Question

Required information (The following information applies to the questions displayed below.) QualCo manufactures a single product in two departments: Cutting and Assembly. During May, the Cutting department completed a number of units of a product and transferred them to Assembly of these transferred units, 38,100 were in process in the Cutting department at the beginning of May and 156,500 were started and completed in May. May's Cutting department beginning inventory units were 70% complete with respect to materials and 30% complete with respect to conversion. At the end of May, 51,900 additional units were in process in the Cutting department and were 70% complete with respect to materials and 20% complete with respect to conversion. The Cutting department had $510,650 of direct materials and $425,810 of conversion cost charged to it during May. Its beginning inventory included $74,675 of direct materials cost and $29,093 of conversion cost. 2-4. Using the FIFO method, assign May's costs to the units transferred out and assign costs to its ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Equivalent units of production (EUP)- FIFO method Units % Materials EUP-Materials % Conversion EUP- Conversion Total Cost per equivalent unit of production Materials Conversion Costs Costs EUP EUP Total costs + Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Total costs accounted for: Beginning Inventory Cost: Cost to complete units in beginning inventory EUP Direct materials Cost per EUP Total cost Conversion EUP Cost per EUP Total cost Total cost to complete beginning inventory Cost of units started and completed Direct materials Conversion Total cost of units started and completed Total cost of units transferred out Costs of ending work in process Direct materials Conversion Total cost of ending work in process Total costs accounted for EUP Cost per EUP Total cost

Answer 1

Answer

• Requirement asked

EUP - FIFO Method	Units	% Material	EUP Materials	% Conversion	EUP - Conversion
Units of ENDING WIP	51,900	70.0%	36,330	20.0%	10,380
Units STARTED & COMPLETED	156,500	100%	156,500	100%	156,500
Units of beginning WIP	38,100	30.00%	11,430	70%	26,670
Equivalent Units of Production			204,260		193,550
COST per EUP			Material		Conversion
Cost incurred this period			$       510,650.00		$                  425,810.00
Total Costs		Costs	$       510,650.00	Costs	$                  425,810.00
Equivalent units of production		EUP	204,260	EUP	193,550
Cost per EUP			$                2.5000		$                          2.2000

Cost Transferred out:	EUP	Cost per EUP	Total Cost
Cost of Beginning WIP			103,768.00
Cost to complete beginning WIP-
- Direct Materials	11,430.00	2.50	28,575.00
- Conversion	26,670.00	2.20	58,674.00
Total cost to complete beginning WIP			191,017.00
Cost of Units started & completed this period:	EUP	Cost per EUP	Total Cost
- Direct Materials	156,500.00	2.50	391,250.00
- Conversion	156,500.00	2.20	344,300.00
Total costs started & Completed this period			735,550.00
Total cost of work finished this period				926,567.00
Costs of Ending WIP:	EUP	Cost per EUP	Total Cost
- Direct Materials	36,330	$                              2.50	$          90,825.00
- Conversion	10,380	$                              2.20	$          22,836.00
Total cost of ending WIP				$             113,661.00
Total costs accounted for				$         1,040,228.00