Cuses the weighted- average method in t process costing system. The following da

Question

Cuses the weighted- average method in t process costing system. The following data are available for one department for October Percent Completed Work in process, October 1 Work in process, October 31 Units Materials Conversion 30,000 15,000 65 80B 30 40 1 eBook Hint Print ferences Required The department started 175,000 units into production during the month and transferred 190,000 completed units to the next Compute the equivalent units of production for October Materials Convers Equivalent units of production

Explanation / Answer

1 Equivalent units of production: Materials 202000 =190000+(15000*80%) Conversion 196000 =190000+(15000*40%) 2 Materials Labor Overhead Total Work in Process, May 1 18000 5500 27500 Cost added during May 238900 80300 401500 Total costs 256900 85800 429000 Equivalent units of production 35000 33000 33000 Cost per Equivalent unit 7.34 2.6 13 22.94 3 1 Cost of ending work in process: Materials 27720 =2000*13.86 Conversion 3544 =800*4.43 Total 31264 2 Cost of units transferred out: Materials 278586 =20100*13.86 Conversion 89043 =20100*4.43 Total 367629 4 Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory 3570 Costs added to production during the period 43120 Total cost to be accounted for 46690 Costs accounted for as follows: Cost of ending work in process inventory 2860 Cost of units completed and transferred out 43830 Total cost accounted for 46690

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