Calculating Equivalent Units, Unit Costs, and Cost Assigned Using the Weighted Average Method
Crandall’s Ceramic Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process.
Production
Beginning inventory of 3,000 units that are 100 percent complete for materials and 25 percent complete for conversion.
14,000 units were started during the period and ending inventory of 4,500 units 20 percent complete for conversion. Manufacturing Costs
Beginning inventory was $20,000 ($9,700 materials and $10,300 conversion costs). Costs added during the month were $29,400 for materials and $56,900 conversion cost ($27,500 labor and $29,400 applied overhead).
Required:
1.Calculate the number of equivalent units of production for materials and conversion for March.
2. Calculate the unit costs for materials and conversion for March.
3. Determine the costs to be assigned to the units transferred out and the units in process.
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