Question
In: Accounting
Equivalent Units, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process The blending...
Equivalent Units, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process The blending department had the following data for the month of March: Units in BWIP — Units completed 21,600 Units in EWIP (20% complete) 2,250 Total manufacturing costs $101,430 Required: 1. What is the output in equivalent units for March? equivalent units 2. What is the unit manufacturing cost for March? Note: Round your answer to the nearest cent. $ per unit 3. Compute the cost of goods transferred out for March. $ 4. Calculate the value of March's EWIP. $
Solutions
Expert Solution
Answer for 1
What is the Output in equivalent units for March ?
Begining Work in Progress - Nil
Completed Units - 21,600 units
Ending Work in Process - 450 units ( Equivalent Units )
( 20 % of 2,250 units - As only 20% completed )
------------------
Total Equivalent Units 22,050 units
------------------
Answer for 2
What is the unit Manufacturing cost for March ?
Total Manufacturing cost - $ 101,430
Total Equivalent Units - 22,050 units
Unit Manufacting cost
= Total Manufacturing cost / Total Equivalent Units
= $ 101,430 / 22,050 units
= $ 4.60
Answer for 3
Compute the cost of goods transferred out for March ?
Unit Manufacturing Cost - $ 4.60
Completed units - 21,600 units
Cost of goods transferred
= Completed units x Unit Manufacturing Cost
= 21,600 x $ 4.60
= $ 99,360
Answer for 4
Calculate the value of March's Ending Work in Process ?
Unit Manufacturing Cost - $ 4.60
Ending Work in Process - 450 units ( Equivalent Units )
( 20 % of 2,250 units - As only 20% completed )
Value of March's Ending Work in Process
= Ending Work in Process in Equivalent units x Unit Manufacturing Cost
= 450 units x $ 4.60
= $ 2,070
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