7.) The following production data were taken from the records of the Finishing D

Question

7.) The following production data were taken from the records of the Finishing Department for the month of June: Inventory in process, June 1 (15% complete as to conversion) 4,000 units Completed units during June 71,000 units Ending inventory (60% complete as to conversion) 7,000 units Complete the chart below and determine the number of equivalent units of production for materials and conversion for June 30. Determine the cost per unit if the Materials cost incurred was $90,500 & Conversion cost was $225,100 All materials were added at the beginning of the process. (10 points) Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, June 1 0 Started and completed in June Transferred to Packaging Department in June Inventory in process, June 30 Total units to be assigned costs Costs Total cost for June total equivalent units cost per equivalent unit $ $ 7.) The following production data were taken from the records of the Finishing Department for the month of June: Inventory in process, June 1 (15% complete as to conversion) 4,000 units Completed units during June 71,000 units Ending inventory (60% complete as to conversion) 7,000 units Complete the chart below and determine the number of equivalent units of production for materials and conversion for June 30. Determine the cost per unit if the Materials cost incurred was $90,500 & Conversion cost was $225,100 All materials were added at the beginning of the process. (10 points) Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, June 1 0 Started and completed in June Transferred to Packaging Department in June Inventory in process, June 30 Total units to be assigned costs Costs Total cost for June total equivalent units cost per equivalent unit $ $

Explanation / Answer

Statement of Equivalent production Particulars Direct Materials %completion Equivalent mat Conversion %completion Equivalent Conv Total Opening WIP             4,000.00 0%                          -               4,000.00 85%             3,400.00 Units started and completed (71,000 - 4,000)           67,000.00 100%           67,000.00           67,000.00 100%           67,000.00 ending WIP             7,000.00 100%             7,000.00             7,000.00 60%             4,200.00 Equivalent Units           74,000.00           74,600.00 Current Month Costs           90,500.00        225,100.00        315,600.00 Cost per Equivalent units                     1.22                     3.02 Note - Assumed FIFO Method

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