Question

	Exercise 6-2
a.						Equivalent Units
						Material	Labor & Overhead
	Units completed					9,500
	Units, ending process:
		All material				1,500
		25% labor and overhead
	Equivalent units					11,000	-
b.				Material	Labor	Overhead	Total
	Work in process, beg.
	Current costs
	Total costs
	Equivalent units
	Unit costs			$              -	$              -	$              -	$              -
c.	Completed and transferred
d.	Ending work in process:
		Materials
		Labor
		Overhead
		Total
e.	Total costs accounted for						$
		* rounding difference

FILL OUT GRAPH

E6-2 Page 349 Computing equivalent production, unit costs, and costs for completed units and ending inventory Precision Inc. manufactures wristwatches on an assembly line. The work in process inventory as of March 1 consisted of 1,000 watches that were complete as to materials and 75% complete as to labor and overhead. The March 1 work in process costs were as follows: Materials $5,000 Labor $5,000 Overhead $8,000 During the month, 10,000 units were started and 9,500 units were completed. The 1,500 units of ending inventory were complete as to materials and 25% complete as to labor and overhead. The costs for March were as follows: Materials $61,000 Labor $20,000 Overhead $48,000

Answer 1

Answer in your format

Calculation

Company Name
Department production Report
Weighted average Method
Month ended March 31
Summary of Physical units
Units in beginning WIP inventory			1,000
Units started during month			10,000
Total unit to be accounted for			11000
Units completed and transferred out			9,500
Units in ending WIP inventory			1,500
Total unit accounted for			11000
Equivalent Units of production
Particulars	Physical units	Direct material	Direct labor	overhead
%	units	%	units	%	units
units in beginning WIP inventory	1000	100%	1000	100%	1000	100%	1000
Units in Started and completed (9500-1000)	8500	100%	8500	100%	8500	100%	8500
units in ending WIP inventory	1500	100%	1500	25%	375	25%	375
Equivalent Units of production			11000		9875		9875
Summary of cost to be accounted
	Direct material	Direct labor	overhead	Total
Cost in beginning WIP	5,000	5,000	8,000	18,000
Cost incurred during Month (Add)	61,000	20,000	48,000	129,000
total cost to be accounted for	66,000	25,000	56,000	147,000
cost per Equivalent Unit
total cost to be accounted for	66000	25000	56000
Equivalent Units of production	11000	9875	9875
Cost per Equivalent Unit	$          6.00	$          2.53	$          5.67	$          14.20
Assign costs to units transferred out and units in ending WIP inventory
cost assigned to units transferred out
units completed and transferred out	9500	9500	9500
Cost per Equivalent Unit	6.00	2.53	5.67
cost assigned to units transferred out	57,000	24,035	53,865	134,900
cost assigned to units ending work in progress
equivalent units in ending WIP inventory	1500	375	375
Cost per Equivalent Unit	6.00	2.53	5.67
cost assigned to units ending work in progress	9,000	949	2,126	12,075
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