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In: Accounting

Equivalent Units of Production and Related Costs The charges to Work in Process—Assembly Department for a...

  1. Equivalent Units of Production and Related Costs

    The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.

    Work in Process-Assembly Department
    Bal., 3,000 units, 35% completed 9,000 To Finished Goods, 69,000 units ?
    Direct materials, 71,000 units @ $1.60 113,600
    Direct labor 222,800
    Factory overhead 86,585
    Bal., ? units, 80% completed ?

    Determine the following:

    a. The number of units in work in process inventory at the end of the period.

    b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0".

    Work in Process-Assembly Department
    Equivalent Units of Production for Direct Materials and Conversion Costs
    Whole
    Units
    Equivalent Units
    Direct Materials
    Equivalent Units
    Conversion
    Inventory in process, beginning
    Started and completed
    Transferred to finished goods
    Inventory in process, ending
    Total units

    c. Costs per equivalent unit for direct materials and conversion. If required, round your answers to the nearest cent.

    Costs Per Equivalent Unit
    Direct Materials $
    Conversion $

    d. Cost of the units started and completed during the period.
    $

Solutions

Expert Solution

  1. a. The number of units in work in process inventory at the end of the period

  2. Ending WIP = 3000+71000-69000 = 5000 Units

  3. b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0".

    Work in Process-Assembly Department
    Equivalent Units of Production for Direct Materials and Conversion Costs
    Whole
    Units
    Equivalent Units
    Direct Materials
    Equivalent Units
    Conversion
    Inventory in process, beginning 3000 0 3000*65% = 1950
    Started and completed 66000 66000 66000
    Transferred to finished goods 69000 66000 67950
    Inventory in process, ending 5000 5000 5000*80% = 4000
    Total units 74000 71000 71950

    c. Costs per equivalent unit for direct materials and conversion. If required, round your answers to the nearest cent.

    Costs Per Equivalent Unit
    Direct Materials $113600/71000 = 1.6
    Conversion $309385/71950 = 4.3

    d. Cost of the units started and completed during the period.
    (1.6+4.3)*66000 = $389400


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