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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

ekkarill92 answered 1 year ago
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