Boxer Corporation manufactures metal toolboxes. It adds all materials at the beg

Question

Boxer Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information: Beginning work in process (50% complete) 70,000 units Direct materials $ 120,000 Conversion cost 185,000 Total cost of beginning work in process $ 305,000 Number of units started 120,000 units Number of units completed and transferred to finished goods 108,000 units Ending work in process (80% complete): Direct materials cost incurred $ 250,000 Conversion cost applied $350,000 Total cost added $600,000 Using the weighted averge method of process costing, complete each of the following (SHOW ALL WORK): D) Reconcile the total cost of work in progress. DIRECT MATERIALS: Units Completed $ ____, Ending Inventory $ ____ , Total Cost Accounted For $_____ CONVERSION: Units Completed $ ____, Ending Inventory $ ____ , Total Cost Accounted For $_____

Explanation / Answer

Statement of Equivalent production Particulars Direct Materials %completion Equivalent mat Conversion %completion Equivalent Conv Total Opening WIP              70,000.00 100%                 70,000.00              70,000.00 100%                 70,000.00 Units started and completed(108,000-70,000)              38,000.00 100%                 38,000.00              38,000.00 100%                 38,000.00 Closing WIP=120,000-38,000              82,000.00 80%                 65,600.00              82,000.00 80%                 65,600.00 Equivalent Units               173,600.00               173,600.00 Current Month Costs               250,000.00               350,000.00    600,000.00 Opening WIP Costs               120,000.00               185,000.00    305,000.00 Total Costs               370,000.00               535,000.00    905,000.00 Costs per Equivalent Unit                            2.13                            3.08 Costs of units completed and Transferred Out = 108,000 Units               230,184.33               332,834.10    563,018.43 Ending WIP = 65,600 Units               139,815.67               202,165.90    341,981.57 You have given only part D thus answering that only Costs to Account for: Opening WIP            305,000.00 Costs Transferred in              600,000.00 Total Costs to Account for            905,000.00 Costs Accoounted for Costs completed and Transferred Out            563,018.43 Ending WIP            341,981.57 Total Costs accounted for            905,000.00

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