The ledger of Hasgrove Company has the following work in process account. Work i
ID: 2420544 • Letter: T
Question
The ledger of Hasgrove Company has the following work in process account.
Work in Process—Painting
Production records show that there were 850 units in the beginning inventory, 30% complete, 1,200 units started, and 1,520 units transferred out. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process. Hasgrove uses the FIFO method to compute equivalent units.
(a) How many units are in process at March 31?
(b) What is the unit materials cost for March?
(c) What is the unit conversion cost for March?
(d) What is the total cost of units started in February and completed in March?
(e) What is the total cost of units started and finished in March?
(f) What is the cost of the March 31 inventory?
Work in Process—Painting
3/1 Balance 3,400 3/31 Transferred out ? 3/31 Materials 6,120 3/31 Labor 2,420 3/31 Overhead 1,120 3/31 Balance ?Explanation / Answer
Answer: (a)
Units in process at March 31
Answer (b) & (c)
Unit materials and Conversion cost for March
* It is given that material is added in the beginning of process , 100% would have been recorded in february.
Answer (d) Total cost of units started in February and completed in March
Answer (e)
Total cost of units started and finished in March
Answer (e)
Cost of the March 31 inventory
Beginning Inventory 850 Started 1200 Less: Completed & Transferred -1520 Units in Process March 31 530Related Questions
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