Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Cost of Work in Process (Weighted Average)
Hanson Company manufactures handheld calculators and has the following information available for the month of July.
Work in process, July 1 (100% complete for materials, 25% for conversion) | 63,000 units |
Direct materials | $120,000 |
Conversion | $197,000 |
Number of units started | 110,000 units |
July costs |
|
Direct materials | $213,000 |
Conversion | $242,000 |
Work in process, July 31 (100% complete for materials, 10% for conversion) | 72,000 units |
Required:
Using the weighted average method of process costing, 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 cost per equivalent unit, rounded to five decimal places.
4. Reconcile the total cost of work in process.
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