2 Department completed its processing of 26,700 units and t process inventory an

Question

2 Department completed its processing of 26,700 units and t process inventory and the costs added during January amounted to $699,612 in total. The ending work in process inventory in January consisted of 3,400 units, which were 50% complete with respect to materials and 30% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: them to the next department. The cost of beginning work in 6.66 points Materials LaborOverhead 13.80 4.20 6.90 Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. the cost of ending work in process inventory for materials, labor, overhead, and in total for January. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January. 4 Prepare a cost reconciliation for January. (Note: You will not be able to break the cost to be accounted for into the cost of beginning work in process inventory and costs added during the month.) Complete this question by entering your answers in the tabs below. C Prev2 of 3l Next 9 MacBook Air

Explanation / Answer

Equivalent Units: Material Cost Labour Overheads % Completion Units % Completion Units % Completion Units Units started and completed 100% 26,700 100% 26,700 100% 26,700 Ending Work in Process 50% 1,700 30% 1,020 30% 1,020 Total Equivalent units 28,400 27,720 27,720 Cost of Ending WIP Material (1700*13.80) 23460 Labour (1020*4.20) 4284 Overheads (1020*6.90) 7038 Total Ending Inventory 34782 Material Labour Oh Total Cst of ending WIP 23460 4284 7038 34782 Cost of Goods transferred to FG: Material (26700*13.80) 368460 Labour (26700*4.20) 112140 Oh (26700*6.90) 184230 Total 664830 Material Labour Oh Total Cost of Goods transferred 368460 112140 184230 664830 Reconciliation Statement Total cost to be accounted for 699612 Total cost accounted for: Cost of Goods transferred out 34782 Cost of Ending Wip 664830 Total cost accounted for: 699612

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