Straight forward Weighted Average Process Costing; Step-by-Step Approach
Moravia Company processes and packages cream cheese. The following data have been compiled for the month of April. Conversion activity occurs uniformly throughout the production process.
Work in process, April 1- 10,000units: |
|
Direct material: 100%complete,cost of | $22,000 |
Conversion: 20%complete, cost of | 4,500 |
Balance in work in process, April 1 | $26,500 |
Units started during April | 100,000 |
Units completed during April and transferred out to finished-goods inventory. | 80,000 |
Work inprocess,April30: |
|
Direct material: 100%complete |
|
Conversion complete |
|
Costs incurred during April: |
|
Direct material | $198,000 |
Conversion costs: |
|
Direct labor | $52,800 |
Applied manufacturing overhead | 105,600 |
Total conversion costs | $158,400 |
Required: Prepare schedules to accomplish each of the following process-costing steps for the month of April. Use the weighted-average method of process costing.
1. Analysis of physical flow of units,
2. Calculation of equivalent units.
3. Computation of unit costs.
4. Analysis of total costs
5. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following data change: the April 1 work-in-process costs were $66.000 for direct material and $18.000 for conversion.
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