Calculator Equivalent Units of Production: Average Cost Method Units of producti

Question

Calculator Equivalent Units of Production: Average Cost Method Units of production data for the two departments of Atlantic Cable and wire Company for July of the ourrent fiscal year are as follows: Work in process, July 1 900 units, 65% 300 units, 20% completed 14,400 units 700 units, 55% completed 14,050 units 500 units, 30% Completed and transferred to next processing department during July Work in process, July 31 Each department uses the average cost method. a. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Drawing Department Whole units Equivalent units of production b. Determine the number of whole units to be accounted for and to be assigned costs and the equivalent units of production for the Winding Department. Whole units completed units units units Equivalent units of production units

Explanation / Answer

Solution:

a) Determining the Number of Whole Units to be Accounted for and to be Assigned Costs and the Equivalent units of Production for the Drawing Department:

b) Determining the Number of Whole Units to be Accounted for and to be Assigned Costs and the Equivalent units of Production for the Winding Department:

Whole Units Equivalent Units of Production Units to be Accounted for: Beginning Work in Process 900 Units Started During Period (14,400 - 900 + 700) 14,200 Total 15,100 Units to be Assigned Costs: Transferred to Winding Department in July 14,400 14,400 Inventory in Process, July 31 (55% Completed) 700 385 Total 15,100 14,785

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