Question

In: Accounting

WILL VENMO FOR ANSWER BY 12AM EST! the following information concerns production in the baking department...

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.

Solutions

Expert Solution

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

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