Homework Answers
1.
| Units to be accounted for | |
| Units Beginning WIP | 0 |
| Units started | 50000 |
| Total Units | 50000 |
| Units Accounted for | |
| Units Completed and transferred | 47500 |
| Units ending WIP | 2500 |
| Total Units | 50000 |
2.
| Equivalent units | ||
| Material | Conversion Cost | |
| Units Completed and transferred | 47500 | 47500 |
| Work in Process Jan 31 | ||
| Direct Material | 2500 | |
| Conversion | 1000 | |
| Total Equivalent units | 50000 | 48500 |
3.
| Unit Costs | |
| Material | $ 10.20 |
| Conversion Cost | $ 5.00 |
| Total | $ 15.20 |
4.
| Costs accounted for | ||
| Cost of Units completed and transferred | $ 722,000 | |
| Work in Process, Jan 31 | ||
| Material | $ 25,500 | |
| Conversion | $ 5,000 | $ 30,500 |
| Total Costs | $ 752,500 |
5.
| Physical units | Material | Conversion | |
| Units to be accounted for | |||
| Work in Process Beginning | 0 | ||
| Started during the period | 50000 | ||
| Total Units | 50000 | ||
| Units accounted for | |||
| Units transferred | 47500 | 47500 | 47500 |
| Work in Process Ending | 2500 | 2500 | 1000 |
| Total Units | 50000 | ||
| Equivalent units | 50000 | 48500 | |
| Material | Conversion | Total | |
| Total Cost to account for | $ 510,000 | $ 242,500 | $ 752,500 |
| Equivalent units of Production | 50000 | 48500 | |
| Cost per equivalent unit | $ 10.20 | $ 5.00 | $ 15.20 |
| Costs to be accounted for | |||
| Work in Process Jan 1 | $ - | ||
| Costs added | $ 752,500 | ||
| Total Costs | $ 752,500 |
Costs Reconciliation Schedule
| Costs accounted for | ||
| Cost of Units completed and transferred | $ 722,000 | |
| Work in Process, Jan 31 | ||
| Material | $ 25,500 | |
| Conversion | $ 5,000 | $ 30,500 |
| Total Costs | $ 752,500 |
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