Homework Answers
| Equivalent Units of Production | ||||||
| 1) | (A) | (B) | (A)*(B) | (C ) | (A)*(C ) | |
| Units | Material % | EUP-Material | Conversion % | EUP-Conversion | ||
| Equivalent Units of Production | ||||||
| Units transferred Out | 326000 | 100% | 326000 | 100% | 326000 | |
| WIP on October 31st | 40000 | 85% | 34000 | 35% | 14000 | |
| 366000 | 360000 | 340000 | ||||
| Total Cost of Material | ||||||
| 2) | Cost of beginning WIP | $ 47,200.00 | ||||
| Cost incurred this period | $ 13,49,600.00 | |||||
| Total Cost of Material | $ 13,96,800.00 | |||||
| Total conversion cost | ||||||
| Cost of beginning WIP | $ 16,000.00 | |||||
| Cost incurred this period | $ 9,56,400.00 | |||||
| Total Cost of Conversion | $ 9,72,400.00 | |||||
| Cost per Equivalent Units -Material=(Total cost of material/Equivalent units of material) | ||||||
| Cost per Equivalent Units -Material=($1396800/360000) | $ 3.88 | |||||
| Cost per Equivalent Units -Conversion=(Total cost of Conversion/Equivalent units of conversion) | ||||||
| Cost per Equivalent Units -Conversionl=($972400/340000) | $ 2.86 | |||||
| 3) | Total cost to account for | |||||
| EUP | Cost per Equivalent units | Total Cost | ||||
| Total cost of transferred out | ||||||
| Material | 326000 | $ 3.88 | $ 12,64,880.00 | |||
| Conversion | 326000 | $ 2.86 | $ 9,32,360.00 | |||
| Total cost of transferred out | $ 21,97,240.00 | |||||
| Cost of Ending WIP | ||||||
| Material | 34000 | $ 3.88 | $ 1,31,920.00 | |||
| Conversion | 14000 | $ 2.86 | $ 40,040.00 | |||
| Total cost of Ending WIP | $ 1,71,960.00 | |||||
| $ 23,69,200.00 | ||||||
| Working | ||||||
| Total cost to account for | ||||||
| Cost of beginning WIP | $ 63,200.00 | |||||
| Cost incurred this period($1349600+956400) | $ 23,06,000.00 | |||||
| Total cost to account for | $ 23,69,200.00 | |||||
| Unit Reconciliation | ||||||
| Units to account for: | ||||||
| Beginning WIP | 27000 | |||||
| Units started this period | 339000 | |||||
| Total Units to be accounted for | 366000 | |||||
| Total Units to be accounted for | ||||||
| Units completed and transferred out | 326000 | |||||
| Ending WIP | 40000 | |||||
| Total Units to be accounted for | 366000 | |||||
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Return to que Required information The following information applies to the questions displayed below.) Fields Company has two manufacturing departments, forming and painting. The company uses the weighted average method of process costing. At the beginning of the month, the forming department has 36,000 units In Inventory, 70% complete as to materials and 30% complete as to conversion costs. The beginning inventory cost of $82,100 consisted of $58,000 of direct materials costs and $24,100 of conversion costs. During the month,...
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