Question
In: Accounting
ASSUME CONVERSION COSTS INFORMATION IS AS FOLLOWS: BEGINNING COST = $87,500, CURRENT COST = $233,980. WHAT...
ASSUME CONVERSION COSTS INFORMATION IS AS FOLLOWS: BEGINNING COST = $87,500, CURRENT COST = $233,980. WHAT ARE TOTAL CONVERSION COSTS ALLOCATED TO UNITS TRANSFERRED OUT?
$CC ALLOCATED TO UNITS TRANSFERRED OUT___________
---------------------------------------------------------------------------------------------------------------------------
SMITH HAS THE FOLLOWING PROCESS COSTING DATA FOR WIP DEPT # 2:
BEGINNING UNITS 30,000
UNITS STARTED 63,000
ENDING UNITS 17,000
CONVERSION COSTS ARE 45 PERCENT COMPLETE WITH REGARDS TO ENDING WIP.
Solutions
Expert Solution
| Input/Output Reconciliation(Summery of Quantity schedule) | |||
| Units be accounted for | Units | ||
| Units in beginning WIP Inventory | 30,000 | ||
| Units started/transferred in during the period | 63,000 | ||
| Total units be accounted for | 93,000 | ||
| Units transferred out | 76,000 | ||
| Units in ending WIP Inventory | 17,000 | ||
| Total units accounted for | 93,000 | ||
| i) Equivalent units calculations- Weighted Avg Method | |||
| Conversion Cost | |||
| Transferred out (A) | 76,000.00 | ||
| Units of ending WIP (B) | 17,000.00 | ||
| Percentage of completion of ending WIP (C) | 45% | ||
| Equivalent units in ending WIP (D=B×C) | 7,650.00 | ||
| Total equivalent units (A+D) | 83,650.00 | ||
| ii) Calculation of Cost per Equivalent Unit | |||
| Conversion Cost | Total | ||
| Cost in beginning WIP Inventory (A) | $ 87,500.00 | $ 87,500.00 | |
| Cost added during the period (B) | $ 2,33,980.00 | $ 2,33,980.00 | |
| Cost be accounted for(C=A+B) | $ 3,21,480.00 | $ 3,21,480.00 | |
| Total Equivalent unit be accounted for (D) | 83,650.00 | ||
| Cost per Equivalent Unit (E=C/D) | $ 3.84 | $ 3.84 | |
| Assignment of Cost the Units transferred out & Units in ending WIP | |||
| Conversion Cost | Total | ||
| Cost assigned the units transferred out (D)= {Cost per Equivalent unit* Equivalent unit} | $ 2,92,080 | $ 2,92,080 | |
| Cost assigned the ending WIP Inventory (E)= {Cost per Equivalent unit* Equivalent unit} | $ 29,400 | $ 29,400 | |
| Total Cost accounted for | $ 3,21,480.00 | ||
|
$CC ALLOCATED TO UNITS TRANSFERRED OUT=$292,080 |
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