Calculating Equivalent Units Cost per Equivalent Unit, Reconciling the Cost of Work in Process (Weighted Average)
GoFly Company manufactures kites and has the following information available for the month of April:
Work in process, April 1 (100% complete for materials, 40% for conversion) | 26,000 units |
Direct materials | $ 40,000 |
Conversion cost | $ 55,000 |
Number of units started | 79,000 |
April costs |
|
Direct materials | $ 113,000 |
Conversion cost | $ 168,000 |
Work in process, April 30 (100% complete for materials, 20% for conversion) | 40,000 units |
Required:
Using the weighted average method, complete each of the following steps:
1.Reconcile the number of physical units worked on during the period.
2. Calculate the number of equivalent units.
3. Calculate the cost per equivalent unit rounded to five decimal places.
4. Reconcile the total cost of work in process.
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