Homework Answers
Answer:
Step 1: Calculate equivalent units:
|
Particulars |
Units |
|
Production complete, shipped |
178 |
|
Work in Progress (198 – 178) |
20 |
|
Percentage (%) of completion |
80% |
|
Equivalent units (20 * 80%) |
16 |
|
Total equivalent units (178 + 16) |
194 |
Step 2: Calculate Total cost-
|
Details |
Amount (in million) |
|
Materials |
$3,808 |
|
Conversion (Labor and Overhead) |
$3,370 |
|
$7,178 |
Step 3: Calculation of required details-
|
Particulars |
Amount (in million) |
Working |
|
Cost of Oil shipped in Pipeline |
$6,586 |
$7,178 * 178 / 194 |
|
Work-in-progress Ending Inventory |
$592 |
$7,178 *16 / 194 |
Hence,
Cost of Oil shipped in Pipeline is $6,586.
Work-in-progress Ending Inventory is $592.
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