In: Accounting
Crane Company has gathered the following information.
Units in beginning work in process | 0 | ||
Units started into production | 37,300 | ||
Units in ending work in process | 8,200 | ||
Percent complete in ending work in process: | |||
Conversion costs | 40 | % | |
Materials | 100 | % | |
Costs incurred: | |||
Direct materials | $78,330 | ||
Direct labor | $66,500 | ||
Overhead | $105,114 |
Compute equivalent units of production for materials and for
conversion costs.
Materials |
Conversion Costs |
|||
The equivalent units of production |
Determine the unit costs of production. (Round unit
costs to 2 decimal places, e.g. 2.25.)
Materials |
Conversion Costs |
|||
Unit costs |
$ |
$ |
Show the assignment of costs to units transferred out and in
process.
Units transferred out |
$ |
|
Units in ending work in process |
$ |
Beginning inventory is 0
Add: Units introduced = 37,300
Less: Work in process units = 8,200
Balance is the untis completed and transferred out = 29,100
Please go through the following attachment for remaining solution.