Homework Answers
| Schramiski Company || Flow of units and equivalent units calculation | ||||||
| Particulars | % Work Completed | Direct Materials | % Work Completed | Conversion Cost | ||
| Completed / Transferred | 9000 | 100% | 9000 | 100% | 9000 | |
| Ending Inventory | 1000 | 100% | 1000 | 25% | 250 | |
| 10000 | a. | 10000 | 9250 | a. | ||
| Product Cost Report | ||||||
| Direct Materials | Conversion Cost | |||||
| Beginning Inventory | $0 | $0 | $0 | |||
| Current | $207875 | $120000 | $87875 | |||
| Total Cost | $207875 | $120000 | $87875 | |||
| Equivalent Units | 10000 | 9250 | ||||
| Equivalent Cost Per Unit | $12.00 | b. | $9.5 | b. | ||
| Completed/Transferred | ||||||
| Direct Material | $108000 | |||||
| Conversion Cost | $85500 | |||||
| Costs of goods manufactured | $193500 | c. | ||||
| Ending Inventory | ||||||
| Direct Material | $12000 | |||||
| Conversion Cost | $2375 | |||||
| Costs of ending inventory | $14375 | d. | ||||
| Total Cost Allocated | $207875 | e. |
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Method In its first month’s operations (January 2019), Schramski
Company’s Department 1 incurred charges of $120,000 for direct
materials (10,000 units), $29,875 for direct labor, and $58,000 for
manufacturing overhead. At month-end, 9,000 units had been finished
and transferred out. The remaining units were finished with respect
to material but only 25% complete with respect to conversion
costs.
Assuming Allred uses the weighted average method and that
materials are added at the...
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Question 2 Not complete Marked out of 1.25 P Flag question Equivalent Units and Product Cost...
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E4-3A. Equivalent Units and Product Cost Report—Weighted Average
Method In its first month’s operations (January 2019), Schramski
Company’s Department 1 incurred charges of $120,000 for direct
materials (10,000 units), $29,875 for direct labor, and $58,000 for
manufacturing overhead. At month-end, 9,000 units had been finished
and transferred out. The remaining units were finished with respect
to material but only 25% complete with respect to conversion
costs.
Assuming Schramski uses the weighted average method and that
materials are added at the...
E4-3A. Equivalent Units and Product Cost Report—Weighted Average
Method In its first month’s operations (January 2016), Allred
Company’s Department 1 incurred charges of $120,000 for direct
materials (10,000 units), $29,875 for direct labor, and $58,000 for
manufacturing overhead. At month-end, 90 units had been finished
and transferred out. The remaining units were finished with respect
to material but only 25% complete with respect to conversion
costs.
Assuming Allred uses the weighted average method and that
materials are added at the...
E4-3A. Equivalent Units and Product Cost Report—Weighted Average
Method In its first month’s operations (January 2019), Schramski
Company’s Department 1 incurred charges of $120,000 for direct
materials (10,000 units), $29,875 for direct labor, and $58,000 for
manufacturing overhead. At month-end, 9,000 units had been finished
and transferred out. The remaining units were finished with respect
to material but only 25% complete with respect to conversion
costs.
Assuming Allred uses the weighted average method and that
materials are added at the...
Equivalent Units and Product Cost Report-Weighted Average Method The following data (and annotations) are for Nelson Company's processing department work-in-process account for the month of September 2019: Beginning inventory (1,500 units, 70% complete) Direct materials $22,000 Conversion costs 10,000 Current period Direct materials (6,000 units) 50,000 Direct labor 41,000 Manufacturing overhead applied 65,440 Nelson uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of...
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