TIMER Start Time: 01:16 PM / Remaining: 28 min. Question1 The Blending Departmen

Question

TIMER Start Time: 01:16 PM / Remaining: 28 min. Question1 The Blending Department of Luongo Company has the following cost and production data for the month of April. Costs: Work in process, April 1 $125,000 87,500 $212,500 Direct materials: 100% complete Conversion costs: 20% complete Cost of work in process, April 1 Costs incurred during production in April $1,000,000 456,250 $1,456,250 Direct materials Conversion costs Costs incurred in April Units transferred out totaled 21,250. Ending work in process was 1,250 units that are 100% complete as to materials and 40% completeas converso, costs ? (a) Compute the equivalent units of production for (1) materials and (2) conversion costs for the month of Apr Materials Conversion Costs The equivalent units of production

Explanation / Answer

Statement of Equivalent production Particulars Direct Materials %completion Equivalent mat Conversion %completion Equivalent Conv Opening WIP and Units started and completed              21,250.00 100%                 21,250.00              21,250.00 100%                 21,250.00 ending WIP                1,250.00 100%                    1,250.00                1,250.00 40%                       500.00 Equivalent Units of production                 22,500.00                 21,750.00 Note - Assumed Weighted Average method in absence of any information

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