Question

Exercise 17-10 Overton Company has gathered the following information. 21,050 236,950 24,760 Units in beginning work in process Units started into production Units in ending work in process Percent complete in ending work in process: Conversion costs Materials Costs incurred: Direct materials Direct labor Overhead 60 % 100 % $103,200 $359,351 $186,460 x Your answer is incorrect. Try again. Compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs The equivalent units of production 282,760 T 272,856 LINK TO TEXT LINK TO TEXT X Your answer is incorrect. Try again. Determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 2.25.) Materials Conversion Costs Unit costs 0.36 2.00 LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Show the assignment of costs to units transferred out and in process. (Round answers to 0 decimal places, e.g. 1,2251 Transferred out 550,446 Ending work in process 386,256 LINK TO TEXT LINK TO TEXT

Answer 1

Statement of equivalent units of production Materials Particulars Input Units Particulars Output Units Percentage Of Completion Conversion Cost Equivalent Percentage Of Equivalent Units Completion Units C=A*B D E=A*D 233,240 100% 233.240 233,240 233,240 B 100% Opening work in progress Units Introduced 21,050 236,950 Units Completed and transferred out Units Completed and transferred out 233,240 233,240 Closing work in progress 24,760 100% 24,760 60% 14,856 258,000 Total 258,000 258,000 248,096 Caluclation of Units Completed and transferred out Opening work in progress Units Introduced Closing work in progress Units Completed and transferred out Add: Less: L 21,050 236,950 (24,760) 233,240 Materials Conversion Cost Particulars Equivalent units Conversion Cost 258,000 248,096 48.00

Materials $ Particulars Costs Incurred A Equivalent units B Cost per equivalent unit Conversion Cost 103,200 || $ 258,000 0.40 || S 545,811 359351+186460 248,096 2.20 A/B Materials Conversion Cost Cost per equivalent unit 0.40 2.20 Cost of goods finished and transferred Equivalent units Material Cost for cost of finished and transferred Conversion cost for cost of finished and transferred Equivalent unit cost per unit 233,240 $ 233,240 | $ 0.40 2.20 Total Cost $ $ $ 93,296 513,128 606,424 Closing work in progress Equivalent units Material Cost for cost of closing work in progress Conversion cost for cost of closing work in progress Equivalent unit cost per unit 24,760 | $ 14,856 || $ 0.40 2.20 Total Cost $ $ $ 9,904 32,683 42,587 | Closing work in progress Cost of goods finished and transferred 42,587.20 606,424.00