The sanding department of Lewis Company has the following production and cost da

Question

The sanding department of Lewis Company has the following production and cost data:
1. Transferred out, 8000 units 2. Ending work in process, 2000 units that are 40% completed 3. Materials added, $30,000; conversion costs incurred, $17,600 *Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process.
A.) compute the equivalent units of production for materials and conversion costs for the month.
B.) compute unit costs and prepare a cost reconciliation schedule. The sanding department of Lewis Company has the following production and cost data:
1. Transferred out, 8000 units 2. Ending work in process, 2000 units that are 40% completed 3. Materials added, $30,000; conversion costs incurred, $17,600 *Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process.
A.) compute the equivalent units of production for materials and conversion costs for the month.
B.) compute unit costs and prepare a cost reconciliation schedule.
1. Transferred out, 8000 units 2. Ending work in process, 2000 units that are 40% completed 3. Materials added, $30,000; conversion costs incurred, $17,600 *Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process.
A.) compute the equivalent units of production for materials and conversion costs for the month.
B.) compute unit costs and prepare a cost reconciliation schedule.

Explanation / Answer

A.) compute the equivalent units of production for materials and conversion costs for the month.

B.) compute unit costs and prepare a cost reconciliation schedule.

Prepare a cost reconciliation schedule :

Physical unit % material % conversion cost Unit transferred out 8000 100% 8000 100% 8000 Ending work in process 2000 100% 2000 40% 800 Equivalent unit of production 10000 8800

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