Edit View History Bookmarks People Window Help ught Not ft. The Assignments: ACT

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Edit View History Bookmarks People Window Help ught Not ft. The Assignments: ACTG-131 xConnect xCourse Home xM McGraw-Hill Connect nect html Easy Inc. uses the FIF processing department for a recent month O method in its process costing system. The following data concern the operations of the company's first Work in process, beginning Units in process Percent eomplete with respect to materials Percent complete with respect to conversion 1,350 Costa in the beginning inventory Uaitn started into prodaotion during the month Conta added to production during the months Work in process, ending Materiala oos Coaversion cost t 1.902 1.494 24,500 24,600 leted and transferred out 71,771 543,398 Conversion ooa Onita in process Percent complete vith respect to materials Percent complete with respect to conversion 1,250 Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory d. Determine the cost of units transferred out of the department during the month. Complete this question by entering your answers in the tabs below. Rea A and 8 Rea C and D Ma Boo

Explanation / Answer

UNITS TO ACCOUNT FOR: Beginning Work in Process units 1,350 Add: Units Started in Process 24,500 Total Units to account for: 25,850 UNITS TO BE ACCOUNTED FOR: Units completed from Beginning WIP 1350 Units started and completed 23,250 Ending Work in Process 1,250 Total Units to be accounted for: 25,850 Equivalent Units: Material Cost Conversion % Completion Units % Completion Units Units completed from Beg. WIP 10% 135 90% 1,215 Units started and completed 100% 23,250 100% 23,250 Ending Work in Process 70% 875 70% 875 Total Equivalent units 24,260 25,340 COST PER EQUIVALENT UNIT: Material Conversion Total cost added during the year 71,771 543,398 Equivalent Units 24,260 25,340 Cost per Equivalent unit 2.96 21.44 TOTAL COST ACCOUNTED FOR: Units Completed from Beginning WIP (1350 units) Equivalent unit Cost per EU Total Cost Beginning Cost 3396 Material 135 2.96 399.6 Conversion Cost 1,215 21.44 26049.6 Cost of units completed from Beg WIP 29845 Units started and Transferred out (23250 units) Equivalent unit Cost per EU Total Cost Material 23,250 2.96 68820 Conversion Cost 23,250 21.44 498480 Total Cost of Units completed and transferred out: 567300 Ending Work in process (1250 units) Equivalent unit Cost per EU Total Cost Material 875 2.96 2590 Conversison Cost 875 21.44 18760 Total cost of Ending Work in process: 21,350 Material Conversion Req a. Equivalent units of Production 24260 25340 Req B. Cost per equivalent unit 2.96 21.44 Amount $ Req c. Ending WIP $21,350 Req D. Cost of units transferred out $597,145 ($29845+567300)

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