Question

In: Accounting

The following information concerns production in the Baking Department for May. All direct materials are placed...

The following information concerns production in the Baking Department for May. All direct materials are placed in process at the beginning of production.

ACCOUNT Work in Process—Baking Department ACCOUNT NO.
Date Item Debit Credit Balance
Debit Credit
May. 1 Bal., 5,700 units, 4/5 completed 4,104
31 Direct materials, 102,600 units 184,680 188,784
31 Direct labor 52,250 241,034
31 Factory overhead 29,398 270,432
31 Goods finished, 104,100 units 260,856 9,576
31 Bal. ? units, 3/5 completed 9,576

a. Determine the number of units in work in process inventory at the end of the month.
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b. Determine the equivalent units of production for direct materials and conversion costs in May. If an amount is zero, enter in "0".

Baking Department

Equivalent Units of Production for Direct Materials and Conversion Costs

For May

Whole Units

Equivalent Units Direct Materials

Equivalent Units Conversion

Inventory in process, May 1

  

  

  

Started and completed in May

  

  

  

Transferred to finished goods in May

  

  

  

Inventory in process, May 31

  

  

  

Total

  

  

  

Solutions

Expert Solution

a) No of units in WIP = 5700 + 102600 - 104100                4,200.00
b)
Statement of Equivalent production
Particulars Direct Materials %completion Equivalent mat Conversion %completion Equivalent Conv
Opening WIP                5,700.00 0%                                 -                  5,700.00 20%                    1,140.00
Units started and completed   (104,100 - 5,700)              98,400.00 100%                 98,400.00              98,400.00 100%                 98,400.00
ending WIP = 102,600 - 98,400                4,200.00 100%                    4,200.00                4,200.00 60%                    2,520.00
Equivalent Units of production               102,600.00               102,060.00
Note - Assumed FIFO method

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