Change the percentage completion with respect to conversion for the beginning in
ID: 2533078 • Letter: C
Question
Change the percentage completion with respect to conversion for the beginning inventory from 60% to 85%, but keep everything the same as in Requirement 2, The data area of your worksheet should now look like this 4 Beginning work in process inventory 5 Units in process 6 Completion with respect to materials 7 Completion with respect to conversion 8 Costs in the beginning work in process inventory: 700 25 % 85 % Materials cost S6,117 $37,494 18,700 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period 13 Materials cost 14 Conversion cost 15 Ending work in process inventory: 16 Units in process 17 Completion with respect to materials 18 Completion with respect to conversion 19 $646,623 $1,651,074 800 40 % 90 % If your formulas are correct, you should get the correct answers to the following questions. (a) What is the equivalent units of production for materials? Answer is complete but not entirely correct. Equivalent units of production for materials 525 (b) What is the equivalent units of production for conversion? Answer is complete but not entirely correct Equivalent units of production for conversionS 105Explanation / Answer
Answers
Reconciliation of Units
Opening WIP
700
Introduced
18700
TOTAL
19400
Transferred
18600
Closing WIP
800
Statement of Equivalent Units
Material
Conversion Cost
Units
Complete %
Equivalent units
Complete %
Equivalent units
Transferred
18600
100%
18600
100%
18600
Closing WIP
800
40%
320
90%
720
Total
19400 Units
Total
18920
Total
19320
Cost per Equivalent Units
COST
Material cost
Conversion cost
TOTAL
Opening + Current cost
$ 6,52,740.00
$ 16,88,568.00
$ 23,41,308.00
Total Equivalent Units
18920
19320
Cost per Equivalent Units
$ 34.50
$ 87.40
#DIV/0!
Statement of cost
Cost
Cost/unit
Closing WIP
Transferred
Units
Cost Allocated
Units
Cost Allocated
TOTAL
Material
$ 34.50
320
$ 11,040.00
18600
$ 6,41,700.00
$ 6,52,740.00
Conversion cost
$ 87.40
720
$ 62,928.00
18600
$ 16,25,640.00
$ 16,88,568.00
Total
$ 121.90
TOTAL
$ 73,968.00
TOTAL
$ 22,67,340.00
$ 23,41,308.00
Reconciliation of Units
Opening WIP
700
Introduced
18700
TOTAL
19400
Transferred
18600
Closing WIP
800
Statement of Equivalent Units
Material
Conversion Cost
Units
Complete %
Equivalent units
Complete %
Equivalent units
Transferred
18600
100%
18600
100%
18600
Closing WIP
800
40%
320
90%
720
Total
19400 Units
Total
18920
Total
19320
Cost per Equivalent Units
COST
Material cost
Conversion cost
TOTAL
Opening + Current cost
$ 6,52,740.00
$ 16,88,568.00
$ 23,41,308.00
Total Equivalent Units
18920
19320
Cost per Equivalent Units
$ 34.50
$ 87.40
#DIV/0!
Statement of cost
Cost
Cost/unit
Closing WIP
Transferred
Units
Cost Allocated
Units
Cost Allocated
TOTAL
Material
$ 34.50
320
$ 11,040.00
18600
$ 6,41,700.00
$ 6,52,740.00
Conversion cost
$ 87.40
720
$ 62,928.00
18600
$ 16,25,640.00
$ 16,88,568.00
Total
$ 121.90
TOTAL
$ 73,968.00
TOTAL
$ 22,67,340.00
$ 23,41,308.00
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