WAPRC Process Costing: Weighted Average Data Section Quantities Beginning invent
ID: 2360243 • Letter: W
Question
WAPRC Process Costing: Weighted Average Data Section Quantities Beginning inventory in units 10,000 Units started during month 100,000 Transferred to finished goods 95,000 Ending inventory in units 15,000 Ending inventory % completed 60% Beginning inventory costs Materials cost $1,500 Direct labor cost $1,800 Factory overhead $5,400 Current month costs Materials cost $154,500 Direct labor cost $22,700 Factory overhead $68,100 Zylo Industries Cost of Production Report August, 20XX Costs to Account For Materials Labor Overhead Total Beginning inventory $1,500 $1,800 $5,400 $8,700 Current month costs 154,500 22,700 68,100 $245,300 Total $156,000 $24,500 $73,500 $254,000 Units to Account For Units Beginning inventory 10,000 Started during period 100,000 Total units to account for 110,000 Units Accounted For Units Units completed 95,000 Ending inventory 15,000 Total units accounted for 110,000 Total Equiv. Unit Equivalent Unit Cost Computation Cost Units Cost Materials Conversion Total $2.36 Costs Accounted For Transferred to finished goods Ending work in process Materials Conversion Total costs accounted forExplanation / Answer
Quantity Schedule and Equivalent Units
Quantity
Schedule
Units to be accounted for:
Work in process, May 1 (materials 100%
complete; labour and overhead 80%
complete) ....................................................... 10,000
Started into production....................................... 100,000
Total units to be accounted for.............................. 110,000
Equivalent Units (EU)
Materials Labour Overhead
Units accounted for as follows:
Transferred out.................................................. 95,000 95,000 95,000 95,000
Work in process, May 31 (materials 60%
complete; labour and overhead 20%
complete) ....................................................... 15,000 9,000 3,000 3,000
Total units accounted for....................................... 110,000 104,000 98,000 98,000
Cost per Equivalent Unit
Total
Cost Materials Labour Overhead
Whole
Unit
Cost to be accounted for:
Work in process, May 1 ............... $ 8,700 $ 1,500 $ 1,800 $ 5,400
Cost added during the month....... 245,300 154,500 22,700 68,100
Total cost to be accounted for (a)... $254,000 $156,000 $24,500 $73,500
Equivalent units (b) ....................... 104,000 98,000 98,000
Cost per equivalent unit (a) ÷ (b)... $1.50 + $0.25 + $0.75 = $2.50
Cost Reconciliation
Total Equivalent Units (EU)
Cost Materials Labour Overhead
Cost accounted for as follows:
Transferred out: 95,000 units x
$2.50 per unit ........................... $237,500 95,000 95,000 95,000
Work in process, May 31:
Materials, at $1.50 per EU.......... 13,500 9,000
Labour, at $0.25 per EU............. 750 3,000
Overhead, at $0.75 per EU......... 2,250 3,000
Total work in process ................... 16,500
Total cost accounted for.................. $254,000
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