Question
In: Accounting
On March 1, 2019, Annapolis Company has a beginning Work in Process inventory of zero. All...
On March 1, 2019, Annapolis Company has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. During the month 24,000 units were started. At the end of the month all started units were 55% complete with respect to conversion. Direct Materials placed into production had a total cost of $390,000 and the total conversion cost for the month was $498,000. Annapolis uses the weighted-average process costing method. Use this information to determine the cost per equivalent unit of conversion for the month of March. (Round answer to the nearest cent.)
Solutions
Expert Solution
Correct answer--------------$37.73
Working
| Statement of Equivalent Units(Weighted average) | |||||||
| Conversion | |||||||
| Units | Complete % | Equivalent units | |||||
| Transferred out | - | 100% | - | ||||
| Ending WIP | 24,000 | 55% | 13,200 | ||||
| Total | 24,000 | Total | 13,200 |
.
| Cost per Equivalent Units (Weighted average) | ||||
| COST | Conversion | |||
| Beginning WIP Inventory Cost (A) | $ 0 | |||
| Cost incurred during period (B) | $ 498,000 | |||
| Total Cost to be accounted for (C=A+B) | $ 498,000 | |||
| Total Equivalent Units(D) | 13,200 | |||
| Cost per Equivalent Units (E=C/D) | $ 37.73 |
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