Answer 1 | Direct material cost per equivalent unit | $ 0.75 |
Answer 2 | Conversion cost per equivalent unit | $ 0.30 |
Answer 3 | Cost beginning WIP completed this month | $ 4,050 |
Answer 4 | Cost of unit started and completed during this month | $ 327,600 |
Answer 5 | Cost of ending work in progress | $ 20,880 |
Calculation
For direct material 100% unit completed in the previous period. It means the remaining 0% completed in this month. |
For conversion cost 25% unit completed in the previous period. It means the remaining 75% completed in this month. |
Company Name | |||||
Baking Department production Report | |||||
First in First out (FIFO) Method | |||||
Month ended March 31 | |||||
Summary of Physical units | |||||
Units in beginning WIP inventory | 18000 | ||||
Units started during month | 336000 | ||||
Total unit to be accounted for | 354000 | ||||
Units completed and transferred out | 330000 | ||||
Units in ending WIP inventory (354000-330000) | 24000 | ||||
Total unit accounted for | 354000 | ||||
Equivalent Units of production | |||||
Particulars | Physical units | Direct material | Conversion Cost | ||
% | units | % | units | ||
units in beginning WIP inventory | 18000 | 0% | 0 | 75% | 13500 |
Units in Started and completed (330000-18000) | 312000 | 100% | 312000 | 100% | 312000 |
units in ending WIP inventory | 24000 | 100% | 24000 | 2/5 | 9600 |
Equivalent Units of production | 336000 | 335100 | |||
Summary of cost to be accounted | |||||
Direct material | Conversion Cost | Total | |||
Cost in beginning WIP | 14760 | ||||
Cost incurred during Month (Add) | 252000 | 100530 | 352530 | ||
total cost to be accounted for | 252000 | 100530 | 367290 | ||
cost per Equivalent Unit | |||||
Cost incurred during Month | 252000 | 100530 | |||
Equivalent Units of production | 336000 | 335100 | |||
Cost per equivalent unit | $ 0.75 | $ 0.30 | $ 1.05 | ||
Assign costs to units transferred out and units in ending WIP inventory | |||||
cost assigned to units transferred out | |||||
Cost in beginning WIP | 14,760 | ||||
Direct material (0*0.75) | 0 | ||||
Conversion Cost (13500*0.3) | 4050 | ||||
Cost incurred for complete beginning WIP | 4,050 | ||||
Direct material (312000*0.75) | 234000 | ||||
Conversion Cost (312000*0.3) | 93600 | ||||
Cost of units in Started and completed | 327,600 | ||||
cost assigned to units transferred out | 346,410 | ||||
cost assigned to units ending work in progress | |||||
Direct material (24000*0.75) | 18000 | ||||
Conversion Cost (9600*0.3) | 2880 | ||||
cost assigned to units ending work in progress | 20,880 | ||||
Total cost assigned | 367,290 |
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All...
cost per equivalent unit. The following information concerns
production in the Baking Department for March. All direct materials
are placed in process at the beginning of production. Need help
with #3
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Mar. 1 Bal., 18,000 units, 1/4 completed 14,760...
Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 18,000 units, 1⁄4 completed 14,760 31 Direct materials, 336,000 units 252,000 266,760 31 Direct labor 40,000 306,760 31 Factory overhead 60,530 367,290 31 Goods finished, 330,000 units 346,410 20,880 31 Bal. ? units, 2⁄5 completed 20,880...
The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 18,000 units, 1⁄4 completed 14,760 31 Direct materials, 336,000 units 252,000 266,760 31 Direct labor 40,000 306,760 31 Factory overhead 60,530 367,290 31 Goods finished, 330,000 units 346,410 20,880 31 Bal. ? units, 2⁄5 completed 20,880 a. Based on the...
he following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 18,000 units, 1?4 completed 14,760 31 Direct materials, 336,000 units 252,000 266,760 31 Direct labor 40,000 306,760 31 Factory overhead 60,530 367,290 31 Goods finished, 330,000 units 346,410 20,880 31 Bal. ? units, 2?5 completed 20,880 a. Determine the number...
CH 17 EX 2,3,4,8,10,12,19,20 eBook Show Me How Calculator Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 252,000 40,000 1 Bal., 18,000 units, 1/4 completed 31 Direct materials, 336,000 units 31 Direct labor 31 Factory overhead 31 Goods finished, 330,000 units 31 Bal. ? units, 2s...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 6,900 units, 3/5 completed 15,525 31 Direct materials, 124,200 units 223,560 239,085 31 Direct labor 63,960 303,045 31 Factory overhead 35,976 339,021 31 Goods finished, 126,000 units 327,393 11,628 31 Bal. ? units, 3/5 completed 11,628...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Mar. 14,307 219,507 205,200 59,440 1 Bal., 5,700 units, 3/5 completed 31 Direct materials, 102,600 units 31 Direct labor 31 Factory overhead 31 Goods finished, 104,100 units 31 Bal. ? units, 3/5 completed 33,440 278,947 312,387 10,668 301,719 10,668...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 6,600 units, 2/5 completed 15,444 31 Direct materials, 118,800 units 237,600 253,044 31 Direct labor 68,950 321,994 31 Factory overhead 38,780 360,774 31 Goods finished, 120,300 units 348,738 12,036 31 Bal. ? units, 2/5 completed 12,036...
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO Balance Date Item Debit Credit Debit Credit Mar. 1 Bal., 7,500 units, 2/5 completed 12,150 31 Direct materials, 135,000 units 189,000 201,150 31 Direct labor 53,130 254,280 31 Factory overhead 29,886 284,166 31 Goods finished, 136,800 units 273,450 10,716 31 Bal units, 4/5 completed 10,716 ....
Costs per Equivalent Unit The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 9,000 units, 3/5 completed 15,570 31 Direct materials, 162,000 units 226,800 242,370 31 Direct labor 63,060 305,430 31 Factory overhead 35,472 340,902 31 Goods finished, 164,100 units 327,930 12,972 31 Bal. ? units, 4/5 completed 12,972...