Question
In: Accounting
On March 1, 2019, Annapolis Company has a beginning Work in Process inventory of zero. All...
On March 1, 2019, Annapolis Company has a beginning Work in Process
inventory of zero. All materials are added into production at the
beginning of its production. There is only one production WIP
inventory. During the month 37,000 units were started. At the end
of the month all started units were 75% complete with respect to
conversion. Direct Materials placed into production had a total
cost of $375,000 and the total conversion cost for the month was
$423,000. Annapolis uses the weighted-average process costing
method. Use this information to determine the cost per equivalent
unit of direct material for the month of March. (Round answer to
the nearest cent.)
Solutions
Expert Solution
Step 1: Computing Equivalent Units:
|
Equivalent Units Schedule |
||
|
Iteam |
Material |
Conversion |
|
Beginning WIP |
0 |
0 |
|
Started & Complete during the month |
37000 |
27750 |
|
Totals |
37000 |
27750 |
Step 2: Computing the Costs per Unit for this month of activity:
|
Unit Cost Calculation Schedule |
|||
|
Total |
Equivalent |
Cost per Equivalent |
|
|
(A) |
(B) |
(A/B) |
|
|
Material |
375000 |
37000 |
10.14 |
|
Conversion |
423000 |
27750 |
15.24 |
the cost per equivalent unit of direct material for the month of March=$10.14
Working notes for the above answer is as under
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