Homework Answers
(1)
| Physcial units | Materials | Conversion | |
| Work in Process Beginning | 29000 | ||
| Started during the period | 54000 | ||
| To account for | 83000 | ||
| Work in Process Beginning | 29000 | 0 | 17400 |
| Units started and completed | 33000 | 33000 | 33000 |
| Units transferred to next department | 62000 | 33000 | 50400 |
| Ending Work in Process : | 21000 | 21000 | 14700 |
| Accounted for | 83000 | ||
| Equivalent units | 54000 | 65100 | |
| Materials | Conversion | Total | |
| Cost added during the period | $ 4,74,880 | $ 1,75,005 | $ 6,49,885 |
| Equivalent units of Production | 54000 | 65100 | |
| Cost per equivalent unit | $ 8.79 | $ 2.69 | $ 11.48 |
| Materials | Conversion | Total | |
| Ending work in Process Inventory | |||
| Equivalent units of Production | 21000 | 14700 | |
| Cost per equivalent unit | $ 8.79 | $ 2.69 | |
| Cost of Ending work in Process Inventory | $ 1,84,676 | $ 39,517 | $ 2,24,193 |
| Materials | Conversion | Total | |
| Units Completed and transferred out | |||
| Cost of Beginning Work in Process | $ - | $ - | $ 23,175 |
| Cost of work on Beginning Work in Process | $ - | $ 46,776 | $ 46,776 |
| Total Cost of Beginning WIP | $ 69,951 | ||
| Units started and completed | 33000 | 33000 | |
| Cost per equivalent unit | $ 8.79 | $ 2.69 | |
| Cost of units started and completed | $ 2,90,205 | $ 88,712 | $ 3,78,917 |
| Cost of units transferred out | $ 4,48,867 | ||
| Reconciliation | |||
| Costs to be accounted for : | |||
| Cost of beginning work in process inventory | $ 23,175 | ||
| Costs added to the production during the year | $ 6,49,885 | ||
| Total Costs to be accounted for | $ 6,73,060 | ||
| Cost of Ending work in Process Inventory | $ 2,24,193 | ||
| Cost of units transferred out | $ 4,48,867 | ||
| Total Costs accounted for | $ 6,73,060 |
2.
| Materials | Conversion | |
| Beginning WIP Cost per unit | $ 7.27 | $ 2.68 |
| Cost per unit Current | $ 8.79 | $ 2.69 |
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Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at...
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three-process series. All materials are introduced at the beginning
of the first process. Austin uses the first-in, first-out method of
inventory costing. Unit and cost data for the first process
(Department A) for the month of December follow:
Units
Completion
Cost
Work in process inventory:
December 1
12,000
60%
$140,400
December 31
5,000
40%
?
Started in December:
14,000
Direct materials cost
106,400
Conversion cost
70,310
Completed in December
21,000
?...
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Austin Co. manufactures a product called Aster in a
three-process series. All materials are introduced at the beginning
of the first process. Austin uses the first-in, first-out method of
inventory costing. Unit and cost data for the first process
(Department A) for the month of December follow:
Units
Completion
Cost
Work in process inventory:
December 1
12,000
60%
$140,400
December 31
5,000
40%
?
Started in December:
14,000
Direct materials cost
106,400
Conversion cost
70,310
Completed in December
21,000
?...
Austin Co. manufactures a product called Aster in a three-process serles. All materials are introduced at the beginning of the first process. Austin uses the first-in, first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of December follow Units Completion Cost Work in process inventory December 1 12,000 60% $140,400 December 31 5,000 40% Started in December 14,000 Direct materials cost 106,400 Conversion cost 70,310 Completed in December 21,000 Prepare Austin's...
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