LO3 17-26 Weighted-average method, equivalent units and unit costs. Consider the

Question

LO3 17-26 Weighted-average method, equivalent units and unit costs. Consider the following data for the erlidls equvalent uns, assembly division of Fenton Watches Inc.: 532 Direct Conversion Costs Beginning work in process (May 1 Started in May 2015 Physical Units Materials S 493360 80 500 460 120 91,040 Completed during May 2015 Ending work in process (May 31) Costs added during May 2015 "Degree of completion: direct materials, 90%; conversion costs, 40%. , Degree of completion: drect materials, 60%, conversion costs, 30%. $3,220,000 1,392000 The assembly division uses the weighted-average method of process costing Required Compute equivalent units for direct materials and conversion costs. Show physical unitdlin the first column of your schedule. LO 317-27 Weighted-average method, assigning costs (continuation of Exercise 17-26). endng 3610,200Required For the data in Exercise 17-26, summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed (and transferred outl and to units in ending work in process

Explanation / Answer

Production Cost Report - Weighted Average Equivalent Units Physical Units Materials Conversion Costs Quantities Units to be accounted for Work in process (WIP), May 1 80 Started in May 2015 500 Total Units 580 Units accounted for Units completed 460 460 460 Work in process, May 31-60%/30% 120 72 36 Total Units 580 532 496 A Unit Costs WIP, May 1 $         493,360 $                   91,040 Cost during the month          3,220,000                 1,392,000 Total Cost $      5,196,400 $      3,713,360 $             1,483,040 B Cost per Equivalent units $              6,980 $                     2,990 A÷B Cost assignment Units completed QTY Rate Amount Total material 460 x 6980 $             3,210,800 Conversion 460 x 2990 $             1,375,400 $ 4,586,200 Ending WIP material 72 x 6980 $                 502,560 Conversion 36 x 2990 $                 107,640 $     610,200 $ 5,196,400

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