Requirement 1 Solution:-
Flow of Production | Flow of physical units | Direct material equivalent units | Conversion Cost Equivalent units |
Unit completed and transfered out | 24000 |
24000 (24000 X 100℅) |
24000 (24000 X 100%) |
Plus: Ending work in progress September30 | 6000 |
1800 (6000 X 30℅) |
4800 (6000 X 80℅) |
Total physical units accounted for | 30000 | 25800 | 28800 |
Requirement 2:- Cost per equivalent unit
Direct Material | Conversion Cost | |
Beginning work in progress | $0 | $0 |
Plus : Cost added during September | $13674 | $48960 |
Total costs account for: | $13674 | $48960 |
Divided by Total equivalent units | 25800 | 28800 |
Cost per equivalent unit | 0.53 | 1.70 |
Requirement 3:-
Direct Material | Conversion cost | Total | |
Completed and transferred out: | |||
Equivalent unut completed and transferred out | 24000 | 24000 | |
Multiply by:Cost per equivalent units | $0.53 | $1.70 | |
Cost assigned to unit completed and transferred out | $12720 | $40800 | $53520 |
Requirement 4:- Journal entry
Date | Accounts | Debit $ | Credit $ |
September 30 | Work in progress inventory - Testing | 53520 | |
Work in progress inventory - Assembly | 53520 |
Requirement 5:-
Work in progress inventory - Assembly
Bal.September1 | $0 | Transfered to testing | $53520 |
Direct material | $13674 | ||
Conversion cost | $48960 | ||
Bal. september 30 | $9114 |
Note: If you have any doubt ,please ask thanks ?
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