In: Accounting
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.
units
b. Determine the equivalent units of production for direct materials and conversion costs in May. If an amount is zero, enter in "0".
|
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 | ||||||