cure https/ heducation htm?returnUrl-https%3A%a%a er 16 two manufacturing depart

Question

cure https/ heducation htm?returnUrl-https%3A%a%a er 16 two manufacturing departments, forming and painting The company uses the weighted average method of process costing. At the beginning of the month S56.200 of direct materials costs and $22,900 of conversion costs During the month, the forming department started 490.000 unts. At the end of the month, the forming department had the forming department has 34 500 units in inventory, 80% complete as to conversion costs. The beginning inventory cost of $79100 consisted of 30 000 units in ending inventory, 85% complete as to materials and 35% complete as to conversion Unis completed in the forming department are transferred to the painting department Cost information for the forming department is as follows Beginning work in process Leventory Direct materials added during the sonth Conversion added during the month 79,3ee 1,808, 20 . 179, 00 e Calculate the equivalent units of production for the forming department 2. Calculate the costs per equivalent unit of production for the forming department Direct per EIP of 9 N

Explanation / Answer

Beginning work in process 34,500 Completed & Transferred 494,500 started during the year 490,000 Ending work in process 30,000 units to be accounted 524,500 units accounted for 524,500 1) Equivalent units units % mater materials % CC conversion completed & Transferred 494,500 100% 494,500 100% 494,500 Ending work in process 30,000 85% 25500 35% 10500 Equivalent units 524,500 520,000 505,000 Direct materials 520,000 Conversion 505,000 2) cost per Equivalent units of production Materials CC Total Beginning work in process 56,200 22,900 79,100 cost added during the year 1,800,200 1,179,000 2,979,200 total cost 1,856,400 1,201,900 3,058,300 Equivalent units 520,000 505,000 cost per unit 3.57 2.38 7 Direct materials 3.57 per EUP Conversion 2.38 per EUP 3) Cost Assignment and Reconciliation Cost of units transferred out EUP cost per EUP Total cost Direct Materials 494,500 3.57 1765365 Conversion 494,500 2.38 1176910 total costs transferred out          2,942,275 costs of ending work in process Direct Materials 25500 3.57 91035 Conversion 10500 2.38 24990 total cost of ending work in process              116,025 total costs assigned          3,058,300

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