Work in process units, July 1 Units started into production Work 580 1,330 500 6

Question

Work in process units, July 1 Units started into production Work 580 1,330 500 60% in process units, July 31 40% Work in process, July 1 $730 Materials Conversion costs 600 $1,330 Direct materials Direct labor 2,658 1,653 1,237 Your answer is incorrect. Try again. Calculate the following. (1) The equivalent units of production for materials and conversion costs. Conversion Cos Equivalent Units (2) The unit costs of production for materials and conversion costs. (Round unit costs to 3 Materials Conversion Costs Cost per unit (3) The assignment of costs to units transferred out and in process at the end of the account Costs accounted for: Transferred out Work in process, July 31 Materials Conversion costs Total costs

Explanation / Answer

1&2) Equivalent units, cost of transferred out & of Closing WIP: Physical units Materials Conversion costs Total Op WIP 580 232 232 Started and completed 830 830 830 Transferred out 1410 Cl WIP 500 200 200 Equivalent units 1262 1262 Costs incurred: 2658 2890 cost per eq unit 2.11 2.29 Cost of Op WIP 730 600 Addition during month 490 531 Total cost of Op WIP 1220 1131 2351 Cost of started & completed 830*2.11=1751.30 830*2.29=1900.70 3652 Total cost of Transferred out units 6003 Cost of Cl. WIP 200*2.11=422 200*2.29=458 880 1) Equivalent units: Material = 1262 & Conversion = 1262 2) Cost of Transferred out = 6003 Cost of Closing WIP = 880

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