Waterways Continuing Problem 17 (Part Level Submission) Equivalent Units Physica

Question

Waterways Continuing Problem 17 (Part Level Submission)

Equivalent Units

Physical
Units

Materials

Conversion
Costs

Materials

Conversion
Costs

Total

Open Show Work

Because most of the parts for its irrigation systems are standard, Waterways handles the majority of its manufacturing as a process cost system. There are multiple process departments. Three of these departments are the Molding, Cutting, and Welding departments. All items eventually end up in the Package department which prepares items for sale in kits or individually.

The following information is available for the Molding department for January.
Work in process beginning:      Units in process 22,000      Stage of completion for materials 80%      Stage of completion for labor and overhead 30% Costs in work in process inventory:      Materials $168,360      Labor 67,564      Overhead 17,270 Total costs in beginning work in process $253,194 Units started into production in January 60,000 Units completed and transferred in January 58,000 Costs added to production:      Materials $264,940      Labor 289,468      Overhead 60,578 Total costs added into production in January $614,986 Work in process ending:      Units in process 24,000      Stage of completion for materials 50%      Stage of completion for labor and overhead 10%

Explanation / Answer

WATERWAYS CORPORATION Molding Department Production Report For the month of January, 2013 Equivalent Units Physical Units Materials Conversion Costs Quantities Units to be accounted for Work in process, Jan 1           22,000 Started into production           60,000 Total Units           82,000 Units accounted for Transferred out           58,000           58,000                  58,000 Work in process, Jan 31           24,000           12,000                   2,400 Total units           82,000           70,000                  60,400 (Figure in $) Costs Materials Conversion Costs Total Unit costs Cost in January        4,33,300               4,34,880 8,68,180 Equivalents units           70,000                  60,400 Unit costs               6.19                     7.20       13.39 Cost to be accounted for Work in process, Jan 1 2,53,194 Started into production 6,14,986 Total costs 8,68,180 Cost Reconciliation Schedule Cost accounted for Transferred out 7,76,620 (58,000 x $13.39) Work in process, Jan. 31 Materials     74,280 (12,000 x $6.19) Conversion Costs     17,280 (2,400 x $7.2) Total costs 8,68,180

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