Question
In: Accounting
A golf ball manufacturer gives us its data for the? year: WIP? Inventory, January 1 0...
A golf ball manufacturer gives us its data for the? year:
|
WIP? Inventory, January 1 |
0 units |
|
Units started |
?9,100 units |
|
Units completed and transferred out |
?6,400 units |
|
WIP? Inventory, December 31 |
?2,700 units |
|
Direct materials |
?$15,578 |
|
Direct labor |
?$6,700 |
|
Manufacturing Overhead |
?$5,011 |
Units in ending WIP Inventory were? 90% complete for materials and? 60% complete for conversion costs.
On December? 31, the total costs of units completed and transferred would be closest to? (Round intermediate calculations to the nearest cent and the final answer to the nearest? dollar.)
A.
?$6,450
B.
?$20,608
C.
?$6,653.
D.
?$29,342
Solutions
Expert Solution
B.
?$20,608
Working:
| a. | Calculation of Equivalent units | |||||||||||
| Equivalent units for: | ||||||||||||
| Material | = | 6400+(2700*90%) | = | 8,830 | ||||||||
| Conversion | = | 6400+(2700*60%) | = | 8,020 | ||||||||
| b. | Calculation of cost per equivalent unit | |||||||||||
| Materials | Conversions | |||||||||||
| Costs incurred during the period | $ 15,578 | $ 11,711 | ||||||||||
| ÷ Equivalent units | 8,830 | 8,020 | ||||||||||
| Cost per equivalent unit | $ 1.76 | $ 1.46 | ||||||||||
| c. | Cost of units completed and transferred out: | |||||||||||
| Equivalent units | Cost Per Equivalent unit | Total Costs | ||||||||||
| Materials | 6,400 | $ 1.76 | $ 11,264 | |||||||||
| Coversions | 6,400 | $ 1.46 | $ 9,344 | |||||||||
| Total costs of units completed and transferred out | $ 20,608 | |||||||||||
ekkarill92 answered 1 year agoRelated Solutions
A golf ball manufacturer gives us its data for the year: WIP Inventory, January 1 0...
A golf ball manufacturer gives us its data for the year:
WIP Inventory, January 1
0 units
Units started
9,400 units
Units completed and transferred out
6,300 units
WIP Inventory, December 31
3,100 units
Direct materials
$15,178
Direct labor
$6,600
Manufacturing Overhead
$5,411
Units in ending WIP Inventory were 90% complete for materials
and 60% complete for conversion costs.
On December 31, the total cost of the units in ending WIP would
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The following information is provided by Panther Company: WIP Inventory, January 1 0 units Units started...
The following information is provided by Panther Company:
WIP Inventory, January 1
0 units
Units started
22,000 units
Units completed and transferred out
9,000 units
WIP Inventory, December 31
13,000 units
Direct materials
$24,800
Direct labor
$13,300
Manufacturing Overhead
$11,300
The units were 80% complete for materials and 30% complete for
conversion costs.
How much are the total costs to be accounted for during the
year?
A.
$24,600
B.
$24,800
C.
$38,100
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