edagen Weygandt, Pinancial & Managerial Accounting, 2e Helg I System Announcemen

Question

edagen Weygandt, Pinancial & Managerial Accounting, 2e Helg I System Announcements 17, Homework Problem 17-SA (Part Level Submission) Poul Company manufactures basketballs, Materals are added at the beginning of the production process and conversion costsar uniformly. Production and cost data for the month of July 2017 are as follows. se 17-3cPat Percent Complete 60% Preduction Data-Basketballs Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketbails Units 550 1,400 570 40% Resulte by Study Work in process, July 1 Materials Conversign costs $750 -610 $1,360 2,370 ,510 1,280 Direct materials Direct labor (al) Your answer is correct. Calculate the equivalent units of production for materials and conversion costs Materials Equivalent Units 950 SHOW SOLUTON SHOw

Explanation / Answer

Weighted Average Cost Method Units Reconciliation Units to account for Beginning Inventory                                                  550 Units started during month                                              1,400 Total units to account for                                              1,950 Total units accounted for Units completed and transferred out                                              1,380 (1950-570) Ending Inventory                                                  570 Total units accounted for                                              1,950 Equivalent units of production-Weighted average method (unit*% Material) (unit*% Conversion) Units % Material EUP-Material % Conversion EUP-Conversion Units completed and transferred out                                              1,380 100%                        1,380 100%              1,380 Ending Inventory                                                  570 100%                           570 40% $             228 Equivalent Units of conversion                        1,950              1,608 Cost per Unit Mterial Conversion Cost of beginning work in progress 750 $                   610 Cost incurred during the year 2370 $                2,790 =1510+1280 a Total Cost Cost $                   3,120 Cost $                3,400 b Equivalent Units of production EUP                        1,950 EUP                    1,608 a/b Cost per Unit $                      1.60 $                  2.11 Cost assignment and reconciliation aa bb aa*bb EUP Cost per unit Total Cost Cost transferred out Direct material                                              1,380 $                      1.60 2208 Conversion Cost                                              1,380 $                      2.11 2918 Total transferred out $                   5,126 Cost of ending work in progress Direct material                                                  570 $                      1.60 912 Conversion Cost                                                  228 $                      2.11 482 $                   1,394 Total Cost accounted for $                   6,520

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