Homework Answers
Solution 1:
| Computation of Equivalent units | |||
| Particulars | Physical Units | Equivalent units | |
| Material | Conversion | ||
| Work in Process, beginning | 0 | ||
| Started during the current period | 18000 | ||
| Total units to account for | 18000 | ||
| Units accounted for: | |||
| Unit completed & Transferred out | 14000 | 14000 | 14000 |
| Closing WIP: | 4000 | ||
| Material (100%) | 4000 | ||
| Conversion (30%) | 1200 | ||
| Equivalent units of production | 18000 | 18000 | 15200 |
|
Computation of Cost per equivalent unit of Production |
||
| Particulars | Material | Conversion |
| Opening WIP | $0.00 | $0.00 |
| Cost Added during Period | $1,260,000.00 | $1,368,000.00 |
| Total cost to be accounted for | $1,260,000.00 | $1,368,000.00 |
| Equivalent units of production | 18000 | 15200 |
| Cost per Equivalent unit | $70.00 | $90.00 |
|
Computation of Cost of ending WIP and units completed & transferred out |
|||
| Particulars | Material | Conversion | Total |
| Equivalent unit of Ending WIP | 4000 | 1200 | |
| Cost per equivalent unit | $70.00 | $90.00 | |
| Cost of Ending WIP (Equivalent unit * Cost per equivalent unit) | $280,000 | $108,000 | $388,000 |
| Units completed and transferred | 14000 | 14000 | |
| Cost of units completed & Transferred (Unit completed * cost per equivalent unit) | $980,000 | $1,260,000 | $2,240,000 |
Hence first option is correct.
Solution 2:
| Computation of Equivalent units | |||
| Particulars | Physical Units | Equivalent units | |
| Material | Conversion | ||
| Work in Process, beginning | 0 | ||
| Started during the current period | 18000 | ||
| Total units to account for | 18000 | ||
| Units accounted for: | |||
| Unit completed & Transferred out | 12600 | 12600 | 12600 |
| Closing WIP: | 5400 | ||
| Material (100%) | 5400 | ||
| Conversion (40%) | 2160 | ||
| Equivalent units of production | 18000 | 18000 | 14760 |
|
Computation of Cost per equivalent unit of Production |
||
| Particulars | Material | Conversion |
| Opening WIP | $0.00 | $0.00 |
| Cost Added during Period | $1,270,000.00 | $1,580,000.00 |
| Total cost to be accounted for | $1,270,000.00 | $1,580,000.00 |
| Equivalent units of production | 18000 | 14760 |
| Cost per Equivalent unit | $70.56 | $107.05 |
|
Computation of Cost of ending WIP and units completed & transferred out |
|||
| Particulars | Material | Conversion | Total |
| Equivalent unit of Ending WIP | 5400 | 2160 | |
| Cost per equivalent unit | $70.56 | $107.05 | |
| Cost of Ending WIP (Equivalent unit * Cost per equivalent unit) | $381,000 | $231,220 | $612,220 |
| Units completed and transferred | 12600 | 12600 | |
| Cost of units completed & Transferred (Unit completed * cost per equivalent unit) | $889,000 | $1,348,780 | $2,237,780 |
Hence first option is correct.
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