uses the weighted-average method in its process costing sysem. The follaviag dat

Question

uses the weighted-average method in its process costing sysem. The follaviag dats ccecem the operations of the company's first processing department for a recent Work in procss, beginning 400 Units in process Costs in the beginning inventory Materials cos Conversion cos 5 756.00 S 4,448.50 Units started into production during the month Units complesed and transfered out 12,000 Costs added to production during the mont: S 29,851.00 $ 362,065.70 Macerials cost Conversion cost Work in procs, ending Units in process Percent complete with respect to materials Percent complete with respect to conversion 50% 30% Required: Using the weighted-average method: a.Detemine the equivalemt unts of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion cosis. Determine the cost of wnits transferred out of the department during the month. d. Detenmine the cost of ending work in peocess inventory in the depertment

Explanation / Answer

UNITS TO ACCOUNT FOR: Beginning Work in Process units 400 Add: Units Started in Process 13,000 Total Units to account for: 13,400 UNITS TO BE ACCOUNTED FOR: Units started and completed 12,000 Ending Work in Process 1,400 Total Units to be accounted for: 13,400 Equivalent Units: Material Cost Conversion % Completion Units % Completion Units Units started and completed 100% 12,000 100% 12,000 Ending Work in Process 50% 700 30% 420 Total Equivalent units 12,700 12,420 TOTAL COST TO ACCOUNT FOR: Material Conversion Beginning work in Process 756 4,449 Cost Added during May 29,851 362,066 Total Cost to account for: 30,607 366,514 Total Cost to account for: 397,121 COST PER EQUIVALENT UNIT: Material Conversion Total cost added during the year 30,607 366,514 Equivalent Units 12,700 12,420 Cost per Equivalent unit 2.41 29.51 TOTAL COST ACCOUNTED FOR: Units started and Transferred out (12000 units) Equivalent unit Cost per EU Total Cost Material 12,000 2.41 28920 Conversion Cost 12,000 29.51 354120 Total Cost of Units completed and transferred out: 383040 Ending Work in process (1400 units) Equivalent unit Cost per EU Total Cost Material 700 2.41 1687 Conversison Cost 420 29.51 12394.2 Total cost of Ending Work in process: 14,081 Rreq a: Equivalent Units Material 12700 Conversion 12420 Req b: Cost perr equiv. unit Material 2.41 Conversion 29.51 Req c: Cost of Units completed and transferred out: $ 383040 Req d: Cost of Ending WIP: $ 14081

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