Percent Complete Conversion Units Materials 72,000 52,000 100 % Work in process

Question

Percent Complete Conversion Units Materials 72,000 52,000 100 % Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, Hay 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 50 % 30 % 100 % $ 57,300 $ 16,700 250,800 270,800 $ 120,240 $ 241,060 Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May 2. Compute the first production department's cost per equivalent unit for materials and conversion for May 3. Compute the first production department's cost of ending work in process inventory for materials conversion, and in total for May. 4. Compute the first production department's cost of the units transferred to the next production department for materials, conversion, and in total for May.

Explanation / Answer

UNITS TO ACCOUNT FOR: Beginning Work in Process units 72,000 Add: Units Started in Process 250,800 Total Units to account for: 322,800 UNITS TO BE ACCOUNTED FOR: Units started and completed 270,800 Ending Work in Process 52,000 Total Units to be accounted for: 322,800 Equivalent Units: Material Cost Conversion % Completion Units % Completion Units Units started and completed 100% 270,800 100% 270,800 Ending Work in Process 100% 52,000 30% 15,600 Total Equivalent units 322,800 286,400 TOTAL COST TO ACCOUNT FOR: Material Conversion Beginning work in Process 57,300 16,700 Cost Added during May 120,240 241,060 Total Cost to account for: 177,540 257,760 Total Cost to account for: 435,300 COST PER EQUIVALENT UNIT: Material Conversion Total cost added during the year 177,540 257,760 Equivalent Units 322,800 286,400 Cost per Equivalent unit 0.55 0.9 TOTAL COST ACCOUNTED FOR: Units started and Transferred out (270800 units) Equivalent unit Cost per EU Total Cost Material 270,800 0.55 148940 Conversion Cost 270,800 0.9 243720 Total Cost of Units completed and transferred out: 392660 Ending Work in process (20,000 units) Equivalent unit Cost per EU Total Cost Material 52,000 0.55 28600 Conversison Cost 15,600 0.9 14040 Total cost of Ending Work in process: 42,640 Req 1. Material Conversion Equivalent units 322800 286400 Req 2. Material conversion Cost per equivalent unit 0.55 0.9 Req 3. Ending Work in process (20,000 units) Equivalent unit Cost per EU Total Cost Material 52,000 0.55 28600 Conversison Cost 15,600 0.9 14040 Total cost of Ending Work in process: 42,640 Req 4. Units started and Transferred out (270800 units) Equivalent unit Cost per EU Total Cost Material 270,800 0.55 148940 Conversion Cost 270,800 0.9 243720 Total Cost of Units completed and transferred out: 392660

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