The following data are taken from the production records at Plant #2 of GP Industries for March. Work-in-process beginning inventory consisted of 11,000 units fully complete with respect to materials and 30 percent complete with respect to conversion costs. In March, the plant started 90,000 units and transferred out 78,750 units. The work-in-process inventory was fully complete with respect to materials and 70 percent complete with respect to conversion costs.
GP Industries uses weighted-average process costing at Plant #2 for product costing.
Required:
The following equivalent units (materials; conversion) used to compute production costs for March, would be:
Answer
Material |
Conversion |
|
Equivalent units of production |
101,000 |
94,325 |
--Working
EUP - Weighted Average Method |
Units |
% Material |
EUP Materials |
% Conversion |
EUP - Conversion |
Units TRANSFERRED |
78,750 |
100% |
78,750 |
100% |
78,750 |
Units of ENDING WIP = 11000 + 90000 - 78750 |
22,250 |
100% |
22,250 |
70% |
15,575 |
Equivalent Units of Production |
101,000 |
94,325 |
The following data are taken from the production records at Plant #2 of GP Industries for...
The following data are taken from the production records at Plant #2 of GP Industries for March. Work-in-process beginning inventory consisted of 12,200 units fully complete with respect to materials and 30 percent complete with respect to conversion costs. In March, the plant started 102,000 units and transferred out 89,250 units. The work-in-process inventory was fully complete with respect to materials and 70 percent complete with respect to conversion costs. Suppose that GP Industries uses FIFO process costing at Plant...
Canler Inc. uses the weighted-average method in its process
costing system. The following data concern the operations of the
company's first processing department for a recent month.
Required:
Using the weighted-average method, determine the equivalent units
of production for materials and conversion costs.
Assume a materials cost of
$4.50/equivalent unit and conversion cost of $10/equivalent unit.
Calculate the total value in ending WIP and inventory transferred
out.
g. Work in process, beginning: Units in process ........ Percent complete with respect...
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