In: Accounting
WILL VENMO FOR ANSWER BY 12AM EST!
the following information concerns production in the baking department for march. all direct materials are placed in process at the beginning of production.
ACCOUNT Work in Process-Baking Dept. ACCOUNT NO.
date | item | debit | credit | balance debit | balance credit |
---|---|---|---|---|---|
mar 1 | bal. 18000 units 1/4 complete | 14760 | |||
mar 31 | direct materials, 336000 units | 252000 | 266760 | ||
mar 31 | direct labor | 40000 | 306760 | ||
mar 31 | factory overhead | 60350 | 367290 | ||
mar 31 | goods finished 330000 units | 346410 | 20880 | ||
mar 31 | bal. _?_ units 2/5 complete | 20880 |
A. determine the number of units in work in process inventory at march 31.
B. determine the equivalent units of production for direct materials and conversion costs in March.
Weighted Average | |||||||
UNITS TO ACCOUNT FOR: | |||||||
Beginning Work in Process units | 18,000 | ||||||
Add: Units Started in Process | 336,000 | ||||||
Total Units to account for: | 354,000 | ||||||
UNITS TO BE ACCOUNTED FOR: | |||||||
Units started and completed | 330,000 | ||||||
Ending Work in Process | 24,000 | ||||||
Total Units to be accounted for: | 354,000 | ||||||
Equivalent Units: | |||||||
Material Cost | Conversion | ||||||
% Completion | Units | % Completion | Units | ||||
Units started and completed | 100% | 330,000 | 100% | 330,000 | |||
Ending Work in Process | 100% | 24,000 | 40% | 9,600 | |||
Total Equivalent units | 354,000 | 339,600 | |||||
FIFO | |||||||
UNITS TO ACCOUNT FOR: | |||||||
Beginning Work in Process units | 18,000 | ||||||
Add: Units Started in Process | 336,000 | ||||||
Total Units to account for: | 354,000 | ||||||
UNITS TO BE ACCOUNTED FOR: | |||||||
Units completed from Beginning WIP | 18000 | ||||||
Units started and completed | 312,000 | ||||||
Ending Work in Process | 24,000 | ||||||
Total Units to be accounted for: | 354,000 | ||||||
Equivalent Units: | |||||||
Material Cost | Conversion | ||||||
% Completion | Units | % Completion | Units | ||||
Units completed from Beg. WIP | 0% | 0 | 75% | 13,500 | |||
Units started and completed | 100% | 312,000 | 100% | 312,000 | |||
Ending Work in Process | 100% | 24,000 | 40% | 9,600 | |||
Total Equivalent units | 336,000 | 335,100 | |||||