a.
1 | Cost of beginning work in process inventory completed this period | $ 3,960 |
2 | Cost of units transferred to finished goods during the period | $ 294,070 |
3 | Cost of ending work in process inventory | $ 11,940 |
4 | Cost per unit of the completed beginning work in process inventory | $ 6.24 |
b. Yes
Working:
Equivalent units of production (EUP) - FIFO method | |||||
Units | % Materials | EUP-Materials | % Conversion | EUP-Conversion | |
Beginning work in process inventory | 2000 | 0% | 0 | 45% | 900 |
Started and completed | 44000 | 100% | 44000 | 100% | 44000 |
Ending work in process | 3000 | 100% | 3000 | 45% | 1350 |
Total units | 49000 | 47000 | 46250 |
Beginning inventory cost: | 8510 | |||
Cost to complete beginning inventory | EUP | Cost per EUP | Total cost | |
Direct materials | 0 | 2.00 | 0 | |
Conversion | 900 | 4.40 | 3960 | |
Total cost to complete beginning inventory | 3960 | |||
Total cost of units in beginning inventory | 12470 | |||
Cost of units started and completed | ||||
Direct materials | 44000 | 2.00 | 88000 | |
Conversion | 44000 | 4.40 | 193600 | |
Total cost of units started and completed | 281600 | |||
Total cost of units transferred out | 294070 | |||
Costs of ending work in process | EUP | Cost per EUP | Total cost | |
Direct materials | 3000 | 2.00 | 6000 | |
Conversion | 1350 | 4.40 | 5940 | |
Total cost of ending work in process | 11940 |
Cost per unit of the completed beginning work in process inventory = $12470/2000 = $6.235 = $6.24
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