A department began the month with 50,000 units in work in process inventory. These units were...
- A department began the month with 50,000 units in work in
process inventory. These units were 90% complete with respect to
direct materials and 40% complete with respect to conversion.
During the month the department started 286,000 units; 220,000 of
these units were completed during the month. The remaining 66,000
units are in ending work in process inventory, 80% complete with
respect to direct materials and 30% complete with respect to
conversion. Use FIFO method of process costing to:
- Compute the department’s equivalent units of production for the month for direct materials
- Compute the department’s equivalent units of production for the month for conversion
- A department started the month with beginning work in process
inventory of $130,000 ($90,000 for direct materials and $40,000 for
conversion). During the month, the department incurred additional
direct materials costs of $700,000 and conversion costs of
$500,000. Assume that equivalent units for the month were computed
as 250,000 for materials and 200,000 for conversion.
- Compute the department’s cost per equivalent unit of production for the month for direct materials.
- Compute the department’s cost per equivalent unit of production for the month for conversion.
Homework Answers
Answers
· Question #1
--Working
|
Units Reconciliation |
|
|
Units to account for: |
|
|
Beginning WIP |
50,000 |
|
Units started this period |
286,000 |
|
Total Units to account for |
336,000 |
|
Total Units accounted for: |
|
|
Completed & Transferred out |
270,000 |
|
Ending WIP |
66,000 |
|
Total Units accounted for |
336,000 |
--Requirement with workings
|
EUP - FIFO Method |
Units |
% Material |
EUP Materials |
% Conversion |
EUP - Conversion |
|
Units of ENDING WIP |
66,000 |
80.0% |
52,800 |
30.0% |
19,800 |
|
Units STARTED & COMPLETED |
220,000 |
100% |
220,000 |
100% |
220,000 |
|
Units of beginning WIP |
50,000 |
10.00% |
5,000 |
60% |
30,000 |
|
Equivalent Units of Production |
277,800 |
269,800 |
· Question #2
>Cost per EU for direct materials =
($90000 + $ 700000) / 250000 units = $ 3.16
>Cost per EU for conversion = ($40000 + $ 500000) / 200000 units
= $ 2.70
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