Question

In: Accounting

Crane Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at...

Crane Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making a product are as follows.

Cutting Department

Production Data—July

T12-Tables

Work in process units, July 1 0
Units started into production 22,800
Work in process units, July 31 3,420
Work in process percent complete 60

Cost Data—July

Work in process, July 1

$0

Materials

433,200

Labor

267,216

Overhead

118,560

   Total

$818,976

Determine the unit costs of production.

Materials

Conversion Costs

Total Costs

Unit costs-T12 Tables $

$

$

Solutions

Expert Solution

Solution

Material Conversion Total
Unit costs-T12 Tables $ 19.00 $ 18.00 $37.00

Working

Statement of Equivalent Units(Weighted average)
Material Conversion
Units Complete % Equivalent units Complete % Equivalent units
Transferred out                                19,380 100%                    19,380 100%                   19,380
Ending WIP                                  3,420 100%                       3,420 60%                     2,052
Total                                22,800 Total                    22,800 Total                   21,432

.

Cost per Equivalent Units (Weighted average)
COST Material Conversion TOTAL
Beginning WIP Inventory Cost (A) $ 0 $ 0 $ 0
Cost incurred during period (B) $ 433,200 $ 385,776 $ 818,976
Total Cost to be accounted for (C=A+B) $ 433,200 $ 385,776 $ 818,976
Total Equivalent Units(D)                   22,800                     21,432
Cost per Equivalent Units (E=C/D) $                 19.00 $                   18.00 $                     37.00

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