalent Units | $ 3.20 | $ 3.15 | $ 6.35 | ||
Cost of Beginning WIP | $ 217,781 | ||||
Total cost to be accounted for | $ 640,524 |
.
STEP 4 | |||||
Cost report [Including Reconciliation] | |||||
Cost of | Units Transferred | 54,000.00 | units | ||
Equivalent Units [Step 2] | Cost per Equivalent Units [Step 3] | Cost of Units Transferred | TOTAL | ||
A | From Beginning WIP: | ||||
Material | 11,160 | $ 3.20 | $ 35,712 | ||
Conversion cost | 5,220 | $ 3.15 | $ 16,443 | $ 52,155 | |
B | From units started & completed | ||||
Material | 36,000 | $ 3.20 | $ 115,200 | ||
Conversion cost | 36,000 | $ 3.15 | $ 113,400 | $ 228,600 | |
C=A+B | Total | $ 280,755 | |||
D | Cost of Beginning WIP | $ 217,781 | |||
E=C+D | Total Cost of Units transferred | $ 498,536 | |||
Cost of | Ending WIP | 44,000.00 | units | ||
Equivalent Units [Step 2] | Cost per Equivalent Units [Step 3] | Cost of Ending WIP | TOTAL | ||
F | Material | 12,320 | $ 3.20 | $ 39,424 | |
G | Conversion cost | 32,560 | $ 3.15 | $ 102,564 | |
H = F + G | Total Cost of Ending WIP | $ 141,988 | |||
I = E + H | Total Cost accounted for | $ 640,524 |
Calculate: (Using FIFO process costing method) 1) total cost of the 18,000 units in beginning work...
Calculate: (Using weighted average process costing method) 1) cost of goods completed and transferred out during April 2) total cost of the handling department's work in process inventory at April 30 3) direct material unit cost Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete DM % complete conversion 71% 38% work in process, April 1 units started during April work in process, April 30...
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Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete DM % complete conversion 71% 38% work in process, April 1 units started during April work in process, April 30 units 18,000 80,000 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: work in process, April 1 costs added during April total costs DM $ 64,996...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete DM % complete conversion 71% 38% work in process, April 1 units started during April work in process, April 30 units 18,000 80,000 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM work in process, April 1 costs added during April total costs $ 64,996...
Betty DeRose, Inc. operates two departments, the handling department and the packaging department. During April, the handling department reported the following information: % complete % complete units DM conversion work in process, April 1 18,000 38% 71% units started during April 80,000 work in process, April 30 44,000 28% 74% The cost of beginning work in process and the costs added during April were as follows: DM Conversion Total cost work in process, April 1 $ 64,996 $152,785 $217,781 costs...
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