Ending Inventory | ||||
Beginning Inventory | 7000 | |||
Add: Units placed in production | 165000 | |||
Less: Finished Goods | -161000 | |||
Ending Inventory | 11000 | |||
Equivalent Units | ||||
Equivalent Units | ||||
Whole Units | Direct Material | Conversion | ||
Beginning Inventory (70% completed)=(7000*(1-40%)) | 7000 | 4200 | ||
Started and completed(161000-7000) | 154000 | 154000 | 154000 | |
Transferred to finished goods=(A) | 161000 | 154000 | 158200 | |
Ending Inventory(35% completed)=(11000*35%)=(B) | 11000 | 11000 | 3850 | |
Total Units=(A)+(B) | 172000 | 165000 | 162050 | |
Cost | ||||
Direct Material | Conversion | |||
Total cost for the Assembly Department=(A) | $ 2,31,000.00 | $ 5,18,560.00 | ||
Total Equivalent units=(B) | 165000 | 162050 | ||
Cost per Equivalent Units=(A)/(B) | $ 1.40 | $ 3.20 | ||
Conversion cost=($373400+$145160) | ||||
Cost of units started and completed=(154000*($1.40+$3.20)) | $ 7,08,400.00 | |||
a) | ||||
1) | Beginning Work in Process balance(Given) | $ 18,200.00 | ||
Cost of conversion cost during the period=(4200*$3.20) | $ 13,440.00 | |||
Cost of beginning inventory | $ 31,640.00 | |||
2) | Cost of beginning Work in Process | $ 31,640.00 | ||
Cost of units started and completed during period | $ 7,08,400.00 | |||
Cost of units transferred to finished goods | $ 7,40,040.00 | |||
3) | Cost of Ending Work in Process | |||
Direct Material (Equivalent units* Cost per equivalent units)=(11000*$1.40) | $ 15,400.00 | |||
Conversion (Equivalent units*Cost per equivalent units)=(3850*$3.20) | $ 12,320.00 | |||
Cost of Ending Work in Process | $ 27,720.00 | |||
4) | Cost per unit of beginning work in process inventory=($31640/7000) | $ 4.52 | ||
b) | Yes the production cost changed during the current period. | |||
Earlier Period | Current Period | |||
Cost of production earlier period $4.52, current period =($1.40+$3.20) | 4.52 | $ 4.60 | ||
c) | Beginning Work in Process(given) | $ 18,200.00 | ||
Less: Direct Material incurred in the previous period(7000*$1.40) | $ -9,800.00 | |||
Conversion cost incurred in the previous period | $ 8,400.00 | |||
Conversion cost per unit in the current period | $ 3.20 | |||
Conversion cost per unit in previous period=($8400/(7000*40%)) | $ 3.00 | |||
Increase conversion cost per equivalent units | $ 0.20 |
Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a...
Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production Work in Process-Assembly Department Bal., 2,000 units, 55% completed 8,510 To Finished Goods, 46,000 units Direct materials, 47,000 units $2 94,000 Direct labor 146. Sool Factory overhead 57.000 Bal 2 units, 45% completed Cost per equivalent units of $2.00 for Direct Materials and...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 2,000 units, 30% completed 5,540 To Finished Goods, 46,000 units ? Direct materials, 47,000 units @ $1.6 75,200 Direct labor 142,300 Factory overhead 55,310 Bal. ? units, 55% completed ? a. Based on the above data, determine the...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 2,000 units, 55% completed 5,510 To Finished Goods, 46,000 units ? Direct materials, 47,000 units @ $1.6 75,200 Direct labor 75,300 Factory overhead 29,350 Bal. ? units, 20% completed ? a. Based on the above data, determine the...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 2,000 units, 55% completed 5,510 To Finished Goods, 46,000 units ? Direct materials, 47,000 units @ $1.6 75,200 Direct labor 75,300 Factory overhead 29,350 Bal. ? units, 20% completed ? a. Based on the above data, determine the...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 3,000 units, 70% completed 12,480 To Finished Goods, 69,000 units ? Direct materials, 71,000 units @ $1.5 106,500 Direct labor 202,700 Factory overhead 78,765 Bal. ? units, 35% completed ? a. Based on the above data, determine the...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 8,000 units, 40% completed 24,160 To Finished Goods, 184,000 units ? Direct materials, 188,000 units @ $1.5 282,000 Direct labor 551,400 Factory overhead 214,480 Bal., ? units, 50% completed ? Cost per equivalent units of $1.50 for Direct...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 8,000 units, 65% completed 33,920 To Finished Goods, 184,000 units ? Direct materials, 188,000 units @ $1.9 357,200 Direct labor 527,300 Factory overhead 205,120 Bal. ? units, 75% completed ? Cost per equivalent units of $1.90 for Direct...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 3,000 units, 50% completed 10,500 To Finished Goods, 69,000 units ? Direct materials, 71,000 units @ $1.5 106,500 Direct labor 220,600 Factory overhead 85,775 Bal., ? units, 75% completed ? Cost per equivalent units of $1.50 for Direct...
Cost of Units Completed and in Process The charges to Work in Process-Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 8,000 units, 70% completed 29,440 To Finished Goods, 184,000 units Direct materials, 188,000 units @ 244,400 $1.3 Direct labor 496,000 Factory overhead 192,940 Bal., 2 units, 65% completed Cost per equivalent units of $1.30 for Direct Materials and...
Cost of Units Completed and in Process The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process—Assembly Department Bal., 3,000 units, 45% completed 7,800 To Finished Goods, 69,000 units ? Direct materials, 71,000 units @ $1.7 120,700 Direct labor 103,800 Factory overhead 40,365 Bal., ? units, 20% completed ? Cost per equivalent units of $1.70 for Direct...