Grand River Company produces a high-quality insulation material that passes thro
ID: 2461371 • Letter: G
Question
Grand River Company produces a high-quality insulation material that passes through two production processes. Data for November for the first process follow:
Units
Completion with Respect to Materials
Completion with Respect to Conversion
WIP Nov 1
80000
50%
25%
WIP Nov 30
60000
45%
20%
Material Cost in WIP
Inventory, June 1
$76,600
Conversion Cost in WIP
Inventory, June 1
$34,900
Units started into production
$300,000
Units transferred to next process
$320,000
Material cost added during June
$410,000
Conversion cost added during June
$234,500
1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for November for the first process.
2. Compute the costs per equivalent unit for November for the first process.
3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in November.
Units
Completion with Respect to Materials
Completion with Respect to Conversion
WIP Nov 1
80000
50%
25%
WIP Nov 30
60000
45%
20%
Explanation / Answer
Statement Showing Equivalant Units-
Unit Unit Begning Units 80000 Unit Completted 320000 Unit Introduced 300000 Ending WIP UNIT 60000 Total unit 380000 Total unit 380000Related Questions
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