need help Production and cost data for the month of February for Process A of th
ID: 2371514 • Letter: N
Question
need help
Production and cost data for the month of February for Process A of the Packer manufacturing Company follow The company uses the weighted-average cost method in its process costing system. Required: Calculate the equivalent units and cost per equivalent unit for February for materials and for conversion costs. (Round your answers to three decimal places.) Equivalent units of production Cost per equivalent unit Determine the cost transferred to finished goods. (Round your intermediate calculations to 3 decimal places and final answers to the nearest dollar amount.) Cost of units completed and transferred out Determine the amount of cost that should be assigned to the ending work in process. (Round your intermediate calculations to 3 decimal places and final answers to the nearest dollar amount.) Cost of ending work in process inventoryExplanation / Answer
a. Equivalent units:
Materials:
Completed
7,000
Work in process, Feb. 28
3,000
Equivalent units
10,000
Conversion:
Completed
7,000
Work in process, Feb. 28 (3,000 × 1/3)
1,000
Equivalent units
8,000
Material
Conversion
Unit costs:
Cost from work in process, Feb. 1
$ 600
$ 100
Cost recorded in February
2,560
1,500
Total cost
$ 3,160
$1,600
Equivalent units
10,000
8,000
Unit cost
$ 0.316
$ 0.20
b. and c.
Units completed and transferred—7,000 × $.516
$3,612
Work in process inventory, February 28:
Material cost: 3,000 units × 100% × $0.316 =
948
Conversion cost: 3,000 units × 1/3 × $0.20 =
200
Total cost accounted for
$4,760
a. Equivalent units:
Materials:
Completed
7,000
Work in process, Feb. 28
3,000
Equivalent units
10,000
Conversion:
Completed
7,000
Work in process, Feb. 28 (3,000 × 1/3)
1,000
Equivalent units
8,000
Material
Conversion
Unit costs:
Cost from work in process, Feb. 1
$ 600
$ 100
Cost recorded in February
2,560
1,500
Total cost
$ 3,160
$1,600
Equivalent units
10,000
8,000
Unit cost
$ 0.316
$ 0.20
b. and c.
Units completed and transferred—7,000 × $.516
$3,612
Work in process inventory, February 28:
Material cost: 3,000 units × 100% × $0.316 =
948
Conversion cost: 3,000 units × 1/3 × $0.20 =
200
Total cost accounted for
$4,760
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