Question

Prepare a schedule that shows how the equivalent units were computed so that you can complete the “Quantities: Units accounted for” equivalent units section shown in the production cost report, and compute October unit costs. (Round unit costs to 2 decimal places, e.g. 2.25.) HAMILTON PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for    Work in process, October 1    (all materials, 70% conversion costs) 25,000    Started into production 187,500       Total units 212,500 Units accounted for    Transferred out 150,000    Work in process, October 31    (60% materials, 40% conversion costs) 62,500       Total units accounted for 212,500 Costs Materials Conversion Costs Total Unit costs    Total Costs $300,000 $131,250 $431,250    Equivalent units    Unit costs $ $ $ Costs to be accounted for    Work in process, October 1 $37,500    Started into production 393,750       Total costs $431,250 Click if you would like to Show Work for this question: Open Show Work Link to Text Link to Text Attempts: 0 of 3 used Save for later Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above.

Answer 1

Solution

HAMILTON PROCESSING COMPANY
Mixing and Cooking Department
Production Cost Report
For the Month Ended October 31
		Equivalent units
Quantities	Phusical Units	Materials	Conversion Costs
Units to be accounted for
Work in process, October 1	25000
(all materials, 70% conversion costs)
Started into production	187500
Total units	212500
Units accounted for
Transferred out	150000	150000	150000
Work in process, October 31	62500	37500	25000
(60% materials, 40% conversion costs)
Total units accounted for	212500	187500	175000
Costs		Materials	Conversion Costs	Total
Unit costs
Total Costs		$        300,000	$        131,250	$        431,250
Equivalent units		187500	175000
Unit costs		$               1.60	$               0.75	$               2.35
Costs to be accounted for
Work in process, October 1				$          37,500
Started into production				$        393,750
Total costs				$        431,250