Holly Company has the following information for December 1 to December 31. All direct materials are...
Holly Company has the following information for December 1 to December 31. All direct materials are 100% complete.
| Work-in-Process | |||||||||
| Beginning balance December 210 units, 20% complete for conversion | $ | 26,250 | Completed 810 units and transferred to finished goods inventory | $132,840 | |||||
| Direct materials | 56,700 | ||||||||
| Direct labor | 35,700 | ||||||||
| Factory overhead | |||||||||
| Property taxes | 6,200 | ||||||||
| Depreciation | 32,500 | ||||||||
| Utilities | 18,200 | ||||||||
| Indirect labor | 4,200 | ||||||||
| Ending balance December 31, 310 units, 40% complete | 31,930 | ||||||||
Required:
1. Calculate equivalent units using the weighted-average and FIFO methods.
Equivalent Units
Weighted-Average FIFO
Direct materials
Conversion
Homework Answers
| Answer | |||||
| Equivalent Units | |||||
| Weighted-Average | FIFO | ||||
| Direct materials | 1120 | 910 | |||
| Conversion | 934 | 892 | |||
| Detailed Calculations as below | |||||
| Equivalent units of production (EUP)- FIFO method | |||||
| Units | %Materials | EUP-Materials | % Conversion | EUP-Conversion | |
| FINISHED FROM OPENING WIP | 210 | 0% | 0 | 80% | 168 |
| STARTED AND FINISHED | 600 | 100% | 600 | 100% | 600 |
| CLOSING WORK IN PROGRESS | 310 | 100% | 310 | 40% | 124 |
| Total Units | 1120 | 910 | 892 | ||
| Equivalent Units of Production (EUP)- Weighted Average Method | |||||
| Units | % Materials | EUP—Materials | % Conversion | EUP—Conversion | |
| Units completed and transferred out | 810 | 100% | 810 | 100% | 810 |
| Units of ending work in process | 310 | 100% | 310 | 40% | 124 |
| Equivalent units of production | 1120 | 934 | |||
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