Question

Equivalent Units of Production (EUP)- FIFO Method Units % Materials EUP- Materials % Conversion EUP-Conversion Units to complete beginning work in process 20% 80% Units started and completed 100% 100% Units in ending work in process 85% 35% Equivalent units of production 0 Cost per Equivalent Unit of Production Materials Conversion Total costs Costs Costs ÷ Equivalent units of production EUP 0 EUP 0 Cost per equivalent unit of production (rounded to 2 decimals) 0 0 Total Costs to Account for: Total costs to account for: $0.00 Total costs accounted for * Difference due to rounding cost/unit $0.00 Assignment of Costs to Output of Department Cost of 79,000 units from beginning inventory Beginning inventory EUP Cost per EUP Total cost Materials to complete Conversion to complete Total costs to complete Total cost of 79,000 units in beginning inventory $0.00 Cost of units started and completed this period EUP Cost per EUP Total cost Direct materials $0.00 $0.00 Conversion costs $0.00 0.00 Total cost of 316,000 units started and completed Total cost of 395,000 units transferred out Costs of units in ending inventory EUP Cost per EUP Total cost Direct materials $0.00 $0.00 Conversion costs $0.00 0.00 Total cost of 101,000 units in ending inventory Total costs assigned

During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 79,000 were in process in the production department at the beginning of April and 316,000 were started and completed in April. April's beginning inventory units were 80% complete with respect to materials and 20% complete with respect to conversion. At the end of April, 101,000 additional units were in process in the production department and were 85% complete with respect to materials and 35% complete with respect to conversion.The production department had $1,336,480 of direct materials and $970,047 of conversion costs charged to it during April. Also, its beginning inventory of $270,083 consists of $250,325 of direct materials cost and $19,758 of conversion costs.

Using the FIFO method, prepare the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department’s output. (Round "Cost per EUP" to 2 decimal places.)

Answer 1

PRODUCTION COST REPORT
				UNIITS	% MATERIAL	EUP-MATERIAL	% CONVERSION	EUP-CONVERSION
UNIts to complete beginning WIP				79000	20%	15800	80%	63200
Units started and completed				316000	100%	316000	100%	316000
Uniits in Ending WIP				101000	85%	85850	35%	35350
Equivalent units of production				496000		417650		414550
COST PER EQUIVALENT PRODUCTION						MATERIAL		CONVERSION
Total cost					Cost	1336480	Cost	970047
Divide: Equivalent units of production					EUP	417650	EUP	414550
Cost per Equivalent units						3.2		2.34
TOTAL COST TO ACCOUNTS FOR:
Material ccost of Begnning WIP				250325
Converision of Beginning WIP				19758
Material current cost				1336480
Conversion current cost				970047
TOTAL cost to account for				2576610
Total cost accounted for:				2576610
* Difference due t o rounding off.				0
ASSIGNMENT OF COSTTO OUTPUT
Cost of 79000 from Beginning WIP
Beginning Inventory							270083
				EUP	COST PER EUP	TOTAL COST
Material to complte				15800	3.2	50560
Conversion to complete				63200	2.34	147888
Total cost to complete							198448
Total cost to 79000 units in beginning Inv.							468531
Cost of units started and completetd				EUP	COST PER EUP	TOTAL COST
Material				316000	3.2	1011200
Converrsion				316000	2.34	739440
Total cost of 316000 units							1750640
Total cost of 395000 units transferred out							2219171
Cost of Ending WIP				EUP	COST PER EUP	TOTAL COST
Material				85850	3.2	274720
Conversion				35350	2.34	82719
Total cost of 101000 units of Ending WIP							357439
Total cost assigned							2576610