Joplin Corporation produces syrups that it sells to candy
makers. On November 1, it had no work-in-process inventory. It
started production of 46,200 gallons of syrup in November and
completed production of 44,000 gallons. The costs of the resources
used by Joplin in November consist of the following:
Materials | $ | 64,604 |
Conversion costs (labor and overhead) | 53,800 | |
Required:
The production supervisor estimates that the ending work-in-process is 70 percent complete on November 30. Compute the cost of syrup completed and the cost of the syrup in work-in-process ending inventory as of November 30. (Do not round intermediate calculations.)
Ending work in process = 46200-44000 = 2200 gallon
Equivalent unit = 44000+(2200*70%) = 45540 gallon
Cost per equivalent unit = (64604+53800)/45540 = 2.6
Cost of syrup completed = 2.6*44000 = $114400
Cost of syrup in ending inventory work in process = 1540*2.6 = $4004
Joplin Corporation produces syrups that it sells to candy makers. On November 1, it had no...
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