Question

) E17-25 (similar to) The assembly division of Walton Time Pieces, Inc. uses the weighted average method of process costing. Consider the following data for the month of May 2017: E: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Read the requirement. Begin by summarizing the total costs to account for. Work in process, beginning Total Direct Conversion Production Costs Materials Costs $ 503,750 $ 432,500 $ 71,250 4,620,000 3,225,000 1,395,000 5,123,750 $ 3,657,500 $ 1,466,250 Costs added in current period Total costs to account for Next, calculate cost per equivalent unit for direct materials and conversion costs. Costs incurred to date Direct Conversion Materials Costs $ 3,657,500 $ 1,466,250 550 510 $ 6,650 $ 2,875 Divide by equivalent units of work done to date Cost per equivalent unit Finally, assign total costs to units completed (and transferred out) and to units in ending work in process. Direct Conversion Total Production Costs Materials Costs Completed and transferred out Work in process, ending Total costs accounted for

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Answer 1

Answer Direct Particular Production Direct Converion Converion Costs Remarks Remarks Materials Total Production costs $4,476,750 $647.000 $5,123,750 Completed and transferred out Work in process, ending Total cost accounted for $3.125,500 $532.000 $3,657,500 $1,351,250 Refer Note 1 $115,000 Refer Note 2 $1,466,250 Cost per Units Total Cost Note 1: Cost of completed and transferred out the during the period Particular Units Cost of units transferred out Direct Material Couversion Total Cost of unit transferred out 470 $6,650 $2.875 $3,125,500 $1,351,250 $4,476,750 Units Cost per Units Total Cost Note 2. Cost of Work in progress, ending Particular Work in progress Direct Material Conversion Total Cost of Work in progress, ending $6,650 $2.875 40 $532,000 $115,000 $647,000