In: Accounting
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., 3,000 units, 75% completed | 9,450 | To Finished Goods, 69,000 units | ? |
Direct materials, 71,000 units @ $1.8 | 127,800 | ||
Direct labor | 93,700 | ||
Factory overhead | 36,450 | ||
Bal., ? units, 35% completed | ? |
Cost per equivalent units of $1.80 for Direct Materials and $1.90 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?
yes or no
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? decrease increase or remain the same
UNITS TO ACCOUNT FOR: | |||||||
Beginning Work in Process units | 3,000 | ||||||
Add: Units Started in Process | 71,000 | ||||||
Total Units to account for: | 74,000 | ||||||
UNITS TO BE ACCOUNTED FOR: | |||||||
Units completed from beginning WIP | 3000 | ||||||
Units started and completed | 66,000 | ||||||
Ending Work in Process | 5,000 | ||||||
Total Units to be accounted for: | 74,000 | ||||||
Equivalent Units: | |||||||
UNITS | Material Cost | Conversion | |||||
% Completion | Units | % Completion | Units | ||||
Units completed from Beg. | 3000 | 0% | 0 | 25% | 750 | ||
Units started and completed | 66000 | 100% | 66,000 | 100% | 66,000 | ||
Ending Work in Process | 5000 | 100% | 5,000 | 35% | 1,750 | ||
Total Equivalent units | 74000 | 71,000 | 68,500 | ||||
TOTAL COST TO ACCOUNT FOR: | |||||||
Material | Conversion | ||||||
Cost Added during May | 1,27,800 | 1,30,150 | |||||
Total Cost to account for: | 1,27,800 | 1,30,150 | |||||
Equivalent Units | 71,000 | 68,500 | |||||
Cost per Equivalent unit | 1.8 | 1.9 | |||||
TOTAL COST ACCOUNTED FOR: | |||||||
Units completed from Beg. Wip (3000 units) | |||||||
Equivalent unit | Cost per EU | Total Cost | |||||
Cost of beginning WIP | 9450 | ||||||
Material | 0 | 1.8 | 0 | ||||
Conversion Cost | 750 | 1.9 | 1425 | ||||
Total cost to complete beginning WIP | 10875 | ||||||
Units started and completed (66000 units) | |||||||
Equivalent unit | Cost per EU | Total Cost | |||||
Material | 66,000 | 1.8 | 118800 | ||||
Conversion Cost | 66,000 | 1.9 | 125400 | ||||
Total cost of units started and complted | 244200 | ||||||
Total cost of units transferred out | 255075 | ||||||
Ending Work in process (5000 units) | |||||||
Equivalent unit | Cost per EU | Total Cost | |||||
Material | 5,000 | 1.8 | 9000 | ||||
Conversison Cost | 1,750 | 1.9 | 3325 | ||||
Total cost of Ending Work in process: | 12,325 | ||||||
Total cost accounted for | 2,67,400 | ||||||
Req 1. | |||||||
Cost of beginning WIP inventory completed this period: | 1425 | ||||||
Req 2. | |||||||
Cost of Units transferred to FG: | 255075 | ||||||
Req 3. | |||||||
Cost of Ending WIP: | 12325 | ||||||
Req 4. | |||||||
Total cost of Beginning WIP | 10875 | ||||||
Divide: Units | 3000 | ||||||
Cost per unit of beginning WIP | 3.625 | ||||||
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together with information concerning production, are as follows.
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Factory overhead69,430
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Cost per equivalent units of $1.50 for Direct Materials and
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