Homework Answers
Solution a:
| Elkhardt Refinary | |||
| Computation of Equivalent unit of Production | |||
| Particulars | Physical Units | Material | Conversion |
| Units to account for: | |||
| Beginning WIP | 3900 | ||
| Started into Production | 44000 | ||
| Total units to account for | 47900 | ||
| Units accounted for: | |||
| Unit completed & Transferred out | 45200 | 45200 | 45200 |
| Units in ending inventory: | 2700 | ||
| Material (80%) | 2160 | ||
| Conversion (50%) | 1350 | ||
| Equivalent units of production | 47900 | 47360 | 46550 |
|
Elkhardt Refinary Computation of Cost per equivalent unit |
|||
| Particulars | Material | Conversion | Total |
| Opening WIP | $33,000 | $12,700 | $45,700 |
| Cost Added during Period | $393,240 | $378,320 | $771,560 |
| Total cost to be accounted for | $426,240 | $391,020 | $817,260 |
| Equivalent units of production | 47360 | 46550 | |
| Cost per Equivalent unit | $9.00 | $8.40 |
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