Homework Answers
Answers
- All working forms part of the answer
- Requirement 1:
Cost per Equivalent units for material.
---Calculation of Equivalents Units – [no percentage of calculation given and material are added in beginning so the units are 100% complete]
Units transferred = 2500 units
Ending work in process = 300 units
Total Equivalent units = 2,800 unit
---Total cost of material added = $ 18,200
Answer: Cost per Equivalent units for material = $ 18,200 / 2,800 units = $ 6.50 per EUP
- Requirement 2:
Cost of Material for Goods Transferred to next department= No. of units transferred x Cost per Equivalent units
= 2,500 units x $ 6.50
= $ 16,250 = Cost of material for units transferred = Answer
- Requirement 3:
Cost of material for Ending Work in Process inventory = No. of units in ending inventory x Cost per Equivalent units
= 300 units x $ 6.50
= $ 1,950 = Cost of material for units in Ending Work in process inventory = Answer
- Summary
|
Answer 1 |
$ 6.50 |
|
Answer 2 |
$ 16,250 |
|
Answer 3 |
$ 1,950 |
Add Answer to:
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1. Compute the equivalent units of production for materials
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poration uses the weighted average method in its process costing system. Data conce Tirst processing department for the most recent month are listed below. Beginning work in process inventory: Units in beginning work in process inventory..... Materials costs........ Conversion costs. Percent complete with respect to materials........ Percent complete with respect to conversion..... Units started into production during the month..... Units transferred to the next department...
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3. Compute the cost of ending work in process inventory for
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4. Compute the cost of units transferred out to the next
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Austin Co. manufactures a product called Aster in a
three-process series. All materials are introduced at the beginning
of the first process. Austin uses the first-in, first-out method of
inventory costing. Unit and cost data for the first process
(Department A) for the month of December follow:
Units
Completion
Cost
Work in process inventory:
December 1
12,000
60%
$140,400
December 31
5,000
40%
?
Started in December:
14,000
Direct materials cost
106,400
Conversion cost
70,310
Completed in December
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in production and the direct labor cost incurred. (If no
entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
2. Prepare the journal entry to record the overhead cost applied
to production. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
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