Question

Cost of Units Completed and in Process

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., 6,000 units, 70% completed16,140To Finished Goods, 138,000 units?

Direct materials, 141,000 units @ $1.5211,500  

Direct labor178,700  

Factory overhead69,430  

Bal., ? units, 45% completed?  

Cost per equivalent units of $1.50 for Direct Materials and $1.80 for Conversion Costs.

a. Based on the above data, determine the different costs listed below.

If required, round your interim calculations to two decimal places.

1. Cost of beginning work in process inventory completed this period$

2. Cost of units transferred to finished goods during the period$

3. Cost of ending work in process inventory$

4. Cost per unit of the completed beginning work in process inventory (Rounded to the nearest cent.)$

b. Did the production costs change from the preceding period?

c. Assuming that the direct materials cost per unit did not change from the preceding period, did the conversion costs per equivalent unit increase, decrease, or remain the same for the current period?

Answer 1

UNITS TO ACCOUNT FOR:
Beginning Work in Process units			6,000
Add: Units Started in Process			1,41,000
Total Units to account for:			1,47,000
UNITS TO BE ACCOUNTED FOR:
Units completed from beginning WIP		6000
Units started and completed			1,32,000
Ending Work in Process			9,000
Total Units to be accounted for:		1,47,000
Equivalent Units:
			UNITS	Material Cost	Conversion
				% Completion	Units	% Completion	Units
Units completed from Beg.	6000	0%	0	30%	1,800
Units started and completed	132000	100%	1,32,000	100%	1,32,000
Ending Work in Process	9000	100%	9,000	45%	4,050
Total Equivalent units	147000		1,41,000		1,37,850
TOTAL COST TO ACCOUNT FOR:
				Material		Conversion
Cost Added during May		2,11,500		2,48,130
Total Cost to account for:		2,11,500		2,48,130
Equivalent Units			1,41,000		1,37,850
Cost per Equivalent unit		1.5		1.8
TOTAL COST ACCOUNTED FOR:
Units completed from Beg. Wip (6000 units)
				Equivalent unit	Cost per EU	Total Cost
Cost of beginning WIP				16140
Material				0	1.5	0
Conversion Cost			1,800	1.8	3240
Total cost to complete beginning WIP			19380
Units started and completed (132000 units)
				Equivalent unit	Cost per EU	Total Cost
Material				1,32,000	1.5	198000
Conversion Cost			1,32,000	1.8	237600
Total cost of units started and complted			435600
Total cost of units transferred out			454980
Ending Work in process (9000 units)
				Equivalent unit	Cost per EU	Total Cost
Material				9,000	1.5	13500
Conversison Cost			4,050	1.8	7290
Total cost of Ending Work in process:			20,790
Final Answer:
1. Cost of beginning WIP completed this period:	3240
2. Cost of Units transferred to FG:		454980
3. Cost of ending Work in process:		20790
4. Cost per unit of Beginning WIP (19380/6000)	3.23
4-b: Yes, the cost has been changed		YES
4-c Conversion cost per unit has been		Increased
Note:
Total Beginning cost of Beginning Wip	16140
Less: Material cost (6000*1.5)		9000
Conversion cost incurred in Previous period	7140
Divide: EUP of conversion in previous period	4200
Conversion cost per unit of previous period	1.7
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