0 Weygandt, Financial & telp I System Announcements c1 Unnead PRINTER VERSTON NT

Question

0 Weygandt, Financial & telp I System Announcements c1 Unnead PRINTER VERSTON NT RESOURCES Exercise 17-3 (Part Level Submission) The ledger of American Company has the fellowing work in process account Work in Process-Painting S/1 Balance /31 Materials6,40 S/31 Labor 5/31 Overhead 1,680o 3,890 5/3t Transferred out Suhmission) 4,030 S/31 Balance Resuits by Study Production records show that there were 530 units in the beginning investary, 30%compte, 1,650 unts started, and 1,580 units transferred c The toginning work in process had materats cost of S2,840 and conversion costs of $1.050. The unts in ondng meentory were 40% compete. Matena s are entered at the beginning of (a) dYor onewer is correct. How many units are in precess at May 31 Work in process, May 3 pareng process. Attempts: 1 of 3 used

Explanation / Answer

ReqA: Opening Work in process 510 units Add: Units started in process 1650 units Less: Units completed 1580 units Closing Work in Process 580 unts Req B: Using weighted average method Total Equivalent units of Material:       Equivalent units in Completed goods      1580 units (100% complete)       Equivalent units in Closing WIP                   580 units (100% complete as regards material, as material is entered in beginning of process) Total Equivalent units of Material: 2160 units Total cost of Material: Opening cost of material in WIP $2,840 Add: Material added in current month $6,340 Total Cost of Material $9,180 Number of Equivalent units 2160 units Material cost per unit $ 4.25 per equivalent unit

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