Question

Question 3 1 pts Given the following information, calculate equivalent units of production for materials and conversion costs (using the weighted average method): Units Materials Conversion Units Completed 120,000 Work-in-process, ending 20,000 20% complete 10% complete Units Materials Conversion Units Completed 120,000 [Select) Select) WIP, ending 20,000 Materials 20% [ Select) Conversion 10% Select) > Total Equiv. Units [ Select) [Select)

Answer 1

1. EQUIVALENT UNITS
	Units	Material	Conversion
Units completed	120000	120000	120000
WIP, ending	20000
Material 20%		4000
Conversion 10%			2000
Equivalent units		124000	122000
2. Cost per equivalent unit
	Material	Conversion	Total
Beg. WIP	12000	44000	56000
Cost added	50000	200000	250000
Total cost	62000	244000	306000
Equivalent units	124000	122000
Cost per equivalent unit	0.5	2

3. Production cost in ending WIP and Cost of units completed and transferred
	Material	Conversion	Total
Ending WIP
Equivalent units	4000	2000
Cost per equivalent unit	0.5	2
Cost in ending WIP	2000	4000	6000
Units completed
Equivalent units	120000	120000
Cost per equivalent unit	0.5	2
Cost of units completed	60000	240000	300000
4. Cost reconciliation
Cost to be accounted for	Total cost
Beginning WIP	56000
Cost added to production	250000
Total cost accounted for	306000
Cost to be accounted for
Ending WIP	6000
Units completed	300000
Total cost accounted for	306000